Historical Development of Globalization and The Global Economy

Comprehensive vocabulary flashcards covering the historical development of globalization, major global trade networks, economic systems, sustainable development goals, and the Philippine position in the world economy.

Prehistoric Migration & Exchange

The early expansion of human populations across continents that established crucial routes enabling seed exchanges, obsidian distribution, and early tool technology sharing among ancient settlements.

Archaic Cosmopolitanism

Early cross-border cultural integration, structured barter systems, and diplomatic correspondence fostered by urban complexes in Mesopotamia, the Nile Valley, and the Indus Valley.

Ancient Trade Networks

Commercial maritime lanes navigating the Mediterranean Sea, Red Sea, and Indian Ocean using monsoon wind patterns to exchange high-value commodities such as lapis lazuli, frankincense, copper, and tin.

Silk Road

An ancient $4,000\text{-mile}$ ($6,400\text{-km}$) caravan route originating at Chang'an (modern Xi'an) that linked China with the West, moving silk westward and wools, gold, and silver eastward.

Pax Mongolica

A period of unprecedented security during the $13\text{th}$ century under the Mongols that accelerated continental mobility, diplomatic exchange, and revived the Silk Road trade route.

Age of Discovery

The period from the $15\text{th}$ to $17\text{th}$ century characterized by transoceanic voyages that connected the Eastern and Western hemispheres and charted global maritime corridors.

Columbian Exchange

The widespread transfer of crops, livestock, human populations, and pathogens between the Eastern and Western hemispheres following transoceanic voyages, reshaping global demographics and agriculture.

Chartered Companies

Joint-stock commercial ventures, such as the Dutch and British East India Companies, that established early multinational commercial monopolies during colonial expansion.

1492 Global Connectivity Pivot

The establishment of permanent transatlantic and transpacific trade channels that triggered silver flows from Potosí to East Asia and integrated colonial labor markets under mercantilism.

Industrial Revolution Globalization

An era driven by steam engines, steamships, transcontinental railways, and the electric telegraph, which radically compressed time and space to facilitate global manufacturing and raw material sourcing.

Bretton Woods Order

The post-WWII international economic system established through the IMF, World Bank, and GATT (later WTO) to create rules-based monetary and trade cooperation.

Containerization

The introduction of standardized steel intermodal containers that slashed transoceanic shipping costs by over $90\text{\%}$, accelerating world trade and global supply chains.

Contemporary Globalization

The rapid, ongoing process of increasing economic, social, technological, and political connections across the world, creating a shared global network where ideas, money, goods, and culture move fast past national borders.

Economic Globalization

The increasing interdependence of world economies resulting from the growing scale of cross-border trade of commodities and services, flow of international capital, and rapid spread of technologies.

International Trade

The process by which nations buy and sell products across international borders.

Global Markets

Marketplaces where buyers and sellers trade goods and services worldwide instead of strictly locally.

Multinational Corporations

Large business enterprises that operate factories or offices in many different countries.

Foreign Direct Investment

Capital expenditure made by foreign businesses to build new facilities or acquire existing companies in a local host country.

Global Production Networks

Supply chains in which individual component parts of a single product are manufactured across various countries before the final item is assembled and sold.

World Economy

The global economic system of all humans, encompassing all economic activities conducted both within and between nations, including production, consumption, management, work, financial exchanges, and trade.

Millennium Development Goals

Eight global targets established by the United Nations in the $1990\text{s}$ to address world problems, including poverty eradication, universal primary education, gender equality, health improvements, and environmental sustainability.

Extreme Poverty

A condition defined by the UN ($2015$) characterized by severe deprivation of basic human needs (food, safe drinking water, sanitation, health shelter, education, information) or living on less than $\\text{\$1.25}$ a day.

Protectionism

An economic policy of protecting a nation's economy from foreign competition by creating trade barriers, prioritizing domestic products over imported goods.

Trade Liberalization

Also called free trade, the act of reducing or eliminating trade barriers to make international trade easier between countries.

Fair Trade

An approach defined by the International Fair Trade Association as concern for the social, economic, and environmental well-being of marginalized small producers, aiming for a more moral and equitable global economic system.

Sustainable Development

The overarching paradigm and organizing principle of the United Nations to meet human development goals while sustaining natural systems, adopted in $2015$ with social, economic, and environmental dimensions.

Philippine Exports

Goods sold by the Philippines to other nations, including electronics, semiconductors, and agricultural products.

Philippine Imports

Goods purchased by the Philippines from foreign markets to meet domestic demand, such as fuel, machinery, and vehicles.

Business Process Outsourcing

An industry segment where global companies establish call centers and tech support offices in the Philippines to leverage its skilled, English-speaking workforce.