The Contemporary World (D1Y Prelims)

In the 1990s forcefully

When and How did globalization emerge?

Cultural Exchange, Dissemination of Knowledge, and Trade of Goods and Services

Globalization is a process as old as history itself because human race has always engaged in": CDT

Refers to the intensification and expansion of political relations across the globe

Political Globalization according to Manfred Steger

Politcal Globalization according to Manfred Steger

Refers to the intensification and expansion of political relations across the globe

Political, Economic, and Social/Cultural

What are the three dimensions of Globalization?

Political Globalization according to Manfred Steger

It refers to the intensification and expansion of political relations across the globe

Economic Globalization

Refers to the widespread international movements of goods, capital, services, technology, and information

Social Globalization

Pertains to human interaction within cultural communities encompassing topics like family, religion, work, and education

Technological advances, policies that encourage international business relations, business outsourcing, education, and mass media

Causes of Globalization

Globalization according to Manfred Steger

the expansion and intensification of social relations and consciousness across world-time and world-space

A worldwide interconnectedness and multidemensional phenomenon

What is Globalization in 4 words according to manfred steger

Economic Globalization

a historic process, the result of human innovation and technological progress, and the increasing integration of economies around the world

Economic Globalization

The movement of goods, services, and capital across borders and the movement of people (labor) and knowledge (technology) across international borders

parochial behaviour

Wanting to sustain the status quo, being traditional, conservative, and refusig change.

Knowledge, awareness, and action

What are the three things that defines globalization in the sense that you are either a hyperglobalist or an anti-globalist? KAA

Expansion

Refers to both the creation of new social networks and multiplication of existing connections that cut across traditional political, economical, cultural and geographic boundaries

Intensification

Refers to the expansion, stretching, and acceleration of global networks

Complex phenomenon that occurs at multiple levels, and an uneven process that affects us all differently

What are the two premises of globalization?

ethnoscapes, technoscapes, financescapes, mediascapes, and ideoscapes

What are the 5 scopes of globalization according to Appurai

Silk Road

considered the ____ ____ (Asia, Europe, Africa) the best example for archaic globalization 5,000 years ago

Discovery of the Americas and Direct Sea route to India by Vasco Da Gama

Adam Smith(1776) considered what two discoveries at the greatest achievement in Human History?

Transnational Corporations (TNCs)

According to Gereffi(2005), what/who are the major players of the present global economy?

Race to the bottom

refers to countries’ lowering their labor standards, including the protection of workers’ interests, to lure foreign investors seeking high profit margins at the lowest cost possible

The World System Analysis

claims that capitalism under globalization reinforces the structural patterns of unequal change. 

Bretton Woods system, European Monetary System(EMS)

The collapse of the _____ ______ ______ led to the setting up of the _______ _______ _______ in 1979.

European Union (EU), 1993

was formally established when the Maastricht Treaty came into force in ____. 

de-industrialization

Industrialization in developed countries caused ____ _________ in developing countries.

Archaic Globalization

Frank & Grills (1993): Silk Road connected Asia, Europe, and Africa, this is also known as?

Trade, UK and Netherlands

In the 1500-1800 The global economy was primarily ______ focused; most countries were self sufficient except for what two countries?

International Monetary Systems

The rules, customs, instruments, facilities, and organizations for international payments.

International Monetary Systems according to Cohen

reflects economic power and interests; money is political and part of diplomacy.

John Maynard Keynes

believed that economic crisis occurs not when a country does not have enough money, but when money is not being spent and, thereby, not moving. 

Capital

When economies slow down, according to Keynes, governments have to reinvigorate markets with infusions of?

Arjun Appadurai

The 5 scopes of globalization, who made these?

Free Trade

No restriction on imports and exports followed by countries

Interdisciplinary

Globalization is inherently?

State, Regional Trade Blocs, Corporations, MNL, and Global Economic Organizations

What are the Key Drivers of Globalization? (SRCMG)

Refers to the expansion and intensification of social relations and consciousness across world-time and world-space

According to Manfred Steger, the working definition of globalization is?

The intensification and stretching of economic interrelations across the globe

According again to Manfred Steger, Economic Globalization is defined as?

Natural Resources, Infrastructure, Population, Labour, Human Capital, Technology, and Law

What are the 7 Factors of a Global Economy? (NIPLHTL)

Free Trade

Is a policy followed by some international markets in which countries’ governments do not restrict imports from, or exports to, other countries.

Free Trade

Is exemplified by the European Economic Area and the Mercosur, which have established open markets

International Monetary Fund, World Trade Organzation, and World Bank

Give three examples of Global Economic Organizations

European Union

Give an example of a regional trade bloc

European Union

A customs union, a single market now with a single currency

Shrinking

Communication technology is ________ our world

Economic globalization according to the International Monetary Fund

It is a historic process representing the result of human innovation and technological process. What is this? This statement what made by who/what?

Economic Globalization according to Manfred Steger

Refers to the intensification and stretching of economic interrelations across the globe. What is this? This statement what made by who/what?

Silk Road

Known as the oldest international trade route

Linked China to the West

The silk road is known as the oldest international trade route. Aside from trade, what is the purpose of the Silk road?

130 BCE under the Han Dynasty

When was the SIlk Road formally established? And under what dynasty?

1453 CE under the Ottoman Empire

When was the Silk road formally closed? and under what Empire?

Exchange products continuously

According to historians Flynn and Giraldez, blobalization began when all important populated continents began to?

Flynn and Giraldez

According to historians ______ and ______, blobalization began when all important populated continents began to exchange products continuously

1571 from the Galleon Trade

According to historians Flynn and Giraldez, the earliest traces of globalization started when and from what?

16th century to 18th century

The Galleon trade is one of the earliest traces of globalization, what was the lifetime of this trade?

Mercantilism

The galleon trade was part of what age?

Common system for more efficient trade and to prevent isolationism

What were the two main goals of establishing the gold trade?

The Great Depression

Happened during the 1920s to 1930s, this was considered as the worst and longest recession ever experienced by the Western World

1920s to 1930s

The Great Depression was the worst and longest recession ever experienced by the Western World, when did this occur?

Fiat Currencies

Classified as Currencies that are not backed up by precious metals and whose value is determined by their cost relative to other currencies.

Floating system

Allows government to freely and actively manage their economies by increasing or decreasing the amount of money in circulation as they see fit.

Bretton Woods System

After two world wars, world leader sough to create a global economic system. They believe that one of the ways to achieve this goal was to set up a network of global financial institution that would promote economic interdependence and prosperity. The result of this conference was the?

1944 during the UN monetary and financial conference

The Bretton Woods system is a global economic system that resulted in the likemindedness of nations across the globe after the events of World War I and II. When and During what did this system come into fruition?

John Maynard Keynes

The Bretton Woods system, which was introduced in 1944 during the UN monetary and financial conference was the idea largely introduced by which British Economist?

The International Bank for Reconstruction and Development(World Bank) and the International Monetary Fund

What two financial institutions were created at Bretton Woods?

GATT or General Agreements on Tariffs and Trade

•Shortly after Bretton Woods, various countries also committed themselves to further global economic integration through the creation of?

World Trade Organization or WTO

GATT or the General Agreements on Tariffs and Trade was later renamed to _____ in 1995

OAPEC or Organization of Arab Petroleum Exporting Countries

In the 1970s, the price of oil rose sharply as a result of the creation of what organization?

Friedrich Hayek and Milton Friedman

Argued about the government practice about pouring money into their economies, also they argued about government intervention in economies distort the proper functioning in the market. Who were these economists(FHMF)

Neoliberalism

Friedman used the economic  turmoil to challenge the consensus around Keynes‘s ideas. What emerged was a new form of economic thinking called?

The Washington Consensus

a set of economic policy recommendations for developing countries, primarily promoted by Washington, D.C.-based institutions like the IMF, World Bank, and U.S. Treasury, during the 1980s and 1990s.

The Washington Consensus

Its advocates pushed for minimal government spending to reduce  government debt. They also called for the privatization of government-controlled service like water, power, communications, and transport, believing that the free market can be produce best result.

Shock therapy

Advocates of the Washington Consensus conceded that, along the way, certain industries would be affected and die, but the considered this “_____ _______’ necessary for long term economic growth.

Ronald Regan and Margaret Thatcher

Neoliberal politician advocator like US President ____ _____and British Prime Minister ______ _______- justified their reduction in government spending by comparing national economies to households.

Russia

______’s case was just one example of how the “SHOCK THERAPY” of neoliberalism did not lead to the ideal outcome predicted by the economist who believed in perfectly free market.

65 and 29

The European union was responsible for __ percent of global exports, while the developing countries only accounted _ percent.

Transnational Corporations

Are concerned more with profits than with assisting the social programs of the governments hosting them

The Galleon trade was global while the silk road was only international

What was the difference between the Silk road and the galleon trade?

Polo y servicio

How did the spaniards abuse and exploited the Filipinos for the betterment of the Galleon Trade?

Keynesianism

This ideology states that the acattive role of the government is to stimulate economic activity

Neoliberalism

This ideology is the opposite of keynesianism, instead of government, corporations took/will take centerstage. The government is relegated back to essential services.

Market Integration

It is the fusing of markets into one

Global Market Integration

It means that the price difference between countries are eliminated as all markets become one

Long distance trade driven by growing population and income which created demand for new products

Note worthy event from the First milenium BC of Global Market Integration

Globalization took off, and price differences started to close because of the transport revolution and opening of the suez canal

Note worth events in the 1820s for Global Market Integration

highly integrated

Just before world war I, the global economy was?

steam powered transportation

During the 19th century and onwards, technological change helped integrate markets because of?

Domestically produced goods

During the 1930s amid the Great Depression, governments imposed tariffs which were intended to switch the demand for?

Smoot-Hawley Tariff

Enacted in the United Stated which raised tariffs on imported goods

Tariffs

Reduced the demand for foreign goods

Institutional Difference between countries, incompatibility with democracy and sovereignty, removal of institutional variations between countries, and it suffocates countries’ economic development

Problems in Global Market Integration

Harmonization of institutions across countries, and brings prosperity

What are the advantages of Global Market Integration

State

Refers to a country and its government.

Nation according to Benedict Anderson

Is an imagined community

Not all states are nations and not all nations are states

The nation-state is composed of what two non-interchangeble terms?

People, Territory, Soveriegnty, and Government

What are the four elements of a state?

People

Is an element of the state that deals with classifications and kinds. Forms the basis of the state's social and political structure.

Territory

Is an element of the state that deals with domains; ground, sea, and air

Government

Is an element of the state that deals with kinds, forms, and political systems