21 Questions
What is the Silk Road known for?
Being the 1st truly globalized trade route
Which term best describes the integration of economies around the world through the movement of goods, services, and capital across borders?
Economic Globalization
During what period did Mercantilism influence economies to compete for income?
16th to 18th centuries
What was a key feature of the Galleon Trade between Manila and Acapulco?
Connecting two distant regions
Which historical trading system encouraged countries to compete with each other to increase their income?
Mercantilism
Which group accounted for 51% of global exports by 2011?
Developing countries like the Philippines, India, China, Argentina, and Brazil
What characterizes the economic relations between rich and poor countries according to the text?
Trade imbalances benefit richer countries
What does the term 'race to the bottom' refer to in the context of the text?
Governments competing to lower labor and environmental standards
Which country is mentioned for refusing to import rice to protect its farming sector?
Japan
What factor contributes to TNCs acquiring significant profits at the expense of governments?
Governments lowering labor and environmental standards
What has been the impact of economic globalization on the growth rates of developing countries based on the text?
Spike in growth rates
Which of the following describes the key principle of the Washington Consensus?
Supports reduction of government debt and minimal government spending
What event can the Global Financial Crisis 2008-2009 be traced back to?
The US lifting banking and investment restrictions since the 1980s
What contributed to the bad investments in the US housing market during the 2008-2009 crisis?
Banks extending loans to individuals with questionable credit records
How can Economic Globalization Today be described?
Essential international trade for countries to develop in the modern world
In the context of neoliberalist values, which action does the Washington Consensus encourage governments to take?
Reduce tariffs and open up their economies
What effect did banks becoming less discriminating in extending loans have during the Global Financial Crisis 2008-2009?
Caused an increase in individuals with dubious credit records obtaining loans
Which best characterizes the Bretton Woods System?
Established a network of global financial institutions promoting interdependency
What is a major consequence of an uneven process of economic globalization?
Growing income inequality within and among countries
How did neoliberalist values influence governments' practices during the 1970s Oil Embargo?
Pressured governments to reduce tariffs and open up their economies
How did the practice of governments pouring money into their economies contribute to inflation?
By increasing demand for goods without increasing supply
Explore the impact of exports on national economies and the shift in global export trends towards developing countries. Learn about the role of economic globalization in driving growth rates and the uneven distribution of benefits among developed and developing nations.
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