Globalism and Globalization Concepts

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Questions and Answers

What is the primary focus of Justice Globalism?

Promotion of social justice and equity (correct)

Elimination of trade barriers

Emphasis on privatization of state-owned enterprises

Support for financial market liberalization

Which of the following concepts is NOT a key feature of Market Globalism?

Deregulation of markets

Advocacy for environmental sustainability (correct)

Privatization of state-owned enterprises

Financial market liberalization

What does economic globalization primarily involve?

Isolated national economies

Interconnectedness and interdependence of global economies (correct)

Strict national policies

Self-sustaining local economies

What does Economic Globalization primarily result from?

Growing scale of cross-border trade Signup and view all the answers

Which historical trading route connected Asia to Europe and the Middle East?

Silk Road Signup and view all the answers

Which principle does Justice Globalism advocate for besides social equity?

Protection of human rights and labor standards Signup and view all the answers

Which is NOT a component of economic globalization according to the content?

Welfare systems Signup and view all the answers

What was the objective of European countries during the Age of Mercantilism?

To sell more goods and boost national economies Signup and view all the answers

What aspect of International Trade involves agreements and institutions governing trade activities?

Trade systems Signup and view all the answers

What is protectionism?

Systematic government intervention in foreign trade Signup and view all the answers

What is the purpose of import licenses in trade regulations?

They require permission for businesses to import certain goods. Signup and view all the answers

What is one of the core principles of Economic Globalization?

Rapid spread of technologies Signup and view all the answers

How does the Gold Standard function?

Directly linking a country's currency value to gold Signup and view all the answers

What is the purpose of tariffs in protectionism?

To raise prices on imported goods Signup and view all the answers

Which feature is associated with Market Globalism in relation to trade?

Elimination of trade barriers Signup and view all the answers

Which of the following best describes the Galleon Trade?

Trade linking the Philippines and the Americas Signup and view all the answers

Which of the following is a feature of Religious Globalism?

Examining religious movements’ interactions with global processes Signup and view all the answers

Which of the following barriers is not considered a tariff?

Licensing rules for goods. Signup and view all the answers

What defines a trade embargo?

A government restriction on trading certain products. Signup and view all the answers

Which type of currency is characterized by its value being determined by market forces?

Floating currency Signup and view all the answers

Which of the following represents an international governmental organization?

NATO Signup and view all the answers

What is the primary focus of an international non-governmental organization (NGO)?

To solve problems benefiting undeveloped countries. Signup and view all the answers

What does trade liberalization refer to?

The removal or reduction of restrictions on the exchange of goods. Signup and view all the answers

What distinguishes fixed exchange rate currency from floating currency?

Its value is tied to a specific asset or basket of currencies. Signup and view all the answers

What defines a multinational corporation?

A corporation with operations in at least two countries. Signup and view all the answers

Which type of multinational corporation maintains autonomous offices globally?

Decentralized Corporation Signup and view all the answers

What is a key characteristic of a centralized multinational corporation?

The central headquarters manages all operations. Signup and view all the answers

What does automation refer to in the context of business operations?

Using technology to perform tasks with little human intervention. Signup and view all the answers

What are the shareholders of a corporation responsible for?

Electing the board of directors. Signup and view all the answers

What is the primary function of the board of directors in a corporation?

Make high-level strategic decisions. Signup and view all the answers

What leads to backlash against economic globalization?

Resistance to the concept of MNCs. Signup and view all the answers

What do knowledge gaps in governance primarily refer to?

Absence of empirical information Signup and view all the answers

Which type of gap is characterized by a lack of political will to enforce agreements?

Compliance Gaps Signup and view all the answers

Normative gaps often lead to what outcome in governance?

Disputed knowledge about norms Signup and view all the answers

What can policy gaps cause in the context of governance?

Inaction and crises Signup and view all the answers

Which of the following is NOT one of Arjun Appadurai's 'scapes' related to globalization?

Agroscape Signup and view all the answers

What does the term 'Ethnoscape' refer to in Appadurai's framework?

Movement of people Signup and view all the answers

What type of gap arises when there is insufficient information about emerging issues?

Knowledge Gaps Signup and view all the answers

The flow of cultural elements across societies is referred to as what in Appadurai's scapes?

Mediascape Signup and view all the answers

Study Notes

Market Globalism

Advocates for free trade, deregulation, privatization, and financial market liberalization
Aims to eliminate trade barriers and reduce government regulations on markets
Emphasizes privatizing state-owned enterprises for efficiency
Encourages opening financial markets to foreign investors

Justice Globalism

Focuses on social justice, equity, environmental sustainability, human rights, labor standards, and democratic governance
Advocates for wealth redistribution to address global inequalities
Emphasizes sustainable development and ecological health
Supports the protection of human rights and labor rights globally
Calls for accountability in global governance

Religious Globalism

Examines the interaction of religious movements with global processes
Highlights the establishment of transnational religious communities

Globalization of World Economies

Increasing interdependence of world economies
Result of growing cross-border trade of commodities and services, flow of international capital, and rapid spread of technologies

International Trade System

Framework regulating exchange of goods and services
Involves rules, agreements, and institutions governing trade activities

International Trade

Focuses on the exchange of goods and services between countries

International Trading System

Process where goods, commodities, and services cross national boundaries in exchange for money or goods

Historical Context of International Trading System

Silk Road: Ancient trade network from China to the Middle East and Europe, operated from 130 BCE to 1453 BCE, did not reach the Americas
Age of Mercantilism (16th to 18th Century): European countries competed for colonial benefits, aiming to sell more goods to boost national economies

Galleon Trade (1571)

First connection between Asia (Philippines) and the Americas (Acapulco, Mexico)

The Gold Standard (1865)

Monetary system where a country's currency value is directly linked to gold
Adopted by the US, UK, and other European nations

Types of Economies Associated with Economic Globalization

Protectionism: Government intervention in foreign trade to encourage domestic production
Involves restricting imports and foreign competition
Protectionism Measures:
- Tariffs: Taxes on imported goods, increasing their prices
- Quotas: Limits on the quantity of specific goods imported
- Subsidies: Financial support to domestic industries to lower production costs
- Import Licenses: Permission required to import certain goods
- Regulations and Standards: Strict product standards imposed on foreign goods

Trade Liberalization

Removal or reduction of restrictions on the free exchange of goods
Barriers include tariffs, non-tariff barriers (licensing rules and quotas)

Trade Embargo

Government-imposed restriction on trade of certain products, goods or services
Restricts buying and selling with the affected country or entity

Types of Currency

Representative currency: Backed by a commodity like gold
Floating currency: Value fluctuates based on market forces
Fixed exchange rate/Pegged currency: Value tied to another currency

Backlash of Economic Globalization

Negative reactions or resistance to increased global integration of economies

Corporation

Business owned by shareholders and overseen by an elected board of directors
Treated by law like a single person

Multinational Corporation (MNC)

Corporation with overseas branches in at least two countries
Often has headquarters in one country and subsidiaries, manufacturing plants, and offices in other nations
Types:
- Decentralized: Each office manages its own local business
- Centralized: Central headquarters manages overseas and domestic operations
- Transnational: Parent company oversees subsidiaries in foreign and home countries

Automation

Technology and processes used to perform tasks with minimal human intervention

Gaps of Global Governance

Five categories:
- Knowledge Gaps: Lack of information or explanations about the nature, causes, and magnitude of a problem
- Normative Gaps: Disputed knowledge about universally accepted norms
- Policy Gaps: Inaction on emerging issues, potentially leading to crises
- Institutional Gaps: Institutions lacking necessary resources and autonomy
- Compliance Gaps: Lack of political will to implement agreements

Arjun Appadurai's Scapes

Globalization occurs across multiple dimensions:
- Ethnoscape: Movement of people
- Mediascape: Flow of culture
- Technoscape: Circulation of technology and software
- Financescape: Movement of capital
- Ideoscape: Flow of political ideas

Actors of Globalization

International Governmental Organizations (IGOs): Entities created by treaty, involving two or more nations to work on common interest issues
- Example: United Nations
International Non-Governmental Organizations (NGOs): Non-profit, voluntary citizen groups organized at local, national, or international levels
- Work towards benefitting developing countries facing backlash from economic globalization

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Description

Explore the various facets of globalism, including market globalism, justice globalism, and religious globalism. This quiz examines the impacts of these ideologies on world economies and their influence on social justice, environmental sustainability, and international relations. Test your understanding of how these concepts shape the interconnectedness of our global society.