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Questions and Answers
What is a defining characteristic of a trading bloc?
What is a defining characteristic of a trading bloc?
Which of the following is a potential positive consequence of trading blocs?
Which of the following is a potential positive consequence of trading blocs?
What could be a negative consequence of forming a trading bloc?
What could be a negative consequence of forming a trading bloc?
In what way could a trading bloc impact economic policies?
In what way could a trading bloc impact economic policies?
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How might trading blocs affect political relations among member states?
How might trading blocs affect political relations among member states?
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Study Notes
Globalization
- Globalization is the process of increasing interconnectedness between countries. This involves exchanging services and goods worldwide.
- First world: Western countries
- Second world: Communist nations (formerly)
- Third world: Countries and regions that were not in the First or Second worlds, emerging after the Cold War.
Human Development Index (HDI)
- HDI is a measure of a country's development based on factors like:
- Life expectancy at birth.
- Expected years of schooling.
- GNI per capita (Gross National Income per capita)
Impacts of Globalization
- Social Impacts: Poverty and a standard of living.
- Environmental Impacts: Pollution, deforestation, and global warming
Multinational Corporations (TNCs)
- A large percentage of global trade is controlled by a small number of companies.
- 70% of world trade is controlled by ~50% companies
- Top 200 corporations account for 25% of the world's economy
- 90% of TNC headquarters are in industrialized countries
World Trade Organization (WTO)
- Mercantilism vs. Protectionism: Mercantilism is prioritizing a country's economic interests, while protectionism involves using barriers to limit the import of foreign good.
- Consequences: Trade wars could ensue as a result of these approaches.
Nestlé
- Nestlé established itself as a global food industry giant.
- Has come under criticism for its business practices concerning:
- Baby formula & developing countries
- Child labor for cacao (cacao production)
- Water bottling practices (and environmental concerns associated)
Global Governance
- Organizations of countries uniting to address issues like Global Warming, poverty, etc.
- Includes international bodies like the UN, World Bank, IMF, and WTO.
Global Poverty
- Poverty is a global issue with causes like climate issues (extreme weather trends), and pandemics
- A significant portion of the poor live in economies affected conflicts and instability.
- The MPI (Multidimensional Poverty Index) considers aspects of poverty, including well-being, health, education, etc.
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Description
Explore the intricate world of globalization, including its effects on society, economy, and the environment. This quiz covers key concepts such as the Human Development Index and the role of multinational corporations in global trade. Test your knowledge on the interconnectedness of countries and the challenges that arise from it.
