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economic globalization
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
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
ww2 in canada
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
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
friedrich hayek
milton friedman
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
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
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
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
international trade
the exchange of raw materials, goods, and services among distant groups or people
christopher columbus
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
european logic
mercantilism
the tea act
boston tea party
adam smith
early capitalism
industrial revolution
life before the industrial revolution
why did the industrial revolution start in england ?
enclosure act
people were forced out of the countryside through a series of government laws to move to the city
the agricultural revolution
impacts of the industrial revolution
problems of the industrial revolution
the effects of the industrialization on the working class
child labor in the industrial revolution
pros of the industrial revolution