32 Questions
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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