Podcast
Questions and Answers
It is ______ that there are similarities between European and Asian development.
It is ______ that there are similarities between European and Asian development.
false
______'s pre-industrial economy was at least as dynamic as contemporary Europe's.
______'s pre-industrial economy was at least as dynamic as contemporary Europe's.
China
Medieval Europeans were dazzled by the fabulous wealth and intellectual sophistication of the ______ World.
Medieval Europeans were dazzled by the fabulous wealth and intellectual sophistication of the ______ World.
Islamic
______ served as the basis of state-formation across northern and eastern Europe following AD 1000.
______ served as the basis of state-formation across northern and eastern Europe following AD 1000.
______ were the real pioneers of early maritime commerce.
______ were the real pioneers of early maritime commerce.
Edward Said denounced the classics of European writing on the history, ethnography, and culture of Asia as ______.
Edward Said denounced the classics of European writing on the history, ethnography, and culture of Asia as ______.
______, involving taking land for plantation and mine and displacing native people, is a defining characteristic of European imperialism.
______, involving taking land for plantation and mine and displacing native people, is a defining characteristic of European imperialism.
Adam Smith advocated for ______ in the 1830s and 1840s.
Adam Smith advocated for ______ in the 1830s and 1840s.
______, as identified by Max Weber, was the essential factor that enabled Europe to transition to modern industrial capitalism.
______, as identified by Max Weber, was the essential factor that enabled Europe to transition to modern industrial capitalism.
The rapid dissolution of Europe's colonial empire began in ______.
The rapid dissolution of Europe's colonial empire began in ______.
The making of world economy and the extension of European rule across the non-European world were the two great transformations that the ______ states were chiefly responsible for.
The making of world economy and the extension of European rule across the non-European world were the two great transformations that the ______ states were chiefly responsible for.
______ and free markets are two key principles that form the foundation of neoliberalism.
______ and free markets are two key principles that form the foundation of neoliberalism.
______ are primary drivers of economic growth, as highlighted by the Washington Consensus.
______ are primary drivers of economic growth, as highlighted by the Washington Consensus.
______ involves the conditions of economic restructuring imposed by organizations like the World Bank and IMF.
______ involves the conditions of economic restructuring imposed by organizations like the World Bank and IMF.
______ is an economic theory developed by Joseph Schumpeter, referring to the transformation that accompanies radical innovation.
______ is an economic theory developed by Joseph Schumpeter, referring to the transformation that accompanies radical innovation.
Liberal economic policies and tax cuts are associated with ______ in operations and infrastructure.
Liberal economic policies and tax cuts are associated with ______ in operations and infrastructure.
______ are a measure to reduce government expenditures and tax.
______ are a measure to reduce government expenditures and tax.
Privatization of industry, deregulation of the economy, and reductions in a nation's spending on social welfare programs are the three ______ premises.
Privatization of industry, deregulation of the economy, and reductions in a nation's spending on social welfare programs are the three ______ premises.
______ are a special economy policy in China.
______ are a special economy policy in China.
The ______ utilizes export processing zones.
The ______ utilizes export processing zones.
______'s economic approach can be described as laissez-faire.
______'s economic approach can be described as laissez-faire.
______ relied least on foreign direct investment.
______ relied least on foreign direct investment.
______ strategically used foreign direct investment to attract high-value industries.
______ strategically used foreign direct investment to attract high-value industries.
______ encouraged the development of backward linkages and technology transfer.
______ encouraged the development of backward linkages and technology transfer.
______ served as a gateway for trade and business with China.
______ served as a gateway for trade and business with China.
______ played a strong role in industrial policy as a measure of success.
______ played a strong role in industrial policy as a measure of success.
______ refers to China's policy in the 1970s.
______ refers to China's policy in the 1970s.
Copying and reverse engineering is a strategy used by China and ______ to acquire foreign technology.
Copying and reverse engineering is a strategy used by China and ______ to acquire foreign technology.
______ and FDI (Foreign Direct Investment) is one way China taps into foreign knowledge.
______ and FDI (Foreign Direct Investment) is one way China taps into foreign knowledge.
Importing turnkey plants, reverse engineering foreign technology, disseminating knowledge internally, tapping into global knowledge through trade and FDI, and increasing investment in R&D are the 5 key pillars of ______.
Importing turnkey plants, reverse engineering foreign technology, disseminating knowledge internally, tapping into global knowledge through trade and FDI, and increasing investment in R&D are the 5 key pillars of ______.
______ is an economic strategy that most high-performing Asian economies followed.
______ is an economic strategy that most high-performing Asian economies followed.
______ and Good Governance are essential for a country to successfully use knowledge for development.
______ and Good Governance are essential for a country to successfully use knowledge for development.
______ is the reduction in transportation and communication costs combined with digitalization of information.
______ is the reduction in transportation and communication costs combined with digitalization of information.
______ involves producing goods close to consumers.
______ involves producing goods close to consumers.
______ involves performing most manufacturing stages near each other.
______ involves performing most manufacturing stages near each other.
The global context changes rapidly and the speed, scale, and scope of China's entry onto the global economy, this is why traditional ______ export strategies are no longer as effective for developing countries.
The global context changes rapidly and the speed, scale, and scope of China's entry onto the global economy, this is why traditional ______ export strategies are no longer as effective for developing countries.
The need to demonstrate high standards of quality and timeliness in delivery are some of the challenges for developing countries in entering ______ supply chains.
The need to demonstrate high standards of quality and timeliness in delivery are some of the challenges for developing countries in entering ______ supply chains.
European states were chiefly responsible for the making of ______ and the extension of European rule across the non-European world.
European states were chiefly responsible for the making of ______ and the extension of European rule across the non-European world.
______ are designed to attract foreign investment and promote economic growth through special regulations and incentives.
______ are designed to attract foreign investment and promote economic growth through special regulations and incentives.
The reduction in transportation and communication costs combined with digitalization of information results in the ______ of production.
The reduction in transportation and communication costs combined with digitalization of information results in the ______ of production.
Flashcards
After Tamerlane: True or False?
After Tamerlane: True or False?
There are similarities in development between Europe and Asia.
China's pre-industrial economy
China's pre-industrial economy
Pre-industrial economy at least as dynamic as contemporary Europe's.
Islamic World & Medieval Europeans
Islamic World & Medieval Europeans
Medieval Europeans were amazed by its wealth and sophistication.
Christianization's Role
Christianization's Role
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Asian Merchants
Asian Merchants
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Orientalist fantasy
Orientalist fantasy
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Expropriation
Expropriation
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Worldwide Free Trade
Worldwide Free Trade
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Activist Rationalizing Mentality
Activist Rationalizing Mentality
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Year 1945
Year 1945
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Individual Liberty and Free Market
Individual Liberty and Free Market
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Unimpeded Private Markets
Unimpeded Private Markets
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Structural Adjustments
Structural Adjustments
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Creative Destruction
Creative Destruction
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Increased Investment Requires
Increased Investment Requires
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Cuts in Welfare
Cuts in Welfare
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Three Free Market Premises
Three Free Market Premises
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Special Economic Zones
Special Economic Zones
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Hong Kong - Laissez-faire
Hong Kong - Laissez-faire
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South Korea
South Korea
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Singapore
Singapore
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Taiwan
Taiwan
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Hong Kong
Hong Kong
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South Korea
South Korea
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Four Modernization
Four Modernization
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Special Economic Zones
Special Economic Zones
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China/South Korea Strategy
China/South Korea Strategy
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Trade and FDI
Trade and FDI
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5 key pillars of China's
5 key pillars of China's
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Outward Orientation
Outward Orientation
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Macroeconomic Stability and Good Governance
Macroeconomic Stability and Good Governance
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Physical disintegration of production
Physical disintegration of production
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First Unbundling
First Unbundling
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Second Unbundling
Second Unbundling
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Labor intensive strategies
Labor intensive strategies
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Entering global supply chains
Entering global supply chains
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Study Notes
After Tamerlane
- There are similarities between Europe and Asia development
- China's pre-industrial economy was as dynamic as Europe's at the time
- Medieval Europeans were impressed by the wealth and knowledge of the Islamic world
- Christianization served as the foundation for state formation in northern and eastern Europe after 1000 AD
- Asian merchants were pioneers in early maritime commerce
- Edward Said criticized European writings on Asian history, ethnography, and culture as "Orientalist fantasy"
- Expropriation, or taking land for plantations and mines and displacing native populations, characterized European imperialism
- Adam Smith promoted worldwide free trade in the 1830s and 1840s
- Max Weber considered the activist rationalizing mentality essential for Europe's transition to modern industrial capitalism
- The dissolution of Europe’s colonial empire began in 1945
- The European states were responsible for the making of the world economy and the extension of European rule
Neoliberalism
- Individual liberty and free markets are key principles
- Unimpeded private markets are a primary driver of economic growth
- Structural adjustments involve economic restructuring conditions imposed on borrowing nations
- Joseph Schumpter's economic theory of creative destruction appeared in 1976
- Liberal economic policies and tax cuts lead to increased investment in operations and infrastructures
- Cutting welfare programs reduces government expenditures and taxes
- Key components of free market
- Privatization of industry
- Deregulation of the economy
- Reduction of spending on social welfare
Globalization
- Laissez-faire economic approach of Hong Kong
- South Korea relied the least on foreign direct investment
- Singapore attracted high value industries by strategically using FDI
- Taiwan encouraged backward linkage and technology transfer
- Hong Kong served as a gateway for trade and business with china
- South Korea had a strong role in industrial policy
- China's Four Modernizations policy began in the 1970s
- Special Economic Zones are a special economy policy of China
- China and South Korea used strategies to copying and reverse engineering to acquire foreign technology
- China taps into foreign knowledge through trade and FDI
- China's key pillars:
- Importing turney plants
- Copying and reverse engineering foreign
- Disseminating knowledge internally
- Tapping into global knowledge through trade and FDI
- Increasing investment in R&D
- An outward orientation was an economic strategy followed by high-performing Asian economies
- Macroeconomic stability and good governance are essential for successful development
Production, Unbundling, and Global Supply Chains
- Physical disintegration of production involves reduced transportation/communication costs and digitalization
- First Unbundling: producing goods close to consumers
- Second Unbundling: performing most manufacturing stages near each other
- Traditional labor-intensive export strategies are becoming less effective because of the speed of China’s entry onto the global economy
- Developing countries face the challenge of demonstrating high standards of quality and timeliness when entering global supply chains
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