Economic Globalization Overview

Division of labor the process whereby productive tasks become separated and more specialized in order to promote economic efficiency (Heywood, 2011). Capital - any ‘asset’, financial or otherwise; Marxists used the term to refer to accumulated wealth embodied in the ‘means of ______’ (Heywood, 2011).

Social democracy - a moderate or reformist brand of socialism that favours a balance between the market and the state, rather than the abolition of ______ (Heywood, 2011).

Neoliberalism - is an updated version of classical liberalism and particularly classical political economy.- its central theme is the idea that the economy works best when left alone by government, reflecting a belief in free market economics and atomistic ______ (Heywood, 2011).

Market fundamentalism - it is an absolute faith in the market, reflected in the belief that the market mechanism offers solutions to all economic and social ______ (Heywood, 2011).

Social market - an economy that is structured by market principles and largely free from government interference, operating in a society in which cohesion is maintained through a comprehensive welfare system and effective welfare ______ (Heywood, 2011).

Mercantilism - an economic philosophy, most influential in Europe from the fifteenth century to the late seventeenth century, which emphasizes the state’s role in managing international trade and guaranteeing ______ (Heywood, 2011).

Economic Globalization refers to the increasing integration of economies around the world, particularly through the movement of goods, services, and ______ across borders.

Economic Globalization refers to the movement of people (labor) and knowledge (technology) across international ______.

Dimensions of Economic Globalization include the globalization of trade of goods and ______.

One of the dimensions of Economic Globalization is the globalization of financial and ______ markets.

According to Reich, Economic Globalization transforms the national economy into a global one where 'there will be no national products or technologies, no national corporations, no national ______.'

According to Gills and Thompson, globalization processes have been ongoing ever since Homo sapiens began migrating from the African continent ultimately to populate the rest of the ______.

Internationalization - the growth of relations and movements across borders creates higher levels of ______

Laissez-faire is the principle of non-intervention in ______ affairs

The phrase 'laissez faire est, laissez passer' means 'leave the individual alone, and let commodities circulate ______'

The central assumption of laissez-faire is that an unregulated market tends naturally towards ______

Government intervention is seen as damaging unless it is restricted to actions that promote market ______

Social market is an economy structured by market principles and largely free from government interference, operating in a society with a comprehensive welfare system and effective welfare ______

Economic Globalization is an innovative concept of 'long duration', i.e. a slow-moving, almost imperceptible framework for historical analysis and worldsystems analysts identify the origins of modernity and globalization with the birth of sixteenth century long distance ______

The relatively short period before World War I (that is, 1870 to 1913) is often referred to as the 'golden age' of globalization, characterized by relative peace, free ______ and financial and economic stability

Capitalism is a system of generalized commodity production in which wealth is owned privately and economic life is organized according to ______ principles

Market - a system of commercial exchange shaped by the forces of demand and supply, and regulated by the price ______

According to Reich, Economic Globalization transforms the national economy into a global one where 'there will be no national products or technologies, no national corporations, no national ______'

Neoliberalism - is an updated version of classical liberalism and particularly classical political economy.- its central theme is the idea that the economy works best when left alone by government, reflecting a belief in free market economics and atomistic ______