Globalization and Inequality Quiz

The G7 nations (US, Canada, Japan, UK, Germany, France, and Italy) represent a small portion of the world's population (under 10%) but account for a significant portion of global GDP (31.6% PPP).

The G7's influence stems from historical events like European domination, Industrial Revolution, and colonization.

The world's influence is increasingly spread amongst various powers, challenging the dominance of the G7.

Some formerly peripheral countries (like South Korea, Hong Kong, Taiwan, and Singapore) have become major economic powers.

South Korea, Hong Kong, Taiwan, and Singapore, which experienced rapid industrialization that boosted economic growth.

Countries like China, Russia, India, and Brazil are rising global powers and changing the world order.

Global Cities are centers of economic and political command functions within the Triad (a group of developed countries).

The General Agreement on Tariffs and Trade allowed new powers to specialize in industries, contributing significantly to their rise.

From 2000-2016, China's richest 20% saw income grow by 16% annually, while the poorest 20% only saw 8.5% growth.

Emerging economies like those in BRICS face issues such as economic imbalances, rent-based systems (like Saudi Arabia), democratic deficits or dictatorships, and social/territorial inequalities.

Peripheral countries participate in globalization by supplying raw materials and/or cheap labor, but often this leads to significant social and economic inequality within these countries.

Certain developing nations, mostly in Sub-Saharan Africa, Asia, and the Pacific, remain excluded from globalization and economic growth.

Factors like corruption, illegal financial flows, and political instability hinder development in less-developed countries.

Globalization can alter the economies of LEDCs, but they might be unable to shape that process effectively.

Approximately 1.3 billion people worldwide live on less than $1 per day, contributing to widespread hunger.

These are political bodies that have deteriorated to the point where basic governing functions no longer operate effectively.

London has a large population, both workers and consumers, roughly 9 million.

Concentrated areas of economic and financial activity (e.g., City of London, Docklands).

Despite boosting wealth, globalization leads to income inequality across city spaces.

Wealthy people moving into and improving rundown neighborhoods leading to higher rents & displacement of lower-income residents.

Uneven distribution of wealth and resources within cities, often related to globalization.

Global cities are hubs for economic and political activities with diverse functions: commerce, finance, culture.

Lower-income or poorer districts in a city, often on the outskirts or facing neglect.

Networks (e.g., transportation, ports), connected cities to global markets, enabling goods, services, and people to flow.

International organizations that regulate global trade by encouraging reduced trade barriers and tariffs.

Provides loans and assistance for developing countries' projects, like infrastructure.

Global financial regulatory body that lends money to stabilize economies, often with conditions attached.

Group of major world powers (currently 7, previously 8) dealing with global economy & issues.

Group of 20 major economies (including G7) addressing global financial stability.

Group of emerging economies (Brazil, Russia, India, China, South Africa) aiming for greater influence.

Economic system emphasising free trade, minimal government intervention, and private ownership.

Set of economic policies promoted by US/IMF, emphasizing liberalization and privatization.

A group of countries that have reduced trade restrictions between themselves, allowing easier trade of goods and services.

A trade bloc where members eliminate tariffs and quotas on internal trade while maintaining independent restrictions on imports from outside the bloc.

A trade bloc that establishes a free trade area plus a common external tariff on imports from non-member countries.

A trade bloc that includes a customs union plus the free movement of labor and capital.

A trade bloc that involves everything within a common market plus common economic policies, like currency and taxes.

Association of Southeast Asian Nations; a regional trade bloc in Southeast Asia.

A common market in South America (Argentina, Brazil, Paraguay, Venezuela, and Uruguay).

The European Union; the most integrated trade bloc in the world with 27 member countries in 2024.

Trade within the Economic Community of West African States (ECOWAS).

Large-scale trade deals between regional blocs and other partners.

Policies that aim to protect domestic markets from foreign competition.

Global downturn impacted trade and economic growth, raising questions about globalization.

A new era where nations prioritize national interests over international trade.

Restrictions imposed by governments on international trade.

Genetically modified organisms in grains that can be a point of dispute in trade agreements.

Agreements that reduced trade barriers