Podcast
Questions and Answers
______ of the different financial & economic institutions that facilitated the growth of the global economy
______ of the different financial & economic institutions that facilitated the growth of the global economy
Contributions
______ have been brought closer together by globalization
______ have been brought closer together by globalization
World Economies
The Bretton Woods System focused on the reduction of barriers to trade & free flow of ______ among nations
The Bretton Woods System focused on the reduction of barriers to trade & free flow of ______ among nations
money
GATT was a forum for the meeting of representatives from ____ member countries
GATT was a forum for the meeting of representatives from ____ member countries
WTO is an independent multilateral organization that became responsible for trade in services, non-tariff related barriers to trade, and other broader areas of trade ______
WTO is an independent multilateral organization that became responsible for trade in services, non-tariff related barriers to trade, and other broader areas of trade ______
Neoliberalism is a general idea where WTO is based - this means that by reducing or eliminating barriers, all nations will ______
Neoliberalism is a general idea where WTO is based - this means that by reducing or eliminating barriers, all nations will ______
Global economy demands the states to conform to the rule of free-market ______
Global economy demands the states to conform to the rule of free-market ______
Neoliberalism Economics focuses on free trade & dismantling trade ______
Neoliberalism Economics focuses on free trade & dismantling trade ______
Neoliberal economics requires a state to cooperate in the global market through the free flow of ______
Neoliberal economics requires a state to cooperate in the global market through the free flow of ______
States have less control over transnational social movements because they occur across countries & across ______
States have less control over transnational social movements because they occur across countries & across ______
Human rights movements create a public sentiment, value & ______
Human rights movements create a public sentiment, value & ______
Environmental movement is another example of global social movements that focus on ______
Environmental movement is another example of global social movements that focus on ______
NAFTA lowered prices by removing ______
NAFTA lowered prices by removing ______
The rise of today's modern economy demands different sectors to work together in order to produce, distribute & exchange products & ______
The rise of today's modern economy demands different sectors to work together in order to produce, distribute & exchange products & ______
The Agricultural Revolution was the 1st big economic change where people learned how to domesticate ______ & animals
The Agricultural Revolution was the 1st big economic change where people learned how to domesticate ______ & animals
The Industrial Revolution brought new economic tools like steam engines, manufacturing & mass ______
The Industrial Revolution brought new economic tools like steam engines, manufacturing & mass ______
Factories popped up & changed how work functioned, instead of working at home, people began working as wage laborers & then becoming more specialized in their ______
Factories popped up & changed how work functioned, instead of working at home, people began working as wage laborers & then becoming more specialized in their ______
Overall, productivity went up, standards of living rose & people had access to a wider variety of goods due to ______ production
Overall, productivity went up, standards of living rose & people had access to a wider variety of goods due to ______ production
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Study Notes
Growth of Global Economy
- Various financial and economic institutions have facilitated the expansion of the global economy.
- Globalization has connected nations more closely, increasing economic interdependence.
Bretton Woods System
- Emphasized reducing trade barriers and promoting the free flow of capital among nations.
GATT and WTO
- GATT served as a platform for representatives from 128 member countries to discuss trade policies.
- WTO emerged as a multilateral organization responsible for trade in services and addressing non-tariff barriers.
- Broader areas of trade covered by WTO include intellectual property and investment issues.
Neoliberalism
- Neoliberalism promotes the idea that reducing trade barriers can benefit all nations economically.
- Advocates for free-market principles where governments must adhere to free-market regulations.
Neoliberal Economics
- Focuses on free trade and the dismantling of protective trade regulations.
- Emphasizes the state's role in cooperating within the global market through unrestricted capital movement.
Transnational Social Movements
- States have limited control over social movements that span multiple countries due to their cross-border nature.
- Movements, such as human rights advocacy, foster public sentiment and promote international values.
Environmental Movement
- Represents a global social movement addressing environmental issues, promoting sustainability, and ecological protection.
NAFTA
- The North American Free Trade Agreement led to lowered prices by eliminating trade barriers among member nations.
Modern Economy Collaboration
- The complexity of today's economy requires cooperation among different sectors for effective production, distribution, and exchange of goods.
Agricultural Revolution
- Marked the first significant economic change with the domestication of plants and animals.
Industrial Revolution
- Introduced significant innovations, such as steam engines and mass manufacturing, revolutionizing production capabilities.
Changes in Labor
- Shifted work from home-based tasks to factory environments, creating wage labor opportunities and greater specialization.
Productivity and Living Standards
- Increased productivity during these periods resulted in higher living standards and a broader range of available goods due to enhanced production methods.
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