20 Questions
What are the hallmarks of contemporary globalization?
New forms of technology centred on the Internet
What does economic globalization refer to?
Intensification and stretching of economic connections across the globe
What are some major building blocks of the 21st century's global economic order?
Transnational corporations, international economic institutions, and regional trading systems like APEC or the EU
Where was the new international economic order assembled after World War II?
Bretton Woods
What were the major economic powers of the global North reversing under the leadership of the United States and Great Britain?
Their protectionist policies of the interwar period (1918–39)
What did the conference participants agree to establish in addition to expanding international trade?
Binding rules on international economic activities
What was the value to which each country's currency was pegged in the stable money exchange system created at Bretton Woods?
Fixed gold value of the US dollar
What was the purpose of the International Bank for Reconstruction and Development, later known as the World Bank?
Initially to provide loans for Europe's postwar reconstruction, later expanded to fund various industrial projects in developing countries
What was the General Agreement on Tariffs and Trade (GATT) established for in 1947?
As a global trade organization charged with fashioning and enforcing multilateral trade agreements
What organization was founded in 1995 as the successor to GATT?
World Trade Organization (WTO)
What is one of the hallmarks of contemporary globalization mentioned in the text?
Technological progress
What aspect does economic globalization primarily refer to based on the text?
Intensification and stretching of economic connections worldwide
Where have markets migrated to, as mentioned in the text?
Cyberspace
Which major trading system is referred to as one of the building blocks of the 21st century's global economic order?
Asian Pacific Economic Cooperation (APEC)
What was the main purpose of establishing the International Monetary Fund (IMF) after World War II?
To provide loans for postwar Europe's reconstruction
What role did the General Agreement on Tariffs and Trade (GATT) play in the global economic landscape after its establishment in 1947?
Designing and enforcing multilateral trade agreements
Which country's currency value served as the reference point for the stable money exchange system created at Bretton Woods?
United States
What was the purpose of creating the World Bank, originally known as the International Bank for Reconstruction and Development?
Providing loans for Europe's postwar reconstruction
What was one of the significant outcomes of the Bretton Woods conference in relation to the international economic landscape?
Creating binding rules on international economic activities
What organization succeeded the General Agreement on Tariffs and Trade (GATT) and became a focal point of public controversy over globalization?
World Trade Organization (WTO)
Explore the impact of technological advancements on contemporary globalization and social transformations. Learn about changes in economic production and commodity exchange in the context of technological progress.
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