Understanding Globalization Practice Flashcards

A set of vocabulary flashcards covering the definitions, historical waves, and major theories of globalization as presented in the contemporary world lecture notes.

Globalization

The process of individuals, corporations, and nations around the world becoming more interconnected and dependent on one another, focusing on the movement of trade, capital, and ideas.

Gita Gopinath

Deputy Managing Director of the International Monetary Fund who stated that globalization has made countries more interdependent and therefore coupled.

Silk Road

Trade routes active from the 1st Century BC – 5th Century AD and the 13th – 14th Centuries AD that brought high-end goods from China to Rome, initiating early international trade.

Spice Routes

A network of trade routes (7th – 15th Centuries) dominated by Islamic traders in the Mediterranean and Indian Ocean, primarily trading cloves, nutmeg, and mace.

Age of Discovery

A period (15th – 18th Centuries) characterized by European explorers connecting East and West, including Magellan’s circumnavigation and the unintentional discovery of the Americas.

Mercantilism

An economic school of thought from the 15th through 18th Centuries that encouraged government trade regulation to gain wealth, moving away from agriculture as an economic base.

Slave trade

The capturing, selling, and buying of enslaved persons, which was utilized by European empires during the Age of Discovery to exploit colonial supply chains.

First Wave of Globalization

The era (19th Century – 1914) propelled by Great Britain's geographical and technological supremacy, specifically inventions like the steam engine and industrial weaving machine.

2nd and 3rd Wave of Globalization

A new era of globalization (1945 – 2008) led by the United States, characterized by the expansion of global trade through the European Union, free trade agreements, and the World Trade Organization.

Globalization 4.0

The current wave of globalization (2009 – Present) centered on the digital economy, e-commerce, 3D printing, and artificial intelligence.

Loretta Napoleoni

Italian journalist who noted that globalization is a great thing but requires a legal framework to blossom and manage issues like labor rights and economic stability.

Liberalism

A theory of globalization that emphasizes economic interconnectedness, open trade, and free markets as drivers of efficiency, prosperity, and democratic values.

Political Realism

A theory focusing on the role of power and self-interest, suggesting that countries pursue globalization for economic and military clout, which can lead to instability and war.

Marxist Theory

A theory proposed by Karl Marx stating that globalization is driven by capitalist elites, resulting in the exploitation of workers and increased economic disparities.

Constructivism

A theory emphasizing how shared cultural practices, values, ideas, and social norms influence globalization and the spread of cultural variety.

Postmodernism

A perspective that views globalization as a process that can cause local traditions to disintegrate into homogeneity or give rise to new varieties of cultural hybridity.

Feminist Theory

A theory examining the gendered effects of globalization, noting that women frequently bear the brunt of societal and economic change.

Transformationalism

A theory that views globalization as a process of social and cultural change that leads to multiple identities, communities, and the dissemination of democratic ideals.

Eclecticism

An approach that utilizes a variety of theoretical viewpoints to understand the intricate social, economic, and cultural forces of globalization.