Studied by 3 people
economic globalization
1945 - now
the spread of trade, transportation, and communication systems around the world that promote worldwide commerence
diversity
differences among a population, such as different languages, religions, ethnic origins, and cultural values
disparity
differences that show an inequality
ex) differences in income, employment, access to clean water, housing, healthcare, and education
standard of living
the measurement of the quality and amount of services and products available to the population
ex) healthcare, education, social rights
quality of life
the level of satisfaction a person has w/ his or her personal life that’s based on whether you have your needs, wants, and comforts
sustainability
making things that last forever and using things that can be replaced
sustainable prosperity
living a satisfying life that can be maintained in the future for other generations and takes into consideration economics, peace, security, and the environment
historical globalization
1492 - 1945
columbus - ww2
economic globalization
1945 - now
nationalism
tension was rising in many colonies and led to resentment to foreign rule and other nations
alliances
competition between nations
treaty of versailles
signed after ww2 to try and prevent another global war
germany had to give up colonies and reparartions
reparations
payments for war damages
protectionism
a policy where a nation’s government enacts laws that protect the country from foreign competition
ex) tariffs, quotas, and duties applied to foreign goods (return of merchantalism)
communism
an economic and political system whose purpose is to eliminate all class distinctions and reach social equality where everyone would receive help when needed
the great depression
people invested lots of money into stocks and then they plummeted in worth which lead to people not being able to pay off loans, decrease in jobs and economic well being
ww2
1939 - 1945
allies vs axis
invaded rhineland, austria, czechoslovakia, and poland
ww2 in canada
42 000 canadians died and 54 000 were wounded
government spending increased
manufacturing of arms, airplanes, and ships increased
farming mechanized
unemployment fell
many women joined the workforce (farming)
japanese-canadianns were put interned camps
united nations (un)
created at the end of ww2 to support people i choosing their own government, helping countries cooperate on trade, protect smaller countries against invasions, and ensure no one country controls the oceans
bretton woods agreement (1944)
after the war, 44 allied countries came to discuss how to rebuild their economies and signed the bwa to create financial institutions and rules to promote international trade
created the wo, imf, and wto
world bank (wo)
gives long term loans to poor countries, but to get a koan you needed to meet certain demands like reducing government spending and corruption or adopting free market capitalism
international monetary fund
works w/ the world bank to help poor countries and encourage world trade and also controls exchange rates and gives short term loans
general agreement on tariffs and trade or world trade organization (gatt or wto)
an agreement to eliminate tariffs and other trade barriers between member countries and switched to the name wto when setting rules for telecommunications, banking, goods, copyrights, and intellectual property
market economy (capitalism)
an economy where the government regulations are reduced to a minimum and businesses are free to make their own decisions
john maynard keynes
believed in unempolyment insurance, crown corporations, pension plans
demand side economic
government takes money→ gives to the unfortunate → economy
“keyne” of government intervention
friedrich hayek
market capitalism
sink or swim
government → big businesses and taxes → hire more people → spend it
milton friedman
similar to hayek but less government control and free markets would create prosperity, political, and social freedom
“fried” of government intervention
tariff
a tax on imported goods or services created to reduce competition w/ domestic goods or services
ex) the taxes on american dairy
subsidy
direct financial help like loans or lower taxes that the government provides an industry
trade liberalization
reducing barriers like tariffs to encourage trade among nations
free trade
trade between countries w/ relatively few restrictions that is established through free agreements
trading blocs
over the past twenty years 190/193 countries of the world have signed trade agreements that are working together to give each other better free trade
factors leading to increased economic globalization
development of communication tech
change in transportation
rise of transnational corporations
trade liberalization
a) international trade agreements
b) international organizations
interdependence
the dependence of two or more people or things on each other
containerization
the transporting of goods in standard-sized shipping containers (sea cans!)
north american free trade agreement (nafta)
creates free trade between canada, america, and mexico
nafta supporters
believe it would create lots of high paying jobs, raises the living standards in involved countries, improves environmental and employment standards, and would make mexico a developed country
nafta opposers
believe is causes thousands of jobs to leave canada for mexico, creates a need for lower wages in all three countries, undermines health, environment, and safety standards, makes countries interdependent on each other
european union (eu)
created in 1991 in europe to liberalize trading, change the currency to euros, believes economic progress is linked to social progress, people and businesses can easily travel across borders
group of seven (g7)
a group of the seven most developed, richest nations (canada, france, germany, italy, uk, and america) where the leaders meet yearly to discuss global issues like world trade and foreign polictics
knowledge economy
an economy where growth is dependent on the the quality, quantity, and accessibility of the info available rather than production
the internet will be more important that manufacturing jobs
crown corporations
government owned businesses created to provide essential products and services to people
ex) canada post, via rail, cbc
privatization
when the government sells their crown corporations to private investors and it creates competition
ex) petro canada, cn rail, agt
economic nationalism
the belief that a country’s economy should belong to the people of the country and not foreign companies
subsidiaries
smaller companies controlled by large companies that provide lots of competition and creates variety
transnational corporations
companies that have factories in multiple places and use outsourcing
outsourcing
when companies have factories in developing nations so they can make their products for much cheaper
greenhouse gases
gases that trap heat in the atmosphere causing climate change
mostly from large scaled industrialization
global warming or climate change
the increase in the worlds temperature and the changes in the weather
sustainable development
development that meets the needs of the present w/o compromising future generations to meet their own needs
ecological footprint
the amount of earths needed to sustain the level of resources a person uses and waste created
environmental stewardship
leaving the earth better than you found it
how a diamonds value is determined
color, clarity, carat, weight, and cut
the diamond cycle
many diamonds are produced in developing nations in africa and south america
the mining conditions are terrible w/ people working under slave-like conditions
about 20% of diamonds in 1998 were being used to fiance wars in angola, sierra leone, and the democratic republic of congo
cote d’lvore is the largest conflict diamond zone today
the gun cycle
guns are bought by groups → used to enslave people to work in their mines and paying little or nothing → selling the diamonds → buying more guns
the kimberly process
a un agreement signed to reduce the amount of blood diamonds being exported
gross domestic product (gdp)
the value of all the goods and services a country produces in a year and is usually measured in the country’ economic strength
kyoto protocol
an international agreement to reduce greenhouse gas emissions to stop climate change
human rights
the dependence of two or more people or things on each other
carrying capacity
the number or quantity of people or things that can be held in a vehicle or container
resource depletion
the consumption of a resource faster than it can be replenished
consumerism
the theory that individuals who consume goods and services in large quantities will be better off
renewable resource
an energy source that cannot be depleted and are able to supply a continuous source of clean energy
non-renewable resource
energy comes from sources that will run out or will not be replenished in our lifetimes
alternative energy
energy generated in ways that do not deplete natural resources or harm the environment
free trade agreement (fta)
a treaty signed in 1989 between canada and america to reduce trade barriers
black tuesday
a stock market crash in 1929 that was the starting point for the chain of events that led to the great depression
protectionism
the theory or practice of shielding a country's domestic industries from foreign competition by taxing imports
globalization
the process of the world’s citizens becoming increasingly connected and dependent on one another
developed nations
a country w/ a high degree of industrialization and a medium to high standard of living
developing nation
a country that hasn’t achieved a significant degree of industrialization relative to their population and usually also has a medium to low standard of living
social globalization
the process of people’s lifestyles being spread over global networks
ex) pop culture, music, traditions, americanization
political globalization
the process of political decisions and actions becoming increasingly international
ex) countries working together, military, alliances
technological globalization
the process of technology linking the world
ex) internet, cell towers, starlink, phones
environmental globalization
the process of global networks increasingly connecting environmental management practices
ex) climate change, kyoto protocol
old world
europe, asia, africa
new world
north and south america
historical globalization
the time period characterized to be the rise of the european powers that shaped how the world is today
silk road
emperor wu di wanted iranian warhorses and sent his general zang qian to find them
no luck but found the way to the west
both europeans and asian traders travelled the routes
stopped at markets to trade and sell things like spices, silk, diseases, ideas, stain, hemp, technology, animals, plants, slaves
asian traders sold silk, teas, porcelain
india traded spices, ivory, textiles, precipus stones, pepper
romans traded gold, silver, fine glassware, wine, carpets, jewels
international trade
the exchange of raw materials, goods, and services among distant groups or people
christopher columbus
sailed the ocean blue in 1492
thought he landed in india but actually landed in what is now the dominican republic and haiti
named the island off the caribbean sea hispaniola and claimed it as spanish territory
the start of imperialism
imperialism
the policy of extending a country’s power by acquiring new territories and establishing control over other countries and peoples
ethnocentrism
the way of thinking that one’s race and culture is superior and the only valid one
eurocentrism
a belief that european concerns, cultures, and values are superior to those of others
other cultures judged by the european criteria
european logic
trade meant economic prosperity
economic prosperity meant power
mercantilism
a policy followed by european imperial powers from the sixteenth to nineteenth century
in colonies it was used to benefit the imperial powers
made laws for the colonies so they could only trade w/ their mother country which created monopolies
also not allowed to produce their own goods
the tea act
allowed the east india company to send their tea to the colonies w/o paying a tax to the british government
the colonists still had to pay the tax and boycotted tea due to them thinking it was unfair
boston tea party
happened on dec. 16, 1773 and happened between 7-10pm
more than five thousand people showed up for the meeting in the old south meeting house
over ninety thousand pounds of tea in three hundred and fourty-two containers of tea was thrown off the ships dartmmouth, eleanor, and beaver
one hundred sixteen people participated in the destruction
the cost of the destroyed tea would’ve been around ten thousand pounds and today would’ve costed about a million dollars
was the beginning of the american revolution
adam smith
was pumping out books on the ideas of capitalism the same year as the boston tea party (1773)
was a philosopher who proposed changes for economic systems
early capitalism
individual initiative and desire for profit would motivate people to to work
people competing in their own self interest
people would have the right to private property and to accumulate wealth
the hardest working would succeed
people would use their money to hire people, donate to charities, and creates products and services
industrial revolution
between 1750 - 1850
people began to create and work in factories
brought economic, social, and cultural changes
life before the industrial revolution
most people lived in rural towns and not in the cities
agriculture was the major economic activity
people were self-sufficient and made only what they needed and would use
took a long time to produce anything since it was made from home (cottage industry)
had simple tools and technology like simple hand tools
few peasant farmers owned their own lands and worked for someone of the nobility
few people had a formal education
why did the industrial revolution start in england ?
had inexpensive labor
power sources from industries
raw materials like coal
quick access to sea shipping
flat land to make it easier to build railways and canals
machines already existed
laws promoted urbanization
enclosure act
people were forced out of the countryside through a series of government laws to move to the city
the agricultural revolution
took place before the industrial revolution
made machines that planted seeds, fertilization, better breeding techniques
allowed farms to be more efficient and produce more for the increasing populations
impacts of the industrial revolution
changes in political systems like the king having less power
economic systems became more capitalist
daily lives of people changed
the uprise of the middle class
no longer self-sufficient
in creased urbanization
problems of the industrial revolution
no power in factories
workers had poor working conditions, wages, and shifts that were fourteen to sixteen hour days
factories had little lightning, poor circulating air, and unsafe working conditions
increased unemployment due to machines taking over the work
the effects of the industrialization on the working class
rules for employees were usually unforgiving and rigorous
would be beaten or fired for being late
twelve to sixteen hour long shifts
sometimes didn’t get breaks
not permitted or came out of paycheck to go to the bathroom
injured employees were fired
living conditions were poor and harsh
there was overcrowding, pollution, disease, and crime
child labor in the industrial revolution
high demand for child labor during this time
child from poor families worked in mines, farms, factories, and as servants for long hours and in dangerous conditions
this was because they were smaller and could fit into this easier, were more obedient, and easy manipulate
pros of the industrial revolution
better food, clothing, and shelter
price of consumer goods decreased due to mass production
creation of new types of businesses
living conditions improved
increase in population, from the lower death rate and better healthcare
better hospitals and public schools became a thing
schools kept children out of the factories
you could change what class/social position you were
railroads were built
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Flashcard (103)