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Questions and Answers
What does the political dimension of globalization primarily refer to?
What does the political dimension of globalization primarily refer to?
- The interdependence of world economies.
- The establishment of trade routes like the Silk Road.
- The enlargement and strengthening of political interrelations worldwide. (correct)
- The increase in cultural flows across the globe.
Which dimension is considered the most important defining element of any civilization?
Which dimension is considered the most important defining element of any civilization?
- Economic Dimension
- Political Dimension
- Religious Dimension (correct)
- Cultural Dimension
What is the primary purpose of an ideology in the context of globalization?
What is the primary purpose of an ideology in the context of globalization?
- To promote cultural interconnections.
- To trace the origins of economic movements.
- To facilitate trade across national borders.
- To legitimize political interests and defend power structures. (correct)
What historical trade route is mentioned as significant in the origin of economic globalization?
What historical trade route is mentioned as significant in the origin of economic globalization?
What characterizes the New World Economy in the context of globalization?
What characterizes the New World Economy in the context of globalization?
What does the term 'global economy' imply?
What does the term 'global economy' imply?
Which of the following statements about economic globalization is true?
Which of the following statements about economic globalization is true?
What role do foreign expatriates play in the context of globalization?
What role do foreign expatriates play in the context of globalization?
Which region is characterized by high population and low standard of living?
Which region is characterized by high population and low standard of living?
Which of the following groups represents developed, capitalist, and industrial countries?
Which of the following groups represents developed, capitalist, and industrial countries?
What is the primary economic focus of countries in the Third World?
What is the primary economic focus of countries in the Third World?
Which country is noted for its dramatic shift to an export-oriented strategy, particularly in textiles and software development?
Which country is noted for its dramatic shift to an export-oriented strategy, particularly in textiles and software development?
What does regionalism refer to in a political context?
What does regionalism refer to in a political context?
Which countries are encompassed in the BRICS acronym?
Which countries are encompassed in the BRICS acronym?
What is the primary purpose of the General Agreement on Trade in Services (GATS)?
What is the primary purpose of the General Agreement on Trade in Services (GATS)?
When did South Africa officially join the BRICS group?
When did South Africa officially join the BRICS group?
What does the term 'Golden Straitjacket' refer to in the context of globalization?
What does the term 'Golden Straitjacket' refer to in the context of globalization?
What are the two primary objectives of the General Agreement on Tariffs and Trade (GATT)?
What are the two primary objectives of the General Agreement on Tariffs and Trade (GATT)?
Which of the following statements accurately describes neoliberalism?
Which of the following statements accurately describes neoliberalism?
Which of the following best describes a modern country based on the provided information?
Which of the following best describes a modern country based on the provided information?
What characterizes the 'straitjacket' effect mentioned in the context of the Golden Straitjacket?
What characterizes the 'straitjacket' effect mentioned in the context of the Golden Straitjacket?
Which entities are classified as specific actors that facilitate economic globalization?
Which entities are classified as specific actors that facilitate economic globalization?
What term describes the condition where stock markets in different countries trend together?
What term describes the condition where stock markets in different countries trend together?
Which of the following is NOT a type of market integration given in the content?
Which of the following is NOT a type of market integration given in the content?
What role does Brodie (2006) attribute to the government in globalization?
What role does Brodie (2006) attribute to the government in globalization?
What type of investment is characterized by corporation-originated practices to establish businesses in foreign countries?
What type of investment is characterized by corporation-originated practices to establish businesses in foreign countries?
How can Chief Financial Officers (CFOs) reduce a group's tax bill according to the content?
How can Chief Financial Officers (CFOs) reduce a group's tax bill according to the content?
What is defined as an open market economy facilitated by the elimination of regulatory differences?
What is defined as an open market economy facilitated by the elimination of regulatory differences?
Which of the following best describes a Global Corporation?
Which of the following best describes a Global Corporation?
What is the primary characteristic of a customs union?
What is the primary characteristic of a customs union?
Which aspect distinguishes a common market from a customs union?
Which aspect distinguishes a common market from a customs union?
What defines an Economic and Monetary Union (EMU)?
What defines an Economic and Monetary Union (EMU)?
Which theory of European integration emphasizes the role of supranational institutions?
Which theory of European integration emphasizes the role of supranational institutions?
What does Multi-level Governance (MLG) refer to in the context of European integration?
What does Multi-level Governance (MLG) refer to in the context of European integration?
What is the focus of Transnational Activism?
What is the focus of Transnational Activism?
Which of the following is NOT a hallmark of an Economic Union?
Which of the following is NOT a hallmark of an Economic Union?
What role do interest group activities play according to Neo-functionalism?
What role do interest group activities play according to Neo-functionalism?
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Study Notes
Political Dimension
- Encompasses the expansion and strengthening of global political interrelations.
Cultural Dimension
- Involves increased cultural flows worldwide, influencing diverse societies.
Religious Dimension
- Considered a defining element of civilization, emphasizing beliefs over race or language.
Ideological Dimensions
- Used to legitimize political interests and defend existing power structures.
Globalism
- An ideology aligning neo-liberal values with globalization concepts.
Ideology
- Represents a shared system of ideas, beliefs, and values among a group.
Cultural Interconnections
- Serve as the foundation of contemporary globalization.
Economic Globalization
- Refers to the expanding interdependence of world economies.
- Origin traces back to historical trade routes like the Silk Road connecting East and West.
- Foreign expatriates manage subsidiaries in the Philippines while thousands of skilled workers migrate to the Middle East.
Characteristics of the New World Economy
- Offers more production options and the creation of new markets.
- Small firms now have the potential to operate on a larger scale.
- Emphasizes networks and removes cultural constraints.
Actors in Economic Globalization
- Include International Economic and Financial Organizations, IGOs, media outlets, multilateral development banks, nation-states, NGOs, TNCs, and the UN System.
Role of Government
- Described as “midwives of globalization,” facilitating economic integration.
Market Integration
- Occurs when prices in different locations trend similarly over time.
- Integrated marketing enhances message reach across multiple channels.
Colonization and Imperialism
- They're new methods to organize economic relationships among nations.
Types of Market Integration
- Stock Market Integration: Markets trend together, showing similar risk-adjusted returns.
- Financial Market Integration: Encouraged via common currencies and mitigation of financial barriers.
Global Corporations
- Operate in two or more countries, also referred to as multinational companies.
Finance Functions of Global Corporations
- CFOs manage financing, risk management, and capital budgeting across diverse environments.
Foreign Direct Investment (FDI)
- Investments made by individuals or companies in foreign countries, contributing to global corporate development.
BRICS Economies
- Comprises Brazil, Russia, India, China, and South Africa, originally coined as BRIC in 2003, projecting dominance by 2050.
General Agreement on Trade in Services (GATS)
- First multilateral agreement covering trade in services, enforced in 1995 from the Uruguay Round negotiations.
General Agreement on Tariffs and Trade (GATT)
- Governs trade in goods, promoting equitable market access and progressive liberalization.
Political Entities
- Modern countries characterized by sovereignty, legal systems, and socio-cultural identities.
Golden Straitjacket
- Phrase illustrating globalization’s pressures on states to conform to free-market principles, limiting political choices.
Neoliberalism
- Focuses on capital dominance, valuing market-driven human actions and emphasizing contractual relations.
Economic Integration Types
- Customs Union: Removal of tariff barriers among members.
- Common Market (CM): Eliminates trade barriers and supports resource mobility among members.
- Economic Union: Combines common market and unified trade policies.
- Economic and Monetary Union (EMU): Involves shared currency and monetary policies.
- Complete Economic Integration: Represents the highest level of integration among member states.
Theories of European Integration
- Neo-functionalism: Emphasizes supranational institutions and interest group activities.
- Intergovernmentalism: Explains the European integration process through governmental interactions.
- Liberal Intergovernmentalism: Applies rational institutionalism to European integration.
- Multi-level Governance (MLG): Describes authority dispersion across governance levels.
Transnational Activism
- Mobilization of collective claims by actors across national boundaries, influencing multiple governments.
Social Movement
- Refers to organized actions that empower oppressed groups to challenge elites.
Global North and South
- North: Characterized by less population, high wealth, and industrial development.
- South: High population but low wealth and development, primarily agricultural.
Development Classifications
- First World: Industrialized capitalist countries like the US and Western Europe.
- Second World: Former communist countries, including Eastern Europe and Russia.
- Third World: Developing nations primarily in Africa, Asia, and Latin America.
Regionalism
- Involves the decentralization of political powers to lower political levels.
National Development Strategies
- Japan: Secured raw materials to gain a competitive edge in manufacturing.
- India: Shifted to an export-oriented strategy focusing on textiles and software.
- China: Emerged as the largest importer of basic materials and leads in global steel production.
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