POS160: Chp. 8 Review

The term __________ is used to describe a situation in which a single process is spread across several countries.

"transborder production"

A nearly 40-year wave of protectionism began in what year?

1914

In what year did the International Monetary Fund begin operations?

1947

In __________, the United States ended the system of __________ exchange rates based on the convertibility of the US dollar to $35 per ounce of gold.

1971 . . . fixed

In what year was the World Trade Organization (WTO) inaugurated?

1995

The Group of Eight (comprising the United States, Japan, Germany, the United Kingdom, France, Italy, Canada, and Russia) first met in

1998.

__________ is often connected with the concept of "economic liberalism."

Adam SmithThe Trans-Pacific Partnership was intended to

GATT, IBRD, and the IMF were the three institutions of what post-Second World War system?

Bretton Woods

Two examples from the 1880s of globalized goods are

Campbell's and Heinz

__________ of borders is NOT one of the ways in which the globalization of trade and finance has been conceived?

Closing

The WTO has a dispute-resolution panel called

Dispute Settlement Mechanism.

In 1947, which organization became the forum for negotiations on trade liberalization?

GATT

The WTO replaced which organization?

GATT

What organization brought major reductions in customs duties, quotas, and other measures that previously inhibited cross-border movement of merchandise?

GATT/WTO

The global economic collapse that ensued following the Wall Street stock market crash in October 1929 was called the

Great Depression

The Marshall Plan and the Dodge Line challenged the strict loan requirements of which organization?

IMF and World Bank Group

Which two economists helped to create the Bretton Woods system?

Keynes and White

What was the name of the US-led and funded plan for reconstructing post-war Europe?

Marshall Plan

Since 1971 the transborder cyberspatial network __________ has had no central meeting place at all.

NASDAQ

Which organization shifted its focus from reconstruction to development in 1947?

World Bank

What organization promotes development in medium- and low-income countries with project loans, structural adjustment programs, and various advisory services?

World Bank Group

When the World Trade Organization began its work in 1995, it faced many new kinds of issues. These included

a. food safety. b. trade-related property rights. c. intellectual property rights. d. all of the above

The NIEO included which of the following goals?

a. indexing the prices of commodities by linking them to the costs of manufactured goods b. increasing the amount of official development assistance c. lowering tariffs on manufactured goods from developing countries d. all of the above

Local peculiarities have often affected the way a global product is sold and used in different places. For example, __________ has often been adjusted to local tastes to be more effective.

advertising Russian Pepsi

What was the Bretton Woods system designed to prevent?

another Great Depression

The success of OPEC inspired other commodity-producing countries to think about establishing __________ to increase the prices of coffee, tin, rubber, and other exports from developing state?

cartels

Proponents of which academic approach might say "we cannot know what we want unless we know who we are"?

constructivism

The Trans-Pacific Partnership was intended to

counter the attempt by China's government to create its now set of trade rules for the region.

The International Bank of Reconstruction and Development was originally intended to

give loans to economically stable countries that could afford to repay them.

The Bretton Woods system managed the

global economy.

Many __________ believe that construction of a single integrated world economy is inevitable.

globalists

What term refers to the degree to which articles, communications, financial instruments, fixed assets, and people can circulate throughout the world economy, free from state-imposed controls?

globalization

What international monetary system did the dollar standard replace?

gold standard

Which of the following is not one of the four aspects of globalization as outlined in the text?

internalization

What term refers to the international transfer of goods and services within transborder companies?

intrafirm trade

Pax Americana refers to the

liberal economic model the permitted various forms of capitalism and a range of trade policies.

The __________ became the dominant system after the Cold War.

liberal economic order

What is the term for the degree to which products, communications, financial instruments, fixed assets, and people can circulate throughout the world economy free from state-imposed controls?

liberalization

Investors and transnational corporations seek the __________, which includes cheap labor, fewer rules and regulations, low-cost commodities, and safe and stable areas in which to invest or build their production facilities.

lowest common denominator

The WTO covers services, intellectual property, and investment issues as well as

merchandise trade.

Critics have suggested that __________ large corporations and encourage companies to move jobs overseas.

most free trade agreements favor

Most firms involved in global trade and finance have kept a __________ board of directors.

non-national

"Global sourcing" refers to

obtaining goods and services across geopolitical boundaries.

Regional frameworks like the European Union and North American Free Trade Agreement have removed (to varying degrees) __________ between participating countries.

official restrictions on trade

Recent decades have witnessed the widespread __________ flows.

opening of borders to investment

Mercantilism is most often associated with

protectionism and economic nationalism.

The government policy of discouraging imports through the imposition of tariffs and non-tariff barriers is called

protectionism.

Many governments have actively lured externally based business by lowering corporate tax rates, __________, and relaxing labor and environmental standards.

reducing restrictions on the repatriation of profits

The central demand of the Third World-led New International Economic Order (NIEO) was

restructuring of the international order toward greater equity for developing countries.

Which term best describes economic decision making in China?

state capitalism

The measures imposed on developing and indebted countries to reduce inflation, restrain government expenditure, and increase trade liberalization and privatization are called

structural adjustment programs.

The counterpart the to the Marshall Plan was called __________ and provided __________ for Japanese reconstruction.

the Dodge Line . . . grants

The broadly adopted neoliberal approach that advocates the rollback of the state, leaving decisions about allocation, production, and distribution to the market, came to be known as

the Washington Consensus.

In 1995, the GATT became

the World Trade Organization (WTO).

Developing states began criticizing __________ at the Summit of Non-Aligned Nations in Algiers in 1973.

the liberal economic order

Protectionism includes all of the following EXCEPT

unmitigated trade.

Smart credit cards and SDRs are examples of

upraterritorial money.

Economic globalization often causes __________ within and between states.

wage stagnation and growth in inequality