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Questions and Answers

What is the primary aim of descriptive trade theories?

  • To analyze governmental trade restrictions.
  • To advocate for unrestricted international trade.
  • To explain trade patterns and product exchanges between countries. (correct)
  • To suggest methods for limiting imports.

    • How does mercantilism define a country's wealth?

  • By the variety of goods available within the country.
  • By the amount of gold and treasures a country holds. (correct)
  • By the standard of living of its population.
  • By the level of imports compared to exports.

    • Which of the following best describes the critique of mercantilism put forth by Adam Smith?

  • A favorable balance of trade should be prioritized over consumption needs.
  • Wealth is defined by the availability and variety of goods and services. (correct)
  • Trade should be heavily regulated for optimal national growth.
  • The goal of trade should be accumulating gold to enhance national power.

    • What was one consequence of the mercantilist doctrine during the colonial era?

    <p>An increase in the establishment of colonies for resource extraction.</p> Signup and view all the answers

    According to Adam Smith, what is an essential factor for optimizing trade between countries?

    <p>Specialization in the production of goods with absolute advantage.</p> Signup and view all the answers

    What is a fundamental belief of free trade according to Adam Smith?

    <p>Trade should be unrestricted to benefit all parties involved.</p> Signup and view all the answers

    Which of the following reflects the mercantilist approach to achieving a favorable balance of trade?

    <p>Promoting competitive exports while limiting imports.</p> Signup and view all the answers

    What was a significant aspect of Smith's view regarding the consequences of trade?

    <p>It ultimately benefits both trading countries through improved living standards.</p> Signup and view all the answers

    What aspect of globalization primarily focuses on the trade and exchange of goods?

    <p>Economic Globalization</p> Signup and view all the answers

    Which early trade route is considered an example of historical globalization?

    <p>The Silk Road</p> Signup and view all the answers

    What invention in the 19th century significantly improved global communication during the process of globalization?

    <p>The Telegraph</p> Signup and view all the answers

    What global force can influence political decisions according to the types of globalization?

    <p>Trade Agreements</p> Signup and view all the answers

    What is one of the critiques against globalization in relation to national identity?

    <p>It enhances national cultural homogenization.</p> Signup and view all the answers

    Which city is noted for becoming an economic hub post-Roman Empire due to its control of trade?

    <p>Venice</p> Signup and view all the answers

    During which economic event was the term 'globalization' first used in a newspaper?

    <p>The Great Depression</p> Signup and view all the answers

    What is a significant consequence of globalization that is often criticized?

    <p>Reduction of regulatory standards across countries.</p> Signup and view all the answers

    What is one of the key challenges modern globalization faces?

    <p>Balancing economic growth with social justice and environmental sustainability</p> Signup and view all the answers

    What significant change did the introduction of container shipping bring to global trade?

    <p>A drastic reduction in shipping costs and increased efficiency</p> Signup and view all the answers

    Which aspect of globalization has led to significant environmental concerns?

    <p>Increased nitrogen oxide pollution from shipping</p> Signup and view all the answers

    What does the lecture suggest about governments in relation to globalization?

    <p>They must protect vulnerable populations and enforce labor and environmental standards</p> Signup and view all the answers

    How has historical technology influenced globalization according to the content?

    <p>Each industrial revolution driven by new technologies has fueled globalization</p> Signup and view all the answers

    What is one critique of globalization mentioned in the content?

    <p>It fails to address the needs of those left behind by its processes</p> Signup and view all the answers

    Which trend is expected to enhance global shipping logistics in the future?

    <p>Development of automated and battery-powered ships</p> Signup and view all the answers

    What was a significant outcome of the container shipping revolution by 1980?

    <p>90% of manufactured goods were being shipped in containers</p> Signup and view all the answers

    Study Notes

    Week 2 - Pt. 1: Introduction to Globalization

    • Globalization is the process of making global, particularly the development of international influence by businesses. This often occurs at the expense of national identity.
    • The first usage of the term "globalization" appeared in a 1930 newspaper, during the Great Depression. However, the phenomenon dates back further, with the Silk Road (130 BCE) facilitating the exchange of goods, culture, language, religion, and disease across Eurasia.
    • Types of Globalization: Economic (trade), political (trade agreements), and cultural (music, films, sports).
    • Historical tools of globalization: Telegraph (19th century), enabling rapid communication and centralized control over global trade.
    • The rise of Venice, post-Roman Empire, as an economic hub controlling trade via military and diplomatic power.

    Week 2 - Pt. 2: Tools and Expansion of Globalization

    • Silk Roads (1st century BCE - 5th century CE and 13th-14th centuries), introducing luxury products like silk between China and Rome.
    • Spice Routes (7th-15th centuries): trade routes for spices across the Indian Ocean and Mediterranean.
    • Age of Discovery (15th-18th centuries): European exploration enabled the integration of the Americas into global trade, influencing diets and lowering spice prices.
    • First Wave of Globalization (19th century - 1914): Industrial Revolution increased global trade through steamships, railroads, and industrial manufacturing.
    • World Wars: Disrupted globalization, leading to closed borders and economic disruptions.
    • Second and Third Waves (Post-WWII to 2000s): Trade resumed with international organizations like the WTO and European Union. The Third Industrial Revolution (internet) accelerated global integration.
    • Globalization 4.0 (Present): Focus on digital globalization (e-commerce, Al, 3D printing), with global challenges like climate change and cyberattacks.

    Week 2 - Pt. 2: Tools and Expansion of Globalization (Video)

    • Container Shipping Revolution (1956): Introduction of containers drastically reduced costs and increased efficiency.
    • Impact on global trade: By 1980, 90% of manufactured goods were transported in containers.
    • Environmental concerns: Shipping's impact on nitrogen oxide pollution.
    • Technological advances: Automation, battery-powered ships, and blockchain for streamlining global logistics.
    • Refrigerated shipping: Enables longer transport times for fresh produce.

    Week 2 - Pt. 3: Critique of Globalization (Article)

    • Globalization's mixed impact: Winners and losers, corporations and other groups.
    • The long-term success of globalization depends on governments and institutions' acknowledgement and protection of people negatively affected by the process.
    • 1999 Seattle WTO protests: Concerns about national sovereignty, labor standards, and environmental protections from global agreements.
    • Historical resistance: Nationalism and protectionism after World War I and during the Great Depression. Colonial trade networks were influential as an early form.
    • Modern criticism: Globalization's disproportionate benefits for wealthy countries and corporations, impacting poorer countries and vulnerable populations via cultural erosion.

    Week 2- Pt. 3: Critique of Globalization (Article 2)

    • Shift in Global Integration: Trade flows are now driven by knowledge, services, data, and intellectual property; growth is noted to be twice as fast as goods trade
    • R&D and Talent Mobility: Global R&D, particularly in automotive and pharmaceutical industries, is increasingly offshore
    • Role of Multinational Corporations: MNCs drive most global exports in sectors like transport, pharmaceuticals, and electronics
    • Growth opportunities in services: Increase in services trade is expected with further liberalization, unlocking growth.
    • Supply Chain Disruptions: Events like the pandemic disrupted supply chains, sparking concerns about globalization.

    Week 2- Pt. 1: Introduction to Globalization (Article 1)

    • First Wave of Silk Roads (1st century BC - 5th century AD)
    • Spice Routes (7th-15th centuries)
    • Age of Discovery (15th-18th centuries)
    • First Wave of Globalization (19th Century - 1914)

    Week 2- Pt. 2: Tools and Expansion of Globalization (Article 2)

    • Shift in Global Integration (Trade flows)
    • R&D and Talent Mobility
    • Role of Multinational Corporations
    • Growth in Services
    • Supply Chain Disruptions

    Week 2- Pt. 2: Tools and Expansion of Globalization (Article 1)

    • Silk Roads
    • Spice Routes
    • Age of Discovery
    • First Wave of Globalization

    Week 2- Pt. 2: Tools and Expansion of Globalization (Article)

    • Silk Roads
    • Spice Routes
    • Age of Discovery
    • First Wave of Globalization

    Week 2- Pt. 1: Introduction to Globalization (Article)

    • Definition of Globalization
    • Historical Context
    • Types of Globalization (economic, Political, Cultural)
    • Historical Tools of Globalization

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