The Global Economy – Video Notes (Practice Flashcards)

A set of practice flashcards covering key concepts from the lecture notes on the global economy, Millennium Development Goals (MDGs), poverty measures, and globalization.

What was the first Millennium Development Goal (MDG) identified by the United Nations in the 1990s?

Eradication of extreme poverty and hunger.

List the seven other Millennium Development Goals besides eradicating poverty and hunger.

Universal primary education; gender equality and women’s empowerment; reducing child mortality; improving maternal health; combating HIV/AIDS and malaria; environmental sustainability; global partnership for development.

In the Philippines, what constitutes the official poverty line per year and per day?

Less than 100,534 pesos per year (about 275 pesos per day).

How does the United Nations define extreme (absolute) poverty?

Severe deprivation of basic human needs such as food, water, sanitation, health, shelter, education, and information, typically living on less than $1.25 a day.

By which year did the UN aim to eliminate extreme poverty for all people?

2030.

According to the UN in 2015, how many people still lived in extreme poverty and how did that compare to the previous figure?

836 million people, down from 1.9 billion.

What are some of the problems associated with being poor as mentioned in the notes?

Disease, lack of water, income inequality, and lack of electricity (one in seven people without electricity).

What does economic globalization refer to according to the UN (as cited in Shangquan 2000)?

Increasing interdependence of world economies due to cross-border trade, flows of international capital, and rapid spread of technologies.

What are the two main types of economies associated with economic globalization?

Protectionism and trade liberalization.

Define protectionism as described in the notes.

Policy of government intervention in foreign trade to encourage domestic production, giving preferential treatment to domestic producers and discriminating against foreign competitors.

What does trade liberalization entail?

Free trade agreements and advances in transportation and communication that enable goods and services to move around the world more easily.

Which technology did Jeffrey Sachs call the single most transformative for the developing world?

Mobile phones.

What does leapfrogging mean in development economics?

The idea that countries can skip straight to more efficient and cost-effective technologies that were not available in the past.

How is fair trade defined by the International Fair Trade Association?

Concern for the social, economic, and environmental well-being of marginalized small producers, aiming for a more moral and equitable global economic system.

Which organization created the Millennium Development Goals and in what period were they established?

The United Nations in the 1990s.