Contemporary World Module 1: Globalization

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Questions and Answers

What is globalization?

A social movement advocating for economic regulation

The process of privatizing national industries

The existence of free exchange of goods, services, culture, and people between countries (correct)

The restriction of trade between nations

Who popularized the term globalization?

Theodore Levitt

The exchange of goods or products between nations without tariff or tax is called ______.

free trade

Deregulation refers to the strengthening of government regulations.

False Signup and view all the answers

What is the European Union (EU)?

An economic and political organization comprised of 28 member states. Signup and view all the answers

Match the following terms with their definitions:

Social movement = People and organizations advocating for positive social change Privatization = Process of subjecting an industry to private control Liberalization = Removal of restrictions on free trade between nations Deregulation = Lifting of government regulations for private corporations Signup and view all the answers

Which of the following is NOT one of the four freedoms promoted by the EU?

Free movement of armed forces Signup and view all the answers

What is globalization?

The existence of free exchange of goods, services, culture, and people between and among countries. Signup and view all the answers

Which of the following terms refers to the exchange of goods without tariff or tax?

Free trade Signup and view all the answers

Who popularized the concept of globalization?

Theodore Levitt Signup and view all the answers

Economic globalization refers to the closer integration of national economies through trade and financial flows.

True Signup and view all the answers

Match the following concepts to their definitions:

Deregulation = Loosening or lifting of government regulations to favor private corporations' operations Liberalization = Removal or reduction of restrictions on free trade between nations Privatization = Subjecting an industry or service to private control and ownership Social movement = People and organizations advocating for positive social change Signup and view all the answers

Which of the following is NOT one of the 'four freedoms' defined by the EU?

Information Signup and view all the answers

What is the 'Single Market' in the context of the EU?

A system that facilitates the free movement of goods and services within EU member states. Signup and view all the answers

Study Notes

Introduction to Globalization

Globalization is a concept that has gained prominence since the early 19th century, signifying the interconnectedness of countries through the exchange of goods, services, culture, and people.
A significant push for globalization came from Theodore Levitt's influential article "The Globalization of Markets," which highlighted its potential in the business landscape.
Key components of globalization include the reduction or removal of tariffs on imports and the welcoming of skilled professionals across borders.

Key Terms

Social Movement: Advocacy by individuals and organizations for positive social change through various means.
Free Trade: Trade of goods between nations without tariffs or taxes.
Deregulation: Reduction or elimination of government regulations to enhance corporate flexibility and profitability.
Liberalization: Removal or reduction of restrictions on international trade.
Privatization: Transitioning control and ownership of industries or services from public to private entities.

Competing Conceptions of Globalization

Manfred Steger notes that globalization has been described in multiple contexts, including a process, condition, system, force, and age in both popular and academic realms.
UNCTAD defines economic globalization as the integration of national economies through trade, financial flows, and migration, leading to increased vulnerability to global forces.

European Union (EU)

The EU is an economic and political entity composed of 28 member states, evolving from the European Coal and Steel Community (ECSC) and European Economic Community (EEC).
Aims to foster integration and enhance regional power through economic collaboration.
The EU employs a "Single Market" to allow free movement of goods, services, capital, and people among member states.
Features include a common currency for most members and financial support for less developed regions.
Funding sources for the EU include economic revenues and contributions from individual states.
Politically, the EU is organized through institutions like the European Council, European Commission, and European Parliament, which manage executive, legislative, and judiciary roles within the region.

Introduction to Globalization

Globalization is a concept that has gained prominence since the early 19th century, signifying the interconnectedness of countries through the exchange of goods, services, culture, and people.
A significant push for globalization came from Theodore Levitt's influential article "The Globalization of Markets," which highlighted its potential in the business landscape.
Key components of globalization include the reduction or removal of tariffs on imports and the welcoming of skilled professionals across borders.

Key Terms

Social Movement: Advocacy by individuals and organizations for positive social change through various means.
Free Trade: Trade of goods between nations without tariffs or taxes.
Deregulation: Reduction or elimination of government regulations to enhance corporate flexibility and profitability.
Liberalization: Removal or reduction of restrictions on international trade.
Privatization: Transitioning control and ownership of industries or services from public to private entities.

Competing Conceptions of Globalization

Manfred Steger notes that globalization has been described in multiple contexts, including a process, condition, system, force, and age in both popular and academic realms.
UNCTAD defines economic globalization as the integration of national economies through trade, financial flows, and migration, leading to increased vulnerability to global forces.

European Union (EU)

The EU is an economic and political entity composed of 28 member states, evolving from the European Coal and Steel Community (ECSC) and European Economic Community (EEC).
Aims to foster integration and enhance regional power through economic collaboration.
The EU employs a "Single Market" to allow free movement of goods, services, capital, and people among member states.
Features include a common currency for most members and financial support for less developed regions.
Funding sources for the EU include economic revenues and contributions from individual states.
Politically, the EU is organized through institutions like the European Council, European Commission, and European Parliament, which manage executive, legislative, and judiciary roles within the region.

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Description

This quiz focuses on the key concepts of globalization as introduced in the first module of Contemporary World. Students will differentiate between various conceptions of globalization and explore its numerous aspects, referencing the foundational text by Ferrer, Obligado, and Pagtalunan.