International Economic Integration and Trade Flashcards

Flashcards covering the factors, measurement, and historical waves of international economic integration and global trade trends.

The ratio of trade to GDP, used to measure the importance of international trade in a nation's economy, is called the __________.

Index of Openness

The formula for the Index of Openness is __________.

$$\frac{\text{Exports} + \text{Imports}}{\text{GDP}}$$

Economists research the historical development of capitalism through several major waves of industrialization known as __________.

Kondratiev Long Waves

During the 1st globalization wave (1815-WWI), the primary type of trade was __________, where countries exported goods very different from what they imported.

INTER-industrial trade

The __________ (1347) led to more than $25$ million deaths in Europe, making labor scarce and land abundant.

Bubonic plague

Under the philosophy of __________, international trade was seen as a zero-sum game where one nation's gain was another's loss.

mercantilism

The phenomenon where advancements in transportation and communication decrease the cost and time to move goods over distance is called __________.

time-space convergence

In the period leading up to the 15th century, the prevailing form of economic and social relations in Europe was __________.

Feudalism

The energy sources used in pre-industrial societies, consisting of human and animal muscle power, are termed __________ sources.

animate

A loose connection of cities and principalities in Northern Europe whose trading connections extended from the Baltic to the North Sea in the 15th century was the __________.

Hanseatic League

The invention of the __________ in 1450 allowed for the growth of a lay intelligentsia by making books more accessible.

printing press

Thomas Newcomen's __________ (1712) was a major innovation and precursor to the steam engine during the Industrial Revolution.

atmospheric fire pump

The term __________ refers to the process of moving production back to one's own country to reduce dependency on foreign suppliers.

reshoring

Products exported by an average of only four economies, which are highly vulnerable to crises, are classified as __________.

bottleneck products

A policy involving the complete separation of ties between two or more economies is known as __________.

decoupling

The __________ measures the number of times key words linked to wars, terrorism, and military tensions appear in electronic newspaper archives.

Geopolitical Risk Index (GPR)

The approach of diversifying supply chains to limit specific risks associated with one particular country is called __________.

derisking

Since COVID-19, some economists suggest the world has entered a period of __________ where trade growth slows or fragments.

Slowbalisation

In feudal society, __________ were bound to the land and could not leave or marry without the lord’s permission.

serfs

The shift toward trading only with likeminded allies to ensure supply security is known as __________.

friend-shoring