Globalization Unit 1: What is Globalization

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Questions and Answers

What does globalization refer to?

The restriction of trade deals among countries

The integration of national markets into a wider global market with increased free trade (correct)

The expansion of local markets without international involvement

The limitation of social relations to within one's own country

According to Manfred Steger, what does the expansion in globalization refer to?

Creation of new social networks and multiplication of existing connections across traditional boundaries (correct)

Restriction of economic growth in developing countries

Limitation of social relations to within one's own country

Isolation and separation of people in different countries

What is the primary focus of most people's view of globalization?

Cultural exchange

Geographic expansion

Economic process (correct)

Political integration

How is globalization described as an uneven process?

It occurs at multiple levels and is not restricted to a single dimension Signup and view all the answers

What was the main focus of the 'antiglobalization' movement in the 1990s?

Resisting trade deals among countries facilitated and promoted by global organizations Signup and view all the answers

What does Manfred Steger define as the intensification in globalization?

Growth of social relations and consciousness across world time and space Signup and view all the answers

What does social media intensification refer to?

Expansion, stretching, and acceleration of networks Signup and view all the answers

What is the difference between globalization and globalism?

Globalization allows expansion of global connections, while globalism is a belief in the beneficial global integration of economic markets Signup and view all the answers

What does Arjun Appadurai refer to as 'scapes'?

Different dimensions of integration such as ethnoscapes and mediascapes Signup and view all the answers

What does 'technoscape' refer to according to the text?

Circulation of mechanical goods and software Signup and view all the answers

How does the text describe the ideology of globalism?

A widespread belief among powerful people that the global integration of economic markets is beneficial for everyone Signup and view all the answers

What does the term 'ethnoscape' specifically refer to?

Global movement of people Signup and view all the answers

What was the Silk Road primarily known for?

Trading in highly prized silk Signup and view all the answers

What was the significance of the Galleon trade in 1547?

It directly connected the Americas to Asian trading routes Signup and view all the answers

What was a common practice of regimes during the age of mercantilism?

Imposing high tariffs to defend their products Signup and view all the answers

What is the main goal of the International Monetary Fund (IMF)?

Facilitate international trade and promote sustainable growth Signup and view all the answers

Which historical process does the International Monetary Fund (IMF) regard as representing human innovation and technological progress?

Economic globalization Signup and view all the answers

What does the term 'economic globalization' represent according to the International Monetary Fund (IMF)?

A historical process resulting from human innovation and technological progress Signup and view all the answers

What was the primary goal of the gold standard adopted by the United Kingdom, the United States, and other European countries in 1867?

To establish a common basis for currency prices and a fixed exchange rate system based on the value of gold Signup and view all the answers

What caused many countries to abandon the gold standard during World War 1?

Depletion of gold reserves to fund their armies Signup and view all the answers

Why did economists argue that the gold standard caused the worldwide economic crisis during the 1920s and 1930s?

It limited the amount of circulating money and reduced demand and consumption Signup and view all the answers

What replaced the gold standard as the basis of the world economy in the early 20th century?

Fiat currencies not backed by precious metals Signup and view all the answers

What were the two financial institutions created at the Bretton Woods System in 1944?

International Bank for Reconstruction and Development (World Bank) and International Monetary Fund (IMF) Signup and view all the answers

Who believed that economic crises occur not when a country does not have enough money, but when money is not being spent and, thereby not moving?

John Maynard Keynes Signup and view all the answers

What was the primary purpose of the International Monetary Fund (IMF) established at Bretton Woods?

To be the global lender of last resort to prevent individual countries from economic collapse Signup and view all the answers

Why did many countries adopt floating currencies that were no longer redeemable in gold during the Great Depression?

Due to depletion of their gold reserves and inability to maintain fixed exchange rates Signup and view all the answers

What does fiat currencies refer to in today's world economy?

Currencies that are not backed by precious metals and whose value is determined by their cost relative to other currencies. Signup and view all the answers

What idea influenced the creation of the Bretton Woods System?

The belief that economic crises occur when money is not being spent and, thereby, not moving. Signup and view all the answers

Study Notes

Globalization and Globalism

Globalization refers to the expansion and intensification of social, cultural, and economic relations across borders
According to Manfred Steger, the expansion in globalization refers to the increased connectivity and interdependence of the world's economies and societies

Focus of Globalization

The primary focus of most people's view of globalization is on economic globalization, but it also encompasses cultural and social aspects

Characteristics of Globalization

Globalization is described as an uneven process, with both positive and negative consequences, and differing impacts on various regions and populations

Antiglobalization Movement

The main focus of the 'antiglobalization' movement in the 1990s was to protest the negative consequences of economic globalization, such as exploitation and inequality

Intensification in Globalization

Manfred Steger defines the intensification in globalization as the rapid growth and deepening of international connections and interdependencies
Social media intensification refers to the acceleration of global connections and interactions through digital platforms

Globalization vs. Globalism

Globalization refers to the process of increasing global interconnectedness, while globalism refers to the ideology that promotes and celebrates globalization

'Scapes' and Technoscape

Arjun Appadurai refers to 'scapes' as the various dimensions of globalization, including technoscapes, which refer to the global spread of technology

Ethnoscape

Ethnoscape specifically refers to the movement of people and ideas across borders

Historical Globalization

The Silk Road was primarily known for its ancient network of trade routes connecting East Asia with the Mediterranean region
The Galleon trade in 1547 marked the beginning of globalization in the modern era
During the age of mercantilism, a common practice of regimes was to accumulate wealth and power through colonization and trade

International Monetary Fund (IMF)

The main goal of the International Monetary Fund (IMF) is to promote international monetary cooperation and stabilize exchange rates
The IMF regards human innovation and technological progress as the driving force behind globalization
Economic globalization, according to the IMF, represents the increased integration of economies worldwide

Gold Standard and Bretton Woods System

The primary goal of the gold standard adopted by the United Kingdom, the United States, and other European countries in 1867 was to stabilize exchange rates
Many countries abandoned the gold standard during World War I due to the increased need for monetary flexibility
Economists argued that the gold standard caused the worldwide economic crisis during the 1920s and 1930s by limiting governments' ability to implement fiscal policies
The Bretton Woods System, established in 1944, replaced the gold standard as the basis of the world economy
The two financial institutions created at Bretton Woods were the IMF and the World Bank
John Maynard Keynes believed that economic crises occur not when a country does not have enough money, but when money is not being spent and, thereby not moving
The primary purpose of the IMF established at Bretton Woods was to promote international monetary cooperation and stabilize exchange rates
Many countries adopted floating currencies that were no longer redeemable in gold during the Great Depression due to the need for greater monetary flexibility
Fiat currencies refer to currencies that are not backed by any physical commodity but by the government's authority
The idea that influenced the creation of the Bretton Woods System was the need for international cooperation and economic stability after World War II

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Description

Test your knowledge of the concept of globalization and its significance in the contemporary world with this quiz. Explore the integration of national markets, free trade, and the expansion of social relations and consciousness as defined by Manfred Steger.