Questions and Answers
Which term refers to a political ideology that minimizes government intervention in the economy?
Globalization is solely an economic process.
False
What is transnationalism?
Activities, organizations, and processes that extend beyond national borders.
The establishment of social links between people located at different places of our planet is referred to as __________.
Signup and view all the answers
What is a key sign of globality?
Signup and view all the answers
Match the following definitions with their corresponding terms:
Signup and view all the answers
The end of the nation-state is a characteristic attributed to globalization.
Signup and view all the answers
What do political scientists focus on when examining globalization?
Signup and view all the answers
What is a key characteristic of globalization as a condition?
Signup and view all the answers
Globalization is considered a process, condition, and ideology.
Signup and view all the answers
What economic philosophy advocates for minimal government intervention in economic affairs?
Signup and view all the answers
Globalization promotes the idea that a globalized world leads to _____ and development.
Signup and view all the answers
Match the following core claims of globalization with their descriptions:
Signup and view all the answers
What is the primary mission of the World Bank?
Signup and view all the answers
The World Bank was established in 1944 as part of a conference of 40 countries.
Signup and view all the answers
Name one of the two types of loans the World Bank can offer.
Signup and view all the answers
Globalization can cause the destruction of local cultures, a phenomenon commonly referred to as __________.
Signup and view all the answers
Which organization is closely affiliated with the World Bank and focuses on financing reconstruction?
Signup and view all the answers
Match the following terms with their descriptions:
Signup and view all the answers
Globalization can be defined as the removal of barriers imposed by national governments.
Signup and view all the answers
What are two major examples of globalization mentioned?
Signup and view all the answers
What year was the International Development Association (IDA) established?
Signup and view all the answers
The International Finance Corporation (IFC) was established to solely finance public sector projects.
Signup and view all the answers
What are loans provided by the International Development Association known as?
Signup and view all the answers
The Multilateral Investment Guarantee Agency (MIGA) was established in _____ to help developing countries attract foreign investment.
Signup and view all the answers
Match the following organizations with their primary function:
Signup and view all the answers
What is the primary purpose of the IMF according to its functions?
Signup and view all the answers
Special Drawing Rights (SDRs) were created by the IMF in 1988.
Signup and view all the answers
What does a member's quota in the IMF determine?
Signup and view all the answers
Which of the following is considered part of the Global North?
Signup and view all the answers
The Global South is associated with high Human Development Index (HDI).
Signup and view all the answers
What acronym is used for the association of five major emerging national economies?
Signup and view all the answers
Countries that have unstable political and economic conditions are characterized as part of the __________.
Signup and view all the answers
Match the following terms with their corresponding descriptions:
Signup and view all the answers
Which of the following factors does NOT influence economic development in the Global South according to Jean Grugel?
Signup and view all the answers
The United States is considered a part of the Global North.
Signup and view all the answers
What was the original grouping of BRICS before South Africa was included?
Signup and view all the answers
Study Notes
Key Terminology
- Neoliberalism: Economic and political ideology advocating reduced government intervention in the economy.
- Tariffs: Taxes imposed on imported and exported goods.
- Transnational: Activities, organizations, and processes extending beyond national borders.
- Multilateral: Involvement of three or more countries or parties in agreements or relationships.
- Trans-planetary: Establishment of social links between people in different global locations.
- Supra-territoriality: Social connections that surpass territorial boundaries.
- Democracy: Government system where supreme power lies with the people, either directly or via elected representatives.
Globalization
- Definition: Intensified worldwide social relations linking distant localities, shaping local events.
- Compression of World: Describes both physical connectivity and an increased collective consciousness (Robertson).
- Interaction and Integration: Involves people, companies, and governments driven by international trade and technology, marking the decline of the nation-state.
Economic Viewpoint of Globalization
- Features neoliberal regimes, tariff reductions, emergence of transnational corporations, and enhancement of multilateral trade bodies.
Competing Definitions of Globalization
- Historians: Question whether globalization is a modern phenomenon.
- Economists: Examine patterns in international trade and economic disparities.
- Political Scientists: Explore globalization's impact on state structures and policies, such as international NGOs.
Signs of Globality
- Increased social linkages across the globe.
- Innovations in transportation and communication leading to enhanced commercial institutions.
Nature of Globalization
- Process: Viewed as a set of activities increasing global interdependencies, intensified through technology and alterations in human existence.
- Condition (Globality): Characterizes thick interconnections rendering political and economic borders irrelevant.
- Ideological Perspective: Based on coherent beliefs advocating for progress through globalization.
Core Claims of Globalization as Ideology
- Markets should liberalize and integrate globally.
- Globalization is seen as inevitable and irreversible.
- No single entity controls globalization.
- Posits long-term benefits for all.
- Claims to promote global democracy.
- Advocates for a globalized approach to combating terrorism.
Globalization vs Internationalization
- Globalization: Human activities not tied to national borders.
- Internationalization: Activities bound by national borders, often involving specific states.
Concepts of Globalization
- Liberalization: Eliminating government-imposed barriers for a seamless world economy.
- Universalization: Spread of global practices and objects.
- Westernization: Cultural homogenization influenced by Western practices.
Historical Examples of Globalization
- Human migration dating back millions of years.
- The spread of major religions like Christianity and Islam.
Institutions Involved in Global Development
- The World Bank: Founded in 1944, focuses on reducing global poverty and enhancing living standards.
- Mission: Provide financial aid, especially low-interest loans and grants for education, infrastructure, and health.
-
Entities of the World Bank:
- IBRD: Finances reconstruction and development for middle-income countries.
- IDA: Offers interest-free loans to the poorest countries.
- IFC: Supports private sector investments to alleviate poverty.
- MIGA: Attracts foreign investment in developing countries.
- ICSID: Resolves disputes between governments and investors.
International Monetary Fund (IMF)
- Establishment: Created on December 27, 1945.
- Functions: Monitors global economy, supports members experiencing balance of payments difficulties.
- Resources: Funded by member country quotas influencing voting power and borrowing capacity.
- Special Drawing Rights (SDR): An international reserve asset established to supplement members' reserves.
Global North and Global South
- Classification: Global North includes 64 high Human Development Index (HDI) countries; Global South consists of 133 lower HDI nations.
- Historical context rooted in Cold War era divisions (First, Second, Third World).
Three Worlds Concept
- First World: Democratic, capitalist countries aligned with the US.
- Second World: Communist bloc led by the USSR.
- Third World: Non-aligned, underdeveloped nations facing political instability, coined by scholar Alfred Sauvy.
Global South Dynamics
- Refers to countries facing social, economic, and political challenges, addressed by Jean Grugel's three factors impacting development:
- Elite behavior.
- Regional integration and cooperation.
- Positioning within the global market hierarchy.
BRICS
- An association of five major emerging economies, originally termed "BRIC".
- Recognized for significant regional influence and inclusion in G20 discussions, emphasizing the potential of free trade and capital flow to bridge the North-South divide.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Test your knowledge of key terminology related to globalization, including definitions and concepts like neoliberalism, tariffs, and democracy. This quiz covers essential terms that define and shape our understanding of global interactions and political frameworks.
