Globalization and Its Historical Context

These flashcards cover key concepts related to globalization, its historical context, and significant economic trends.

Markets Outpace Borders

Global allocation of capital, talent, and supply chains limits national policy effectiveness.

Legitimacy Gap

Perception that WTO/IMF-style organizations are elitist, fostering populist backlash.

Rodrik's Trilemma

The inability for deep globalization, national sovereignty, and full democracy to coexist.

Regulatory Divergence

Different regulatory approaches between countries, exemplified by unilateralism in the U.S. and rule export by the EU.

Bretton Woods II

A proposed reform to reconcile globalization with democratic governance.

Deglobalization

A trend observed post-pandemic where trade policies and public attitudes shift towards protectionism.

Friendshoring

The practice of relocating supply chains to friendly countries for national security.

'Scramble for Africa'

The rapid colonization of Africa by European powers during the late 19th century.

Gold Standard

An international monetary system where currencies had fixed values based on gold reserves.

Telegraph's Impact

Revolutionized communication speeds, significantly reducing time delays in international trade.

Mass Migration

The movement of large populations, often without the need for passports, influencing global economic networks.

Markets Outpace Borders

Global allocation of capital, talent, and supply chains limits national policy effectiveness.

Legitimacy Gap

Perception that WTO/IMF-style organizations are elitist, fostering populist backlash.

Rodrik's Trilemma

The inability for deep globalization, national sovereignty, and full democracy to coexist.

Regulatory Divergence

Different regulatory approaches between countries, exemplified by unilateralism in the U.S. and rule export by the EU.

Bretton Woods II

A proposed reform to reconcile globalization with democratic governance.

Deglobalization

A trend observed post-pandemic where trade policies and public attitudes shift towards protectionism.

Friendshoring

The practice of relocating supply chains to friendly countries for national security.

'Scramble for Africa'

The rapid colonization of Africa by European powers during the late 19th century.

Gold Standard

An international monetary system where currencies had fixed values based on gold reserves.

Telegraph's Impact

Revolutionized communication speeds, significantly reducing time delays in international trade.

Mass Migration

The movement of large populations, often without the need for passports, influencing global economic networks.

Washington Consensus

A set of economic policy prescriptions advocated by Washington D.C.-based institutions for developing countries.

Global Supply Chains

Worldwide networks of organizations, people, activities, information, and resources involved in moving a product or service from supplier to customer.

Multilateralism

The principle of multiple countries working together on a given issue, often through international organizations like the WTO or UN.