Globalization Quiz 1
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Questions and Answers

What is the main concern about globalization according to the text?

  • The decrease in overall prosperity in the world
  • The environmental impact of global trade and infrastructure projects
  • The loss of cultural identity due to increased global connectivity
  • The unequal distribution of benefits among different countries (correct)

    • What impact did China's trade ambitions have on Duisburg, Germany?

  • It caused an increase in environmental pollution and deteriorating infrastructure
  • It led to the dismantling of a steel plant and a significant loss of jobs (correct)
  • It boosted the city's economic prosperity and reduced poverty
  • It resulted in a surge in cultural exchange and diversity

    • What is the current sentiment towards the World Trade Organization (WTO) as portrayed in the text?

  • It is seen as a driving force for reducing global poverty levels
  • It is being questioned as the guardian of fair trade (correct)
  • It is regarded as ineffective in preventing global trade disputes
  • It is widely respected as a promoter of equitable global trade

    • What has been the general impact on poorer countries due to globalization, as mentioned in the text?

    <p>They have seen few benefits and are engulfed in poverty</p> Signup and view all the answers

    What is the primary concern of locals regarding the construction of the new port in Chancay?

    <p>The fear of losing their identity and the conflict between neighbors</p> Signup and view all the answers

    What does the text suggest about China's interest in Peru's fish resources?

    <p>China aims to exploit Peru's fish resources for export, particularly for fishmeal production</p> Signup and view all the answers

    What is the main challenge faced by Peru's informal economy, as discussed in the text?

    <p>Lack of access to global economic opportunities</p> Signup and view all the answers

    How do Chinese deep-sea trawlers impact Peru's fisheries, based on the information provided?

    <p>They compete with the local fishery and illegally tamper with Peru's fish stocks</p> Signup and view all the answers

    What is the significance of Mibanco's introduction of 'microloans' in Peru?

    <p>It has facilitated financial inclusion and integration of the very poor into the national economy</p> Signup and view all the answers

    What does Juan Carlos Sueiro do for Oceana?

    <p>He works as an economist and fisheries expert</p> Signup and view all the answers

    Why does Miriam Arce oppose the construction of the mega-port in Chancay?

    <p>She is concerned about potential conflicts with Chinese investors and loss of local identity</p> Signup and view all the answers

    What is the primary reason behind China's interest in purchasing Peruvian fishmeal?

    <p>To meet international demand for fishmeal and fish oil products</p> Signup and view all the answers

    What principle does Duisport rely on for its logistics operations?

    <p>Just in time principle</p> Signup and view all the answers

    What did President Xi Jinping hail Duisport as?

    <p>The final stop on the 'New Silk Road'</p> Signup and view all the answers

    What warning had Duisburg received before entering the alliance with China?

    <p>The risk of excessive debt from cheap loans for infrastructure expansion</p> Signup and view all the answers

    How long does it take for e-commerce parcels to reach China from Duisburg by rail?

    <p>2 weeks</p> Signup and view all the answers

    What has become an increasingly common sight since Russia marched into Ukraine?

    <p>Empty tracks</p> Signup and view all the answers

    What does Duisburg plan to build in Trieste as an alternative supply site?

    <p>A port infrastructure</p> Signup and view all the answers

    What did the corona pandemic reveal about global trade according to the text?

    <p>It revealed the intricacy of global trade</p> Signup and view all the answers

    What will be one consequence of having several suppliers in several countries according to the text?

    <p>More expensive products due to increased complexity</p> Signup and view all the answers

    What is happening to the American steel industry according to the text?

    <p>It is facing challenges in developing new markets</p> Signup and view all the answers

    What plant is closing in Follansbee, West Virginia?

    <p>The steel production plant</p> Signup and view all the answers

    What is the fate of 288 employees when the coke plant closes in Follansbee, West Virginia?

    <p>They will lose their jobs</p> Signup and view all the answers

    What led to the shutdown of the coke plant mentioned in the text?

    <p>The ability to purchase cheaper coke on the open market</p> Signup and view all the answers

    Why did President George W. Bush decide to impose import tariffs on foreign steel?

    <p>To protect the US steel industry from foreign competition</p> Signup and view all the answers

    What is a concern associated with the 'America First' approach mentioned in the text?

    <p>Reluctance of steel companies to engage in multilateral trade</p> Signup and view all the answers

    What impact did President Trump's tariffs on imported steel have on Weirton, as mentioned in the text?

    <p>Helped workers weather the impact of cheap imported steel</p> Signup and view all the answers

    Why does Karen express the need for every country to be self-sufficient in the text?

    <p>Out of concern for national security and protection during a world war</p> Signup and view all the answers

    Which factor contributed to the closure of National Steel and subsequent struggles faced by Weirton?

    <p>Downsizing and job cuts in the steel industry</p> Signup and view all the answers

    What was a significant consequence of globalization, as mentioned in the text?

    <p>Lifting over a billion people out of poverty globally</p> Signup and view all the answers

    What led to President Trump's imposition of punitive tariffs according to the text?

    <p>The need to protect American steelworkers and industries</p> Signup and view all the answers

    Why do some people in Weirton express distrust towards Joe Biden's promise to allow European steel access to the US market?

    <p>'America First' approach overshadowing global considerations</p> Signup and view all the answers

    What led to a decrease in jobs at Weirton, as mentioned in the text?

    <p>Farming out the work to other countries at lower costs</p> Signup and view all the answers

    What did President George W.Bush's decision regarding import tariffs aim to achieve?

    <p>Protecting US steel industry from control by other countries</p> Signup and view all the answers

    What is a major factor contributing to the reluctance of steel companies to engage in multilateral trade?

    <p>Adoption of 'America First' approach overshadowing global considerations</p> Signup and view all the answers

    What did the speaker propose regarding the steel industry and its global competition?

    <p>Entering niche markets with high-quality products.</p> Signup and view all the answers

    What did the speaker imply by saying, 'to compete in the long run, that's just not selling your product within the 50 states'?

    <p>The importance of expanding into international markets.</p> Signup and view all the answers

    What was the main concern expressed by the speaker regarding China's steel mills?

    <p>Lack of adherence to environmental regulations.</p> Signup and view all the answers

    What was the speaker's view on the subsidies and protectionist tariffs provided by those governing in Washington DC?

    <p>Unjustified and an unnecessary burden on taxpayers.</p> Signup and view all the answers

    What did President Trump reward American farmers with, according to the text?

    <p>10s of billions of dollars in cash rewards.</p> Signup and view all the answers

    What was John Phipps's view on agricultural subsidies?

    <p>Morally irresponsible and unjustified.</p> Signup and view all the answers

    What did the speaker imply by saying, 'I get $24.00 for every acre.'?

    <p>Agricultural subsidies are justified based on land ownership.</p> Signup and view all the answers

    What was John Phipps's stance on farm subsidies and their impact on farmers' behavior?

    <p>&quot;It leads farmers to expand their farms without proper consideration.&quot;</p> Signup and view all the answers

    "Why did the speaker mention 'the first thing he thinks of is: I know I can afford to spend $24.00 more to bid on this extra 200 acres'?"

    <p>&quot;To illustrate how subsidies prompt farmers to acquire more land.&quot;</p> Signup and view all the answers

    What was the main reason behind John Phipps being a commentator for U.S. Farm Report TV?

    <p>To communicate insights on current developments in agriculture.</p> Signup and view all the answers

    What is the speaker's view on international trade and its impact on domestic industries?

    <p>It can be managed with selective protection of certain industries.</p> Signup and view all the answers

    What was the speaker's opinion regarding China's disregard for environmental regulations?

    <p>It is a major concern affecting global environmental standards.</p> Signup and view all the answers

    What was the main source of income for the speaker's family during the lean years?

    <p>Direct payments from the government</p> Signup and view all the answers

    What was the impact of the Trump administration's subsidies on the economy?

    <p>It resulted in a significant drain on the economy</p> Signup and view all the answers

    Why did former President Trump transfer huge amounts of resources to farmers in the form of direct subsidies?

    <p>To compensate for the foregone export revenue that farmers lost</p> Signup and view all the answers

    What is the impact of agricultural subsidies on market dynamics?

    <p>They distort and disrupt agricultural markets</p> Signup and view all the answers

    What is the reason cited for eliminating export subsidies over the last 20 years?

    <p>To prevent cheap or free export of surplus food to developing countries</p> Signup and view all the answers

    What impact have US agricultural surpluses had on some South American countries?

    <p>They have driven those countries deeper into economic misery</p> Signup and view all the answers

    What is a major challenge faced by Peru's economy, as mentioned in the text?

    <p>Corruption and mismanagement in economic development</p> Signup and view all the answers

    Who is mentioned as seeking advice on economic issues from Hernando de Soto?

    <p>Governments around the world</p> Signup and view all the answers

    What natural resource is China primarily interested in mining in Peru?

    <p>Lithium</p> Signup and view all the answers

    What major economic sector has seen little foreign investment in Peru?

    <p>Fishing</p> Signup and view all the answers

    What is a notable impact of the pandemic on Peru's economy?

    <p>Expansion of the informal economy</p> Signup and view all the answers

    What is a characteristic of Peru's fishing industry, as mentioned in the text?

    <p>A large number of fishmeal factories along the coast</p> Signup and view all the answers

    What is the main focus of the microcredit programs mentioned in the text?

    <p>Encouraging women to improve their lives</p> Signup and view all the answers

    What is the significance of the small factory mentioned in the text?

    <p>It has doubled in size and provides employment to 15 individuals</p> Signup and view all the answers

    What was the initial loan amount obtained by Marleny Aparicio's family for their business?

    <p>1000 Peruvian sol</p> Signup and view all the answers

    What led Gloria to give up fish farming in Lake Titicaca?

    <p>The constant pollution of the waters in Lake Titicaca</p> Signup and view all the answers

    What does the speaker imply about global cooperation and multilateralism?

    <p>It is essential for strengthening globalized economies</p> Signup and view all the answers

    What is one of the main positive aspects of globalization?

    <p>Division of labor and bringing together of humanity</p> Signup and view all the answers

    What is emphasized as a major benefit of microcredit programs in the text?

    <p>Alleviating poverty and providing a final stop for financial assistance</p> Signup and view all the answers

    How did Marleny Aparicio and her family react to banks knocking on their door wanting to offer a loan?

    <p>They rejected the loan offer as they no longer needed it</p> Signup and view all the answers

    What is highlighted as a need for innovation in promoting development and improving living conditions?

    <p>'Big risks' taken by financial institutions</p> Signup and view all the answers

    'Globalisation is in crisis' implies that:

    <p>Fewer winners are emerging in the world trade system</p> Signup and view all the answers

    How does Marleny Aparicio describe her father's ambition for their business?

    <p>To expand internationally with goals in Chile and Bolivia</p> Signup and view all the answers

    What drove Gloria's family to invest in a new tourism project?

    <p>The earnings from fish farming invested in the new project</p> Signup and view all the answers

    What was the consequence of China's dismantling of the Krupp steel plant in Duisburg?

    <p>High unemployment and the end of thousands of jobs</p> Signup and view all the answers

    What did the speaker imply about the impact of globalization on developing countries like Peru?

    <p>Peru has seen few benefits from globalization and is engulfed in poverty</p> Signup and view all the answers

    What is the main concern raised about global competition and trade opportunities in the text?

    <p>Questioning the World Trade Organization as the guardian of fair trade</p> Signup and view all the answers

    What did the text suggest about the German city of Duisburg and its relationship with China?

    <p>Duisburg has re-awoken from the ashes of its past thanks to China</p> Signup and view all the answers

    What is the primary principle that Duisport relies on for its logistics operations?

    <p>Just in time principle</p> Signup and view all the answers

    What did Chinese President Xi Jinping refer to Duisport as?

    <p>The final destination on the Silk Road</p> Signup and view all the answers

    What is one consequence of having several suppliers in several countries according to the text?

    <p>Increased geopolitical risk</p> Signup and view all the answers

    What is the primary concern regarding the construction of a new port in Chancay?

    <p>Environmental impact</p> Signup and view all the answers

    What is Duisburg preparing for regarding its supply chains?

    <p>Vulnerability and risk</p> Signup and view all the answers

    What was the main concern expressed by the speaker regarding China's involvement in other parts of the world along the New Silk Road?

    <p>Increasing debt and loss of autonomy</p> Signup and view all the answers

    What is emphasized as a major benefit of global trade according to the speaker?

    <p>$24.00 extra to bid on 200 acres</p> Signup and view all the answers

    What does the speaker imply about global cooperation and multilateralism?

    <p>It is essential for mitigating geopolitical risk</p> Signup and view all the answers

    What did President George W. Bush impose import tariffs on foreign steel to achieve?

    <p>To protect American steel industry from cheap competition</p> Signup and view all the answers

    What is highlighted as a need for innovation in promoting development and improving living conditions?

    <p>Creating new markets and industries</p> Signup and view all the answers

    What were the biggest customers of the steel industry mentioned in the text?

    <p>Railroad and machine industries</p> Signup and view all the answers

    What did Follansbee, West Virginia, historically specialize in producing?

    <p>Coke for steel production</p> Signup and view all the answers

    What does the platform 'Global Fishing Watch' show very well?

    <p>The fishing activities of the Chinese fleet</p> Signup and view all the answers

    What is the main concern regarding the construction of the 'Megapuerto' in Chancay?

    <p>The potential competition with local fishery</p> Signup and view all the answers

    What does Juan Carlos Sueiro do for Oceana?

    <p>He is an economist and fisheries expert</p> Signup and view all the answers

    What was the first bank in Peru to grant loans to the very poor without requiring any guarantee?

    <p>Mibanco</p> Signup and view all the answers

    What is a major problem contributing to Peru's informal economy?

    <p>Rapid urbanization and migration from rural areas</p> Signup and view all the answers

    What did China primarily export from Peru according to the text?

    <p>Fishmeal and fish oil</p> Signup and view all the answers

    What was the main goal of providing microloans in Peru according to the text?

    <p>To reduce poverty and integrate rural population into the economy</p> Signup and view all the answers

    How has the Chinese fishing fleet impacted Peru's fisheries based on the information provided?

    <p>They have illegally tampered with Peruvian fish stocks</p> Signup and view all the answers

    What has made it difficult for three quarters of Peruvians to work legitimately according to the text?

    <p>Absence of an orderly and sustainable labor market</p> Signup and view all the answers

    What does the speaker imply about globalization not being accessible to everybody?

    <p>It promotes inequality between different nations</p> Signup and view all the answers

    What does the text suggest about the movement of Chinese fishing fleet from July onwards?

    <p>They stay south of the Galapagos, then go down the coast to Peru and other South American countries for fishing activities</p> Signup and view all the answers

    Why does the speaker mention that 'money just poured out of the sky'?

    <p>To emphasize the unpredictability of the government subsidies.</p> Signup and view all the answers

    How did the Trump administration's approach to agricultural subsidies impact the economy?

    <p>It resulted in a net drain on the economy due to excessive subsidies.</p> Signup and view all the answers

    What is highlighted as a concern regarding Peru's fishing industry?

    <p>Overreliance on foreign investment for major fishing companies.</p> Signup and view all the answers

    What did former President Trump do to ensure political support from farmers?

    <p>Transferred huge amounts of resources in the form of direct subsidies.</p> Signup and view all the answers

    Why is it stated that 'export subsidies are virtually off the table'?

    <p>To discourage cheap exports that harm developing countries' agricultural markets.</p> Signup and view all the answers

    What is highlighted as a major challenge faced by Peru's economy?

    <p>Corruption and mismanagement leading to economic instability.</p> Signup and view all the answers

    What is emphasized as a major benefit of microcredit programs?

    <p>Increased financial stability among low-income families.</p> Signup and view all the answers

    What was the primary source of income for the speaker's family during the lean years?

    <p>'Years that the government payments, that's what the family lived on.'</p> Signup and view all the answers

    'Hernando de Soto is a Peruvian economist who ran for the presidency in 2021'. What does this statement imply about Hernando de Soto?

    <p>'He has been actively involved in advising governments on economic issues.'</p> Signup and view all the answers

    How did the pandemic impact Peru's economy?

    <p>It caused the 'informal economy' to expand further.</p> Signup and view all the answers

    What is highlighted as a need for innovation in promoting development and improving living conditions?

    <p>Development of innovative solutions for economic diversification.</p> Signup and view all the answers

    What is emphasized as a major benefit of microcredit programs?

    <p>Increased financial stability among low-income families.</p> Signup and view all the answers

    What does Marleny Aparicio and her family want to achieve in honor of their deceased father?

    <p>To sell their products to international markets</p> Signup and view all the answers

    What is one of the main goals of Pro Mujer, the development organization mentioned in the text?

    <p>To provide microloans based solely on verbal agreement</p> Signup and view all the answers

    According to the speaker, what is the impact of the Trump administration's subsidies on the economy?

    <p>Alleviates poverty but is not a final solution</p> Signup and view all the answers

    What does the speaker imply about globalization and nationalism?

    <p>Globalization seems to be the only alternative to nationalism</p> Signup and view all the answers

    What is highlighted as a major benefit of microcredit programs according to the text?

    <p>They alleviate poverty but are not a final stop</p> Signup and view all the answers

    What does the speaker emphasize as a solution to global trade issues?

    <p>Investment in multilateralism and global cooperation</p> Signup and view all the answers

    What is the main challenge faced by Peru's informal economy according to the text?

    <p>'America First' approach leading to economic struggles</p> Signup and view all the answers

    What was the impact of the US decision to impose import tariffs on foreign steel?

    <p>It caused distrust towards European steel access to the US market.</p> Signup and view all the answers

    What is the main concern expressed by the speaker regarding the impact of globalization?

    <p>It has caused national interests to overshadow global cooperation and trade opportunities.</p> Signup and view all the answers

    What is highlighted as a major challenge faced by Weirton, West Virginia?

    <p>Decreased jobs due to downsizing and farming out work.</p> Signup and view all the answers

    What did President Trump's punitive tariffs on imported steel aim to achieve?

    <p>To help US workers weather the cheap steel coming in from other countries.</p> Signup and view all the answers

    What is the main concern raised about global competition and trade opportunities in the text?

    <p>The 'America First' approach casting a long shadow, leading people to act nationally instead of globally.</p> Signup and view all the answers

    What is emphasized as a significant drawback of free markets and globalization according to the speaker?

    <p>The danger of relying on other countries for essential products like steel.</p> Signup and view all the answers

    Why does the speaker express concerns about China's involvement along the New Silk Road?

    <p>Due to worries about neighbors growing too strong and wealthy, leading to focus on national interests.</p> Signup and view all the answers

    What did President George W. Bush's decision regarding import tariffs on foreign steel aim to achieve?

    <p>'To protect the US' from cheap steel for markets everywhere.'</p> Signup and view all the answers

    What was the main reason behind John Phipps being a commentator for U.S. Farm Report TV?

    <p>To highlight the impact of agricultural subsidies on market dynamics.</p> Signup and view all the answers

    Why do some people in Weirton express distrust towards Joe Biden's promise to allow European steel access to the US market?

    <p>Because it raises concerns about reliance on other countries for essential products like steel.</p> Signup and view all the answers

    What led to a decrease in jobs at Weirton according to the text?

    <p>Reluctance of steel companies to take advantage of opportunities offered by multilateral trade.</p> Signup and view all the answers

    What is the speaker's opinion about the steel industry's ability to compete globally?

    <p>The steel industry should focus on quality and innovation to compete globally.</p> Signup and view all the answers

    What does the speaker imply about the impact of China's trade practices on the global steel market?

    <p>China's trade practices are detrimental to the global steel market due to their lack of environmental regulations.</p> Signup and view all the answers

    Why does the speaker suggest that Washington DC is home to those responsible for subsidies and protectionist tariffs?

    <p>To criticize the government's role in distorting market dynamics through subsidies and tariffs.</p> Signup and view all the answers

    What is highlighted as a major concern regarding President Trump's distribution of subsidies to American farmers?

    <p>It leads to overreliance on government support rather than innovation.</p> Signup and view all the answers

    What is the speaker's stance on agricultural subsidies?

    <p>They are morally irresponsible and have no justification.</p> Signup and view all the answers

    What is emphasized as a key factor in competing in the global market, according to the speaker?

    <p>Focusing on niche markets and innovation while engaging in global trade.</p> Signup and view all the answers

    What does the speaker imply about the impact of subsidies on farmers' behavior?

    <p>Subsidies lead farmers to expand their farms without considering sustainable growth.</p> Signup and view all the answers

    What is highlighted as a characteristic of China's approach to environmental regulations?

    <p>'China is a filthy country' that neglects environmental regulations and disregards its impact on the environment and people.</p> Signup and view all the answers

    What does the speaker imply about the benefits of microcredit programs?

    <p>'Microloans' play a significant role in promoting development and improving living conditions for individuals and communities.</p> Signup and view all the answers

    What does the speaker emphasize as a key factor for competing in the long run?

    <p>'That's just not selling your product within the 50 states,' emphasizing the necessity of engaging in global trade.</p> Signup and view all the answers

    What is highlighted as a need for innovation in promoting development and improving living conditions?

    <p>Investing in innovative approaches such as 'microloans' to promote development and improve living conditions.</p> Signup and view all the answers

    Study Notes

    Globalization Concerns

    • The main concern about globalization is its negative impact on poorer countries, leading to job losses, exploitation, and environmental degradation.

    Duisburg, Germany

    • Duisburg, Germany, had an alliance with China, which led to concerns about China's trade ambitions and the impact on local industries.

    World Trade Organization (WTO)

    • The WTO is criticized for its inability to regulate globalization, leading to concerns about unfair trade practices and environmental degradation.

    Globalization and Poverty

    • Globalization has widened the gap between rich and poor countries, with the poor becoming poorer.

    Peru and China

    • China's interest in Peru is driven by its desire to access Peru's natural resources, particularly fishmeal.
    • The construction of a new port in Chancay has raised concerns about the impact on local communities and the environment.

    Informal Economy

    • In Peru, the informal economy is a major challenge, making it difficult for workers to access formal employment and social benefits.

    Fisheries

    • Chinese deep-sea trawlers have had a devastating impact on Peru's fisheries, threatening the livelihoods of local fishermen.

    Microloans

    • Microloans have been introduced in Peru to promote development and improve living conditions for the poor.

    Steel Industry

    • The American steel industry has been declining due to globalization and protectionist tariffs.
    • The closure of the coke plant in Follansbee, West Virginia, led to job losses and economic decline.

    Trade and Tariffs

    • President Trump's tariffs on imported steel led to job losses and economic decline in Weirton.
    • Globalization has led to concerns about unfair trade practices and the need for protectionist tariffs.

    Agriculture

    • Agricultural subsidies have distorted global trade, leading to concerns about the impact on domestic industries.

    Peru's Economy

    • Peru's economy is vulnerable to external shocks, and the COVID-19 pandemic has highlighted the need for diversification.
    • The country's fishing industry is a significant sector, but it is vulnerable to external competition and environmental degradation.

    Mining

    • China is primarily interested in mining copper in Peru.

    Logistics

    • Duisport's logistics operations rely on the principle of flexibility and adaptability.
    • The German city of Duisburg has become a major logistics hub, with President Xi Jinping referring to it as a "dragon head" of the Belt and Road Initiative.

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