all related issues study terms

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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

1. development of communication tech
2. change in transportation
3. rise of transnational corporations
4. 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