Chapter 2 – Globalization, International Institutions, and Global Governance (Flashcards)

Flashcards covering key concepts, actors, institutions, historical phases, and structures related to globalization, global governance, and international organizations from the lecture notes.

What is Economic Globalization?

The expansion of national economies into the global market, driven by technology and institutions that enable faster flow of goods and capital.

What is the Global Economy?

The interconnectedness of countries’ economies across extraction, production, distribution, consumption, and disposal of goods and services.

What are International Financial Institutions (IFIs)?

Global financial bodies that support economic growth through loans, aid, and technical assistance to governments and private sectors.

What is the IMF and its main aims?

The International Monetary Fund (183-member) promotes monetary cooperation and exchange stability, economic growth and high employment, and provides short-term financial assistance for balance-of-payments issues.

What is Global Civil Society?

Non-government institutions operating across borders to mobilize around common causes.

What is a Global Corporation?

Enterprises adding value in more than one country (manufacturing, extraction, services, marketing, etc.).

What is the World System?

A perspective that social and economic change is shaped by interactions with global/external institutions, not just internal factors.

What is Economic Integration?

The process of combining or connecting national economies with regional or global economies.

Name some International Economic Organizations.

IMF, World Bank, OECD.

Name some Regional Organizations.

ASEAN, NAFTA.

What are Multinational Companies (MNCs)?

Enterprises that drive investments, trade, and global production networks across multiple countries.

What is the role of Central Banks?

Among the most powerful institutions influencing global economies through monetary policy, interest rates, and financial stability.

What is Transnational Advocacy Networks (TANs)?

Networks within Global Civil Society that promote causes, norms, and policy changes across borders.

What are Transnational Corporations (TNCs)?

Enterprises that engage in value-adding activities across multiple countries.

What are Intergovernmental Forums (G8 and G20)?

Advisory groups that discuss major global economic and political issues, influencing national policies.

What is the Modern World System?

A framework recognizing development and change are shaped by a country's position and interaction within the global system (core, semi-periphery, periphery).

What is the Global Interstate System?

An institutional arrangement of governance that addresses regional or global issues beyond a single nation-state.

Internationalism vs. Globalism – what is the difference?

Internationalism emphasizes diversity and cooperation among states while respecting differences; Globalism focuses on economic exchanges and interconnectedness.

What are three typical effects of globalization on governments?

Reduces some aspects of national sovereignty; encourages regional cooperation; pressures governments to adapt policies to international standards (trade, human rights, environment).

What are the roles of the IMF, WTO, WHO, OECD, ILO, FAO, UNESCO, ICAO, IMO, ITU, and WIPO?

IMF: monitor monetary stability and provide short-term loans; WTO: regulate international trade; WHO: global health research; OECD: policy benchmarking; ILO: labor standards; FAO: defeat hunger; UNESCO: peace through education/science/culture; ICAO: air transport regulation; IMO: shipping/pollution prevention; ITU: ICT standards; WIPO: intellectual property standards.

What is Market Integration?

The process by which economies become more interdependent through commodity flows, externalities, and spillover effects crossing borders.

What are International Financial Institutions (IFIs) in brief?

Institutions that provide loans, grants, and technical advice to promote a country’s economic and social development (e.g., IMF, World Bank, OECD).

What is a Multinational Corporation (MNC)?

A corporation that operates in multiple countries.

What is a Transnational Corporation (TNC)?

A corporation that manages production and distribution networks across borders.

What is the role of corporations in globalization?

Drive trade and investment, create jobs, transfer technology and innovation, and influence local economies and policies.

What was the Pre-Modern Economy characterized by?

Trade routes like the Silk Road and Spice Trade, with early exchanges of goods, culture, and knowledge.

What characterized the Colonial Economy (16th–18th centuries)?

European colonial expansion, mercantilism, and extraction of resources from colonies.

What drove the Industrial Revolution in globalization history?

Mechanization, mass production, and the rise of global trade.

What happened in the 20th Century for the global economy?

Two World Wars disrupted economies; Bretton Woods Institutions (IMF and World Bank, 1944) were created to rebuild and stabilize.

What marks the Late 20th Century to Present in globalization history?

Rise of globalization, digital economy, financial integration; dominance of MNCs and IFIs.

What is Global Governance?

Collective efforts to identify, understand, and address worldwide problems that go beyond the problem-solving capacities of states.

What does the Uncertainty of the Sovereign Territorial State refer to?

Globalization challenges the absolute power of nation-states; issues like climate change, terrorism, pandemics, and global trade cross borders, limiting full sovereignty.

What is the Rise of Non-State Actors?

Influence of international organizations, multinational corporations, civil society groups, NGOs, and advocacy networks shaping policies and decision-making.

What are the five main branches of the United Nations?

General Assembly, Security Council, International Court of Justice, Economic and Social Council, and the Secretariat.

What is the UN General Assembly?

The main decision-making and representative assembly, composed of all member states and led by a president elected by member states.

What is the UN Security Council responsible for?

Can authorize deployment of UN military forces, mandate cease-fires, and enforce penalties; composed of five permanent members and ten rotating members.

What is the International Court of Justice?

Settles disputes under international law and provides advisory opinions on legal questions from UN organs.

What is the Economic and Social Council (ECOSOC)?

Assists the General Assembly in promoting economic and social development and cooperation among member states.

What is the UN Secretariat?

Headed by the Secretary-General; provides studies, information, and data to other UN branches as needed.