CONTEMPO MIDTERMS CHAP 2

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40 Terms

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Global Governance

Refers to the sum of laws, norms, policies, and institutions that define, constitute, and mediate transnational relations among states, cultures, citizens, intergovernmental, and nongovernmental organizations. It is the system of rule at the global level without formal government and management of global problems by states and non-state actors.

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Globalization

It increases interdependence among states, making cooperation essential to manage global challenges.

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Governance

It is no longer confined to states; it includes international organizations, transnational corporations, civil society groups, and individuals.

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Globalization and Global Governance

It provides mechanisms to coordinate collective action in addressing issues such as security, environment, health, and trade.

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United Nations

UN Meaning

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UN

Founded in 1945 to maintain international peace and security, develop friendly relations among nations, promote social progress, better living standards, and human rights.

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World Trade Organization

WTO Meaning

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World Trade Organization

Deals with global rules of trade between nations; ensures trade flows smoothly, predictably, and freely.

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IMF

Promotes international monetary cooperation, exchange stability, balanced trade growth, and financial assistance.

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World Bank

Provides loans and technical assistance to developing countries for development programs.

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Group of Seven and Group of Twenty

Forums for major industrial and emerging economies to coordinate policies and discuss global economic governance.

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Multilevel, Inclusive, Dynamic, Normative, Cooperative

Natures of Global Governance

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Multilevel

Nature of Global Governance that refers to local, regional, and global interactions.

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Inclusive

Nature of Global Governance that involves state and non-state actors.

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Dynamic

Nature of Global Governance that adapts to changing global realities.

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Normative

Nature of Global Governance that is influenced by international laws and norms

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Cooperative

Nature of Global Governance that relies on collaboration to achieve common goals

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Participation, Accountability, Legitimacy, Effectiveness, Subsidiarity

Principles of Global Governance

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Participation

Principle of Global Governance stating that all stakeholders should have a voice in decision-making.

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Accountability

Principle of Global Governance stating that institutions and actors must be answerable for their actions.

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Legitimacy

Principle of Global Governance stating that authority must be accepted as rightful and just.

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Effectiveness

Principle of Global Governance stating that governance should produce desired outcomes.

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Subsidiarity

Principle of Global Governance referring to decisions made at the most immediate or local level possible.

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  • Unequal power relations between developed and developing states.

  • Lack of enforcement mechanisms.

  • Overlapping mandates and bureaucratic inefficiency.

  • Dominance of powerful nations in global decision-making.

  • Growing nationalism and weakening multilateralism.

Challenges in Global Governance

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Paris Agreement in 2015

  • Global accord to combat climate change.

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UN Sustainable Development Goals

17 goals to end poverty, protect the planet, and ensure prosperity.

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2015 to 2030

Implementation period of UN SDGs

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World Health Organization

Leads global health responses, including pandemic control.

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Economic Globalization

refers to the increasing interdependence of world economies as a result of the growing scale of cross-border trade of commodities and services, flow of international capital and wide and rapid spread of technologies

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IMF

Stated that economic globalization is a historical process, the result of human innovation and technological progress

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Marketization

A restructuring process that enables state enterprises to operate as market-oriented firms by changing the legal environment in which they operate

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Rapid development of science and technologies

Served as basis for immediate globalization of the world economies which in turn provided an environment where there is a swift spreading of market economic system all over the world

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Marketization and Rapid Development of Science and Technologies

Two Major Driving Forces for Economic Globalization

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Trade of Goods and Services, Financial and Capital Markets, Technology and Communication, Production

Dimensions of Economic Globalization

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Internationalization

an extension of economic activities between internationally dispersed activities

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Economic globalization*

a functional integration between internationally dispersed activities which means that it is a qualitative transformation rather than a quantitative change

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Transnational Corporation

Also known as multi-national corporation

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Silk Road

started in western China, reached the boundaries of the Parthian empire, and continued onwards towards Rome

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International Monetary System

IMS Meaning

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IMS

refers to a system that forms rules and standards for facilitating international trade among the nations