Global Governance, Market Integration, and International Institutions (Lecture Notes)

A comprehensive set of Q&A flashcards covering global economy, climate impacts, market integration, sovereignty, major international institutions, and reforms in global governance.

What does 'global economy' refer to?

The interconnected economies across the world that trade, exchange capital, and share labor.

Name the three key components of the global economy.

Trade, finance, and labor.

How does climate change relate to the global economy according to Page 1 notes?

It is linked with frequent extreme weather events affecting infrastructure, food security, and coastal ecosystems.

Which communities are particularly affected by climate change as noted?

Low-income and marginalized communities.

What are some climate-change-related threats to health and ecosystems mentioned?

Spread of climate-sensitive diseases and impacts on coastal communities and ecosystems.

What are two major social impacts mentioned due to climate change?

Social vulnerabilities and job displacements.

What role do green technologies and automation play in the notes?

They are highlighted as responses or components of transitioning economies in the context of climate and development.

What are the areas threatened by climate change that relate to physical infrastructure and communities?

Food security, infrastructure, and coastal communities/ecosystems.

What is market integration?

The unification of markets that facilitates price convergence, competition, and efficiency.

Name two common types of market integration.

Horizontal integration and vertical integration.

What is a domestic market integration effect on prices and regional disparities?

It stabilizes prices and reduces regional disparities, promoting market unity.

List four drivers that influence market integration.

Government policies, trade liberalization, technological advances, and transportation/logistics.

What are the general advantages of market integration?

Increased competition, reduced transaction costs, and improved economic efficiency.

What is regional/international market integration aiming to achieve?

Unite markets globally and reduce barriers to trade.

What does 'Digital Market Interaction' refer to in these notes?

The integration of digital/online markets within broader market integration.

How can developing countries benefit from market integration?

Access to new markets and technology, economies of scale, and increased efficiency.

What are risks for developing countries in market integration?

Risk of monopoly, loss of local industries, inequality, dependency on global markets, and potential exploitation.

What treaty is associated with the birth of the modern sovereign state system?

The Treaty of Westphalia (1648).

What are the core principles of the Westphalian state system?

Sovereignty, territorial integrity, non-intervention, and legal equality of states.

What is the modern international order commonly described as?

The liberal international order.

What is the debate between multipolarity and unipolarity?

Whether global power is distributed among several major powers (multipolar) or concentrated in a single dominant power (unipolar).

Name four major international institutions mentioned in the notes.

United Nations (UN), World Trade Organization (WTO), International Monetary Fund (IMF), World Bank (WB).

What is the World Bank's primary function?

To provide loans and grants to reduce poverty and support economic development.

When was the World Bank founded?

1944.

What are IBRD and IDA?

IBRD = International Bank for Reconstruction and Development; IDA = International Development Association.

Which borrowers does IBRD primarily lend to?

Middle-income and creditworthy borrowers.

Which borrowers does IDA primarily serve?

The poorest and most credit-constrained countries.

What is the concept of hegemonic stability?

The idea that a single dominant power provides order and stability in the international system; rising powers can challenge it.

Which rising powers are highlighted in the notes?

China and India.

What is Bretton Woods?

The post-World War II framework that established the IMF and World Bank to foster reconstruction and development.

What are non-state actors in global governance?

Actors such as multinational corporations and civil society organizations that participate alongside states and IGOs.

What is regional governance in global governance terms?

Regional integration and cooperation mechanisms addressing regional issues.

What are some challenges to global governance noted?

Sovereignty concerns, inequality and representation, climate change, and global health crises.

What reforms are called for in governance reforms and innovation?

Democratization of governance processes and broader participation.

What is the envisioned future trend in global governance?

A multipolar world with greater roles for technology, youth, and global civil society.

How is regionalism described in the contemporary world?

Increasing regional cooperation and integration to address regional disparities.

What does the term 'global divide' refer to?

Disparities between nations in wealth, development, and access to technology and opportunities.

How does technology influence global governance?

It enables faster communication, data exchange, digital markets, and broader participation.

What is the role of youth and global civil society in the future governance landscape?

They are seen as important participants shaping governance and development in a multipolar world.

What is the role of non-state actors in regional governance and global governance?

They participate and influence governance alongside states and IGOs (e.g., corporations, civil society).