Globalization Chapter 15 Quiz

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Questions and Answers

What was the approximate global GDP in 1950?

$123 trillion

$44 trillion

$10 trillion (correct)

$100 trillion

By how much did the volume of world trade increase from 1950 to 2022?

44 (correct)

Which of the following is a non-economic benefit of globalization?

Expansion of international corporations

Increase in overall wealth

Ease of travel (correct)

Increase in global GDP

What is one primary benefit of globalization mentioned between 1950 and 2022?

Decrease in overall poverty Signup and view all the answers

Which former president highlighted the benefits of NAFTA for Mexico?

Vincente Fox Signup and view all the answers

What major consequence of globalization is reflected in the growing disparity between wealth levels?

Increasing wealth gap between rich and poor Signup and view all the answers

Which of the following is a negative implication for the environment due to globalization?

Global addiction to non-renewable resources Signup and view all the answers

What backlash has occurred as a result of globalization's uneven benefits?

Radicalization of political views Signup and view all the answers

According to the Oxfam/World Economic Forum, what does the global wealth gap signify?

Wealth consolidation among the majority Signup and view all the answers

Which region had the highest recorded per capita income in 1998 among the ones mentioned?

Japan Signup and view all the answers

What central concept is crucial in understanding the crises of globalization?

Interconnectedness Signup and view all the answers

According to Thomas Friedman, which of the following describes the impact of globalization?

It has leveled the playing field on a global scale. Signup and view all the answers

What does David Korten argue regarding the effects of globalization?

It has resulted in increased corporate power and social disintegration. Signup and view all the answers

Joseph Stiglitz's perspective on globalization emphasizes which of the following?

Certain parties benefit disproportionately from globalization. Signup and view all the answers

Which of the following statements reflects a drawback of globalization as outlined in the content?

It fosters environmental destruction. Signup and view all the answers

What is stated about the role of new media in globalization crises?

It enhances the intensity of information flow. Signup and view all the answers

The crises of globalization have demonstrated that solutions are needed for what reason?

Solving crises requires cooperation due to interconnectedness. Signup and view all the answers

What is a key criticism of the IMF as presented in the theories of globalization?

It ignores the political challenges posed by globalization. Signup and view all the answers

Study Notes

Updates

Next week is a mid-term break.
No discussion groups all week.
Lecture on Thursday, but not Tuesday.
Final exam is December 12th at noon.
Exam is in person, closed book, on Canvas.
Exam format includes short answer (identify/explain significance), essay question, and sample exam available on Canvas.

Globalization: Lessons & Theories

Lecture 15 covers the part of explanation of current politics.
The first half of the course discusses issues such as, how sovereign is a state and how states are being bailed out.

Outline

Lessons of Crises of Globalization: Focuses on the interconnectedness of issues.
Theories of Globalization: Focuses on several theories presented such as Globalization being good with all benefiting and Globalization being the victory of corporate power.
Benefits and Drawbacks of Globalization: Explores the overall increase in wealth from 1950-2022, and negative impacts.

I. Lessons of Crises

Interconnectedness: Central to problems, with financial issues (e.g., the Asian and credit crises) being systemic threats.
Web of connections: Crises are not isolated to one country or firm.
Solutions, such as creating connections, are explored.
New media: Intensifies information and often blurs the lines between public and private (State/Market) sectors.
Cooperation: Necessary to resolve systemic crises.

II. Theories of Globalization

Globalization is good: Friedman (2005) viewed the world as a flat playing field shrunk through communication and technology
Globalization as the victory of corporate power: Korten (1995) argued that globalization is detrimental
Uneven Benefits: Stiglitz (2003/2018) highlighted that globalization benefits some more than others.

III. Benefits and Drawbacks of Globalization

Benefits: Increased overall wealth between 1950 and 2022, particularly through growth in income (World Bank Global GDP; $10 trillion in 1950 and $123 trillion in 2022) and a 44x increase in world trade volume.
Drawbacks: Globalized economies assume perpetual growth. Non-renewable resources and waste products are consumed contributing to concerns about global warming/climate change and the persistence of extreme poverty.

A. Benefits of Globalization

Global wealth increase.
Growth in world trade.
Decrease in overall global poverty.
Ease of travel and communication.
Exchange of cultures.
International democratization.

B. Drawbacks of Globalization

Financial crises.
Growing inequalities (rich-poor gap widening).
Persistence of extreme poverty.
Backlash from people who did not benefit.
Loss of manufacturing jobs/income for some.
Backlash within the west.
Negative implications for the environment.
Consumption of non-renewable resources.
Addition to waste products
Global Warming, Climate change

Manufacturing Job Trend

Manufacturing employment has declined as a percentage of all jobs over decades.

Conclusions

Lesson Learned from Crises: Globalization is multifaceted, both creating opportunities and increasing risks.
Theories of Globalization: There are multiple perspectives on the overall worth of globalization.
Good vs Bad: The arguments that Friedman put forth against Korten's viewpoint are noted as differing in this subject area, demonstrating a more complete view.
Unequal Benefits: Stiglitz emphasized that globalization's benefits are not evenly distributed, creating issues.
Benefits: Increased wealth and a decline in poverty, though accompanied by democratization concerns.
Drawbacks: Crises, inequality, backlash. and environmental problems that arise from relying on more complex international trends.

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Description

Test your understanding of Lecture 15, which delves into current political explanations within globalization. This quiz covers the interconnectedness of issues, along with the benefits and drawbacks of globalization as discussed throughout the course. Prepare to explore the various theories and lessons learned from past crises in globalization.