Exam Preparation Quiz for December 2024

Exam Information

• Exam date: December 14th, 2024
• Exam time: 2:30 PM - 4:00 PM
• Location: 3/F Multi-purpose Zone, Main Library, Library Extension (LE) 2 & 3
• Exam format: 50 multiple-choice questions, 2 points each, 1.5 hours total. Allow 108 seconds per question.
• Closed book exam

Exam Examples

• Example 1: Advocates of [X] have argued that A: the government should [X], B: countries should [X], C: [X] developing economies is vital, D: the development of [X].
• Example 2: What is the key takeaway from the figure above? A: [X] more than larger economies, B: [X] than developing economies, C: Developed economies [X], D: Developing economies [X].
• Example 3: With respect to [X], the following is true [X]... A: [X] has increased, but [X] has decreased, B: [X] has decreased, while [X] increased, C: [X] and [X] decreased, D: [X] and [X] increased.
• Example 4: [X] has been used to do [X]. What is NOT a feature of [X]? A: [X] has increased, but [X] has decreased, B: [X] has decreased, while [X] increased, C: [X] and [X] decreased, D: [X] and [X] increased

Content

• Global processes and local impacts
• Winning and losing
• Governance issues
• Key takeaways
• Questions

Important Arguments

• World is becoming more unequal due to a focus on global market expansion with little consideration for social consequences.
• Difficulty in resolving this issue stems from its complex nature and conflicting interests among key participants.

Trends in Global Economy

• Second half of the 20th century: significant economic expansion.
• Recent decades: more volatile, with recessions following periods of growth (e.g., financial crisis, COVID-19).
• Global nature of these trends, no longer primarily regional.
• Underlying trends: increasing interconnectedness of world economies and multi-polar economic activities

Significant Changes over the Last Half-Century

• When the UN was founded in 1945, two-thirds of current members did not exist as sovereign states.
• Global population: 2.5 Billion then, 8 Billion now.
• Economic changes include increased trade.
• MNC exports compose more than 66% of all exports.

Drivers of Change

• Complex transformations involving major changes in key players, along with changes in production patterns (off-shoring, out-sourcing).
• Consumption patterns (local vs. global), wealth distribution.
• MNCs are primary drivers and shapers of the global economy, controlling global production value chains.
• States continue to influence global affairs through trade deregulation and regional agreements (EU, NAFTA, ASEAN).
• Key technology is a major enabling force.

Why the Backlash Against Globalization?

• Increased wealth, generating uneven distributions across and within countries.
• Many changes have facilitated global market expansion.
• Few changes support social objectives (development, human rights, poverty reduction, environmental concerns).

Linking Inequality to Changing World

• Possible rise of inequality regardless of globalization
• Potential links between globalization and inequality.
• Possible nation-state policies exacerbating inequality (e.g., changing tax policy, reduced social investment).

Can the Market & Globalization Eradicate Poverty?

• Globalization has facilitated rapid growth in many countries, leading to poverty reduction (e.g., China),
• Catch-up growth may be difficult for some countries
• Role of nation-states – including their policies – in global poverty.

Global Governance

• Nations-states and international institutions regulate the global economy.
• Globalization may have rendered this system less effective.
• Possible role of global governance in regulating the global economy
• Governance challenges are related to conflicts, economy impacts (like globalization) and the environment

Questions

• Capacity of Earth to sustain growth.
• Impact of increased incomes on environmental resources
• Consideration of global problems and potential solutions.