THE CONTEMPORARY WORLD — PROFESSOR'S KEY POINTS

Practice flashcards covering the key concepts of Globalization, Economic Globalization, International Institutions (IMF, WTO, UN), Global Governance, and Regionalism based on Lessons 1-5.

What are the three core components of globalization identified in Lesson 1?

Connection, Flow, and Interdependence.

According to the transcript, what specific items flow across borders?

Capital, Goods, Services, People, Ideas, Information, Culture, and Technology.

What is the central lesson from the story of Gio, Latif, and Laksa?

An ordinary product (a bowl of food) can reveal a much bigger network of global connections.

Define Economic Globalization.

The combination of Trade + Investment + Capital + Production + Technology + Labor.

What is the difference between Imports and Exports?

Imports are goods/services purchased from another country, while Exports are goods/services sold to another country.

What does FDI stand for and what does it involve?

Foreign Direct Investment; it involves investment from one country that creates a lasting interest or significant influence in a business in another country.

What is a Multinational Corporation (MNC)?

A business that operates in more than one country.

How do MNCs connect different global elements?

They connect Production, Labor, Investment, Technology, Consumers, and Markets.

Which institution is responsible for providing international financial assistance for balance-of-payments problems?

International Monetary Fund (IMF).

Compare the roles of the World Bank and the WTO.

The World Bank focuses on Development, while the WTO (World Trade Organization) focuses on International Trade Rules.

When was the WTO established and what agreement did it replace?

The WTO was established in 1995 and it replaced the GATT (General Agreement on Tariffs and Trade).

What principle was established by the Peace of Westphalia in 1648?

State sovereignty.

Define state sovereignty.

A state has political authority within its territory and is formally independent from external political authority.

Which international organizations were created after World War I and World War II respectively?

The League of Nations was created after World War I, and the United Nations was established in 1945 after World War II.

What is the fundamental difference between Global Governance and a World Government?

Global governance is coordination and cooperation among many actors rather than a single central world government.

Which UN organ serves as the global forum where all Member States have one vote?

General Assembly.

Which UN organ is responsible for international peace and security?

Security Council.

List the five permanent members (P5) of the UN Security Council.

China, France, Russian Federation, United Kingdom, and United States.

What special power do the five permanent members of the Security Council possess?

Veto power on substantive Council decisions.

What is the full name of ECOSOC and its primary focus?

Economic and Social Council; it focuses on Economic, Social, and Development coordination.

Where is the International Court of Justice (ICJ) located?

The Hague, Netherlands.

What is the difference between the subjects handled by the ICJ and the ICC?

The ICJ handles legal disputes between States, while the ICC handles cases involving Individuals.

Who heads the UN Secretariat and what is its role?

The Secretary-General; the Secretariat handles the day-to-day administration and work of the UN.

What was the historical role of the Trusteeship Council and when did it suspend operations?

It supervised Trust Territories and helped them move toward self-government or independence; it suspended regular operations in 1994 after Palau became independent.

In the context of good governance, define 'Transparency'.

Openness, where public information is accessible and understandable.

In the context of good governance, define 'Accountability'.

Answerability, where officials must explain their actions and take responsibility.

In the context of good governance, define 'Equity & Inclusiveness'.

Ensuring no one is left out, particularly marginalized or vulnerable groups.

What is the difference between Regionalization and Regionalism?

Regionalization is the increasing regional interaction or process, while Regionalism is a deliberate regional cooperation or project.

What does ASEAN stand for and what three areas of cooperation does it promote?

Association of Southeast Asian Nations; it promotes Political-security, Economic, and Socio-cultural cooperation.