Contemporary

Merrill Lynch ad

the spread of free markets and democracy around the world is permitting more people everywhere to turn their aspirations into achievements.

Globalization

is a very powerful weapon in transferring information, technology, funds, and know-how to anywhere in the world, is not delivering what it promised.

Market Democracies

are political systems where democratic governance is combined with economic systems driven by free markets.

Global Capitalism

is an economic system where trade, investment, and capital flow are conducted across international borders. It operates on principles of private ownership, competition, and market forces.

Globalization Gap

represents the disparity between those who benefit from globalization—often skilled workers in advance industries and those who do not, particularly unskilled workers in declining sectors.

True

Without such a stabilizing factor, it is easier for some variation of class warfare to commence

Economic Disparaties

division of poor and wealthy countries

Free Markets

economic systems, prices for good or services are determined by unrestricted competitions.

Abject Poverty

severe and extreme level of poverty

Poverty

not having enough money to meet basic needs

Key Aspects of Free Markets

supply and demand

minimal government intervention

competition

consumer choice

private property

Industrial revolution

transition from creating goods

Electricity

major new form of energy

Trade and Manufacturing

the growth of the industrial production depend on the development. focus on domestic demand

19th century

transportation revolution

Mass Society

a new form of expression for the lower classes as they benefited from the extension of voting rights.

Bourgeoisie

a middle class level that includes professionals

Middle Class

individual who falls between the working class and the upper class

Imperialism

when a country extend its power into other territories for economic or political gain

European Superiority

Charles Darwin’s theory of natural selection associated with Herbert Spencer’s Social Darwinism

Natural Selection

process behind evolution

European Fleets

barko (ship)

Civilization

refers to an advance stage

Center

of the global trade was much farther

Center of the gravity

refers to the core or most important part of the global trade and cultural exchange at that time

Silk road

started under han dinasty 206 bce to 220 ce

The Colonial System

the primary objective was to exploit the natural resources of the subject areas and open up markets for manufactured goods.

The white man’s burden

a term that was popularized by british poet rudyar kipling in his 1899 poem of the same name

Assimilation

the progress in which a minority group or individual adopts the customs, values, and behaviors of the dominant culture often to the point of losing their own original identity

Association

more cooperative or collaborative relationship between two groups, where they maintain their distinct culture identities while working together or coexisting in the same society

Terracotta Soldiers

are collection of life sizes clay sculptures found in the tomb of china’s first emperor

Colonialism

the practice of settling and establishing direct control over a foreign territory

Imperialism

a broader policy or ideology focused on political, economic, or military domination of other regions