Module 1: Globalization Structures and World Economics

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What is economic globalization?

Trade liberalization

Which event marked the beginning of the gold standard?

The age of mercantilism

What is the Bretton Woods system?

What is world bank

The concept of Neoliberalism is most closely associated with:

Mortgage crisis

Which organization oversees international trade and trade rules among countries?

WTO

What does the term 'Race to the bottom' refer to in the context of globalization?

Exports competition

What is the historical process representing the result of human innovation and technological progress as defined by IMF?

Economic globalization

What is characterized by the increasing integration of economies around the world through the movement of goods, services, and capital across borders?

Economic globalization

Which concept relates to the belief in free-market capitalism, deregulation, and open trade, often associated with Hayek and Friedman?

Neoliberalism

What was the network of pathways in the ancient international trade route known as?

International Trading System: Silk Road

What policy was evident in the belief in neoliberalism?

Washington Consensus

What represents the setbacks of neoliberalism?

Financialization

During which period was the Bretton Woods Monetary System explained in one minute?

Mid-1940s to early 1970s

What happened during the 2008-2009 Financial crises?

$1 trillion stimulus package was introduced

How is economic globalization defined?

'A historical process representing human innovation and technological progress'

'The contemporary world' is a publication by which company?

'C & E Publishing, Inc.'

What is the Washington Consensus?

An outline of economic policy reforms to promote neoliberalism

What is the significance of the Gold Standard in the history of global economics?

It linked currencies to a specific amount of gold, affecting international trade and finance

What is the role of the International Monetary Fund (IMF) in the context of economic globalization?

To provide financial assistance and promote stability in the global monetary system

What is the concept of 'race to the bottom' in the context of globalization?

Competition among countries to lower labor and environmental standards to attract investment

How did the Great Depression impact global market integration in the 20th century?

It sparked protectionist policies and hindered international trade and economic integration

What is the purpose of the World Trade Organization (WTO) in the context of economic globalization?

To oversee and regulate international trade agreements, resolve disputes, and promote free trade

What was one of the solutions introduced by Hayek and Friedman?

Monetarism

In which policy is the belief in neoliberalism evident?

Laissez-faire capitalism

What are the setbacks of neoliberalism?

Income equality and wealth redistribution

What happened during the 2008-2009 Financial crises?

Global recession and financial instability

What is economic globalization characterized by?

Increasing integration of economies through movement of goods, services, and capital

What represents a historical process resulting from human innovation and technological progress?

Economic globalization

'The Contemporary World' is a publication by which company?

C & E Publishing, Inc.

Which organization oversees international trade and trade rules among countries?

World Trade Organization (WTO)

'The Bretton Woods Monetary System' was explained in one minute by which channel?

One Minute Economics

What was the oldest known 'international trade route'?

The Silk Road

Test your understanding of the drivers of globalization and the global economic systems with a focus on economic globalization, actors involved, and historical aspects of global market integration.

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