Social 10 Issue 3

Economic Globalization

The spread of trade, transportation, and communication systems around the world with the aim of promoting worldwide commerce.

Reparations

An act that makes amends for wrongdoing and may include payments made by a defeated enemy to countries whose territory was damaged during war.

Communism

A political and economic ideology that aims for a classless society where all property is publicly owned and each person works and is paid according to their abilities and needs.

Economic Depression

A period of low economic activity and high levels of unemployment.

Market Economy

An economy in which government regulations are reduced to a minimum and businesses are free to make their own decisions.

Outsourcing

A business strategy that involves reducing costs by using suppliers of products and services in other countries where labor is cheap.

Containerization

The transporting of goods in standard-sized shipping containers.

Trade Liberalization

A process that involves countries reducing or removing trade barriers such as tariffs and quotas, allowing goods and services to move around the world more freely.

Free Trade

Trade that occurs when two or more countries eliminate tariffs and taxes on the goods and services they trade with one another.

Consensus

General agreement for something.

Sanctions

A penalty, often an economic penalty such as a trade boycott, imposed to pressure a government to comply with certain actions or rules.

Ecological Footprint

An area on Earth's surface that represents the level of resources a person uses and the waste they create.

Sustainability

The degree to which Earth is able to provide the resources necessary to meet people's needs.

Stewardship

Accepting responsibility for ensuring that Earth's resources remain sustainable.

Flag of Convenience

A flag flown by ships when they are registered in a country that is not the country of their owner.

Sustainable Prosperity

Practicing stewardship of the environment and resources so that future generations can achieve prosperity.

Knowledge Economy

Businesses and individuals who use research, education, new ideas, and information technologies for practical purposes.

Privatization

The selling of public services to private companies so that the service is no longer owned by the government.

Global Climate Changes

Small but steady changes in the average temperature on Earth.

Prosperity

Described through wealth, health, happiness, prosperity varies based on individual perspectives and cultural contexts.

Famine

Can be both a direct consequence of economic turmoil and a factor influencing global stability.

Economic Uncertainty

Driven by conflicts affecting international markets, causing shifts in confidence among investors.

Natural Disasters

Events on earth that result in significant damage, and life loss. It can also effect the global economy by disrupting supply chains and causing mass displacement.

Investor Confidence

Changes can dictate global economic stability; optimism can lead to expansion while fear can freeze markets

Resource Pricing

Prices for essential non-renewable resource like oil can significantly impact economic predictions, stock values and international relationships.

Government Policies

Tariffs and trade regulations can either promote or hinder trade efficiency and economic growth

World War 1 - Impacts and Costs

The war brought: Monetary costs, Human Suffering, Trauma to soldier, Alterations to the economy.

World War 1 - The cost of War in the Factories.

1914-1918 World War 1 started. During the war, woman took on role in factories and manufacturing which allowed Canada and the United States to flourish economically due to their geographical separation from the European Battleground.

Russian Revolution - Events

Czar was forced to resign and election was planned to transition Russia into a democratic country but the Communist Party, despite losing they started a civil war and after the five year the communist Party won and executed the royal family.

Great Depression

Change the world and individual countries a lot and it highlighted the interconnectedness of the world economy. In 1930s there was high unemployment, poverty, drastic reductions in industrial production and trade.

Great Depression - In Canada

The Great Depression led to the implementation of social programs like healthcare which were not previously available.

World War 2

In 1939-1945 World War 2 started. Profound impact, especially concerning civilian death. The war ended the Depression due to government hiring for soldier and factory workers but the main part of World War 2 was the death of civilians. Germany and Allies bomb each others and the first atomic bombs were dropped on Japan.

Following the End of the War

Many soldier have Trauma, including shell Chock(Early form of PTSD), Racism and Hatred. Canada establishment national healthcare in Canada because of soldier returning from World War 2.

Best Question for Trauma Soldiers

Why did it Happen?

How can we ensure it doesn’t happen again?

Preventing Anotehr World War

After World War 2 People came together and by emphasizing economics trade and prosperity. The idea was the countries are less likely to turn hostile when their population are employed, prosperous and happy.

World Bank

World Bank is a bank whose head is always appointed by the United States and is run by it’s member countries.

World Bank - Goals (Era - post World War 2)

Lending Money to help war-torn countries rebuild.

Speed up economic progress and industrialization in countries.

Help countries develop their natural resources.

Shape long-term loans to these productivity countries.

World Bank - Goals (Era - Current)

Increase economic growth and reduce poverty in developing countries

Fund specific infrastructure projects.

The International Monetary Fund (IMF)

A pile of money and European Union is the head of IMF. Funded by member countries; more a country contributes, the more influence it has.

The International Monetary Fund (IMF) - Goals - (Era - Post-World War 2)

Establish economic stability

promote trade between countries, and discourage conflict.

The International Monetary Fund (IMF) - Goals - (Era - Current)

Provide emergency short-term loans it countries facing natural disasters or other crises

Demand reform in a country to promote good governance and eliminate corruption.

Where do International Monetary Fund (IMF) and The World Bank Headquarters at?

Washington D.C.

Carbon Footprint

Measure the impact of human activities on the environment, specifically in terms of greenhouse gases produced.

Just-in-Time Delivery Systems

These systems ensure that materials and products arrive exactly when they are needed in the production process, reducing storage costs and improving efficiency.

What is USMCA (NAFTA) Agreement

The country is American, Mexico, and Canada agree to free trade to become more interconnected.

European Union (EU)

Including a shared currency, and shared laws. This help the political, economic and social factory’s in globalization. It aims to create a single market with free movement of good, service, capital and people.

Transnational Corporation

Role in expanding globalization. Operate in more than one country and engaging in international production, investment, and income management.

What is Shipbuilding and Globalization

Shipbuilding is growing rapidly because of globalization. As we buy more good, more ship are needs to transport them.

Invasive Species

Organisms that are introduced to an new environment and this cause harm and change the environment.

Issues in Shipbuilding

Pollution
Environmental damage from dismantling ships

Improper disposal of toxins

Poor labor practiveces.

Flag of Convenience

Ships are registered to a specific country because they have less laws and regulation. Allowing to pay workers less, and have lower safety standards.

Race to the Bottom

A practice of companies to cut corners to save more money.

Ship Breaking

Involves the demolition to ships to salvage scrap metal and other useful items.

Concerns of Ship Breaking

Worker safety due to falling debris and unsafe equipment
Long term health effects from exposure to asbestos and other chemicals
Environmental Damage from dismantling ships on beaches
Potential of child labor issue
Law wages

Alternatives to ship breaking

Sinking ships to create reefs
Repurposing cruise ships into floating hotels

Kyoto Protocol

International agreement where countries promised to make changes to address climate issues but largely failed.

Paris Climate Accord

Agreement where most countries acknowledged the climate problem and committed to action.

“Dirty Oil”

Alberta oil is often referred to as “dirty oil” because extracting it requires a lot of energy and resources. Alberta oil is mixed with soil in the form of tar sands.

Alternative Energies

Green energy is often more expensive than traditional sources.

Green Energy

Type of sustainable and non damaging energy to the environment.

Green belt Movement

Addresses deforestation in impoverished areas such as Africa where people rely on wood for fuel. It focuses on: Tree planting, and Educating people on sustainable practices.

GDP

(Gross Domestic Product)The value of all goods and services produced within a country in a given year.

HDI

(Human Development Index) Metric developed by the United Nations and it is based on longevity, knowledge, standard of living.

GNH

(Gross National Happiness) Developed in Bhutan and based on Buddhist spiritual values. Promote sustainable, equitable social and economic develop, promote cultural values, environment and good government.

GPI

(Genuine Progress Index) Considered in calculating the GDP - Environmental asset, Volunteer Work, Raising children.

What did Friedrich Kayak and Milton Friedman Promoted.

Prompting a market economy free from government interference have influenced global trade.

What would be the Impact on Farmers if theygot Subsidies.

Subsidies in the developed world make it very difficult for farmers in the to compete because their government cannot afford to provide such assistance and reduce their costs in the same manner as developed country’s.

What is Knowledge Economy

Industries suck as microsystem technologies, computer software, robotics, and biotechnology that create high-tech products for business.

Privatization

Sale of public assets to private entrepreneurs.