Final

What is globalization?

The increasing interconnectedness of countries through trade, technology, finance, and culture.

What is fictitious commodification?

A concept by Karl Polanyi referring to treating labor, land, and money as if they are regular goods that can be bought and sold.

What is the Double Movement in Polanyi’s theory?

The idea that societies push back against the negative effects of free markets by demanding protections.

What is deglobalization?

The process of reducing global trade and economic ties, often as a reaction to the negative effects of globalization.

What does the global economy refer to?

The system of trade and finance that connects countries and influences economies worldwide.

What is comparative advantage?

The economic idea that countries should produce what they are best at and trade for other goods.

What is global governance?

International rules and organizations that manage global issues like trade, climate change, or human rights.

What is free trade?

Trade between countries without restrictions like tariffs or quotas.

What is a global value chain?

The way products are made across different countries, involving various stages of production.

What are industrial policies?

Government actions to support industries through subsidies, tax breaks, or investment.

What is the Global Finance Trinity?

The idea that countries can’t have free capital movement, fixed exchange rates, and an independent monetary policy all at once.

What was the Bretton Woods Agreement?

A 1944 agreement that created the IMF and World Bank and set currency rules, pegging currencies to the U.S. dollar.

What is financialization?

When an economy becomes more focused on finance instead of actual production.

What are economic sanctions?

Punishments like trade restrictions used by one country against another to influence political behavior.

What are tariffs?

Taxes on imported goods aimed at protecting local industries or generating government revenue.

What is cryptocurrency?

Digital money not controlled by governments or banks, using blockchain technology for transactions.