TCW Midterm flashcards

🌍 GLOBALIZATION BASICS

Q: What are the three dimensions of globalization?
A: E-P-C (Economic, Political, Cultural)

Q: Define globalization from an economic perspective.
A: Fast trade, MNCs, free trade, privatization, reduced tariffs.

Q: What is the “shrinking world” concept in cultural globalization?
A: Increased cultural interconnectivity, making the world feel smaller.

📊 CORE CLAIMS OF GLOBALIZATION (L.I.B.D.D.T)

Q: What does the "L" in L.I.B.D.D.T stand for?
A: Liberalization of markets.

Q: Is globalization reversible?
A: No, it is inevitable and irreversible (I in L.I.B.D.D.T).

Q: How does globalization promote democracy?
A: It spreads democratic values globally.

💰 ECONOMIC GLOBALIZATION

Q: Name three key indicators of economic globalization.
A: Trade & development, foreign direct investment, global institutions (IMF, WTO).

Q: What are TNCs, and how do they affect globalization?
A: Transnational Corporations operate in multiple countries, influencing global economies.

Q: What does WTO stand for, and what is its role?
A: World Trade Organization – regulates international trade.

🏛 GLOBAL GOVERNANCE

Q: What is the primary function of the UN?
A: Maintain peace, security, human rights, and international law.

Q: What is the difference between ASEAN and WTO?
A: ASEAN = Regional economic & political integration. WTO = Global trade regulation.

Q: What is a major challenge of global governance?
A: Veto power of the UN Security Council.

⚖ WORLD SYSTEM THEORY (C-S-P MODEL)

Q: What does C-S-P stand for in World System Theory?
A: Core, Semi-periphery, Periphery economies.

Q: Which countries belong to the "Core" group?
A: Wealthy nations with technology & high-value industries (e.g., USA, Germany, Japan).

Q: What is the role of the Periphery countries?
A: Provide raw materials & cheap labor.

🌏 REGIONALIZATION VS. GLOBALIZATION

Q: How is regionalization different from globalization?
A: Regionalization = Ties within a specific area (e.g., ASEAN).
Globalization = Worldwide integration.

Q: What is an example of regional economic cooperation?
A: ASEAN +3, which includes China, Japan, and South Korea.

🌍 NORTH-SOUTH DIVIDE

Q: What is the Global North?
A: Developed, industrialized nations (e.g., USA, Canada, EU).

Q: What is the Global South?
A: Developing nations with lower GDP and economic challenges.

Q: What percentage of the world’s income does the North control?
A: 80%, despite having only 25% of the population.

⏳ QUICK RECALL

✅ E-P-C = Economic, Political, Cultural globalization.
✅ L.I.B.D.D.T = 6 core claims of globalization.
✅ C-S-P = Core, Semi-periphery, Periphery model.
✅ I-B-T-W = Economic Globalization Actors (ICC, Bilderberg, Trilateral, WEF).