Globalization, Trade, and Economic Systems: Key Concepts and Historical Perspectives

0.0(0)
studied byStudied by 0 people
0.0(0)
full-widthCall with Kai
GameKnowt Play
New
learnLearn
examPractice Test
spaced repetitionSpaced Repetition
heart puzzleMatch
flashcardsFlashcards
Card Sorting

1/47

encourage image

There's no tags or description

Looks like no tags are added yet.

Study Analytics
Name
Mastery
Learn
Test
Matching
Spaced

No study sessions yet.

48 Terms

1
New cards

Globalization

The increasing or expedited flows of people, goods, and ideas across borders.

2
New cards

6

Paradigms of Globalization Economic, political, technological, multinational corporations, cultural, and environmental.

3
New cards

Dominant

Paradigm Economic globalization dominates scholarship and media discussions.

4
New cards

"Is

Globalization Good or Bad?" A flawed question because globalization has both positive and negative effects depending on context.

5
New cards

Two

Ends of Globalization Rapid corrosive effect vs. potential for social, political, and economic improvement.

6
New cards

Commodity

Anything that has value and can be exchanged in global markets.

7
New cards

Fungibility

Interchangeability of commodities; one unit is equal in value to another.

8
New cards

T-and-O

Maps Medieval Muslim maps showing trade routes with Mecca or Jerusalem at the center.

9
New cards

Trans-Saharan

Trade Linked North and West Africa through gold and salt exchange from ~800-1600 CE.

10
New cards

End

of Trans-Saharan Trade Ended due to rise of maritime trade and changing political power.

11
New cards

Silk

Road Network connecting East Asia to Europe through land routes from ~200 BCE-1500 CE.

12
New cards

End

of Silk Road Chinese isolationism and the rise of sea trade routes.

13
New cards

Cod

Story Shows global-local connections through fishing, trade, and technology over time.

14
New cards

Groups

in Cod Trade Vikings, Basques, English, Hanseatic League, and Americans.

15
New cards

How

Cod Exemplifies Globalization Shared knowledge, trade, and resources across regions and centuries.

16
New cards

Scramble

for Africa Competition among European nations to colonize Africa (1884-1885).

17
New cards

Berlin

Conference 1884-1885 meeting dividing Africa among European powers.

18
New cards

Direct

Rule Colonial system with foreign officials governing at all levels (France).

19
New cards

Indirect

Rule System using local leaders under colonial authority (Britain).

20
New cards

Colonial

Project European process of resource extraction and control justified as a "civilizing mission."

21
New cards

Social

Evolution Victorian idea ranking societies as savage, barbaric, or civilized.

22
New cards

Cultural

Relativism View that cultures must be understood in their own context, opposing ethnocentrism.

23
New cards

Imagined

Communities Nations formed by shared identity and communication, not physical proximity.

24
New cards

Capitalism

Economic system based on private ownership of production for profit.

25
New cards

Socialism

State ownership of production and distribution.

26
New cards

Communism

Collective ownership aiming for classless society.

27
New cards

Adam

Smith Founder of modern economics; "invisible hand" of markets guides rational outcomes.

28
New cards

Free

Market Economy with little to no government interference.

29
New cards

Protectionism

Economic policy using tariffs to protect local industries.

30
New cards

Industrial

Revolution Shift to industrial manufacturing, starting in Britain (late 1700s-1800s).

31
New cards

200-Mile

Limit US/Canada law restricting foreign fishing access.

32
New cards

Predatory Capitalism

Exploitation through unregulated, profit-driven global markets.

33
New cards

World

Systems Theory Wallerstein's model: core, semi-periphery, and periphery nations in global trade.

34
New cards

Commodity

Chain Path of a product from raw material to final consumer.

35
New cards

Fair

Trade Trade ensuring fair wages, ethical sourcing, and environmental protection.

36
New cards

McDonaldization

Efficiency, calculability, predictability, and control in global business.

37
New cards

Starbuckization

Cultural and spatial expansion of standardized consumer experiences.

38
New cards

Infill

Locating stores close together to dominate urban spaces.

39
New cards

Big

Mac Index Measures purchasing power using the cost of a Big Mac.

40
New cards

Tall

Latte Index Measures cultural and economic value through Starbucks coffee prices.

41
New cards

Neoliberalism

Global spread of free-market capitalism, privatization, and deregulation.

42
New cards

Bretton

Woods (1944) Created IMF and World Bank for global financial stability.

43
New cards

Structural

Adjustment Programs (SAPs) Policies requiring privatization, deregulation, and currency devaluation.

44
New cards

Poverty

Trap / Debt Spiral Cycle of borrowing leading to increased dependency on international loans.

45
New cards

Race

to the Bottom Countries lowering standards to attract foreign investment.

46
New cards

Nationalization

State control of industries and resources.

47
New cards

Privatization

Transfer of public assets to private ownership.

48
New cards

Zambia

Case Showed effects of debt, IMF loans, and privatization on developing economies.