Podcast
Questions and Answers
What event is primarily associated with the economic downturn that began on October 29th?
What event is primarily associated with the economic downturn that began on October 29th?
Which of the following was a direct consequence of international governments implementing tariffs during the economic crisis?
Which of the following was a direct consequence of international governments implementing tariffs during the economic crisis?
What was one of the primary motivations for Hitler's expansion of Germany's borders?
What was one of the primary motivations for Hitler's expansion of Germany's borders?
What was a significant effect of the Great Depression in Canada?
What was a significant effect of the Great Depression in Canada?
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What was Joseph Stalin's main goal during his leadership in the USSR during WWII?
What was Joseph Stalin's main goal during his leadership in the USSR during WWII?
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What is one of the main reasons for the increase in transnational corporations?
What is one of the main reasons for the increase in transnational corporations?
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Which countries are reported to be the origin of over half of the world's transnational corporations?
Which countries are reported to be the origin of over half of the world's transnational corporations?
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What strategy do some governments employ to attract transnational corporations?
What strategy do some governments employ to attract transnational corporations?
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Which statement best describes the decision-making power of transnational corporations compared to governments?
Which statement best describes the decision-making power of transnational corporations compared to governments?
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What change has occurred in the funding for development projects in poorer countries?
What change has occurred in the funding for development projects in poorer countries?
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What is the ecological footprint of an individual or group primarily a measure of?
What is the ecological footprint of an individual or group primarily a measure of?
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Which resource consumes the largest percentage of land in the ecological footprint of Canadians?
Which resource consumes the largest percentage of land in the ecological footprint of Canadians?
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What is the estimated world population by 2025?
What is the estimated world population by 2025?
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What term describes the situation where resources are inadequate for the growing population?
What term describes the situation where resources are inadequate for the growing population?
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How much biologically productive land is available per person worldwide?
How much biologically productive land is available per person worldwide?
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In terms of responsibility for resource use, what does stewardship refer to?
In terms of responsibility for resource use, what does stewardship refer to?
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Which factor largely influences an individual's outlook on resource development?
Which factor largely influences an individual's outlook on resource development?
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Which country has a lower ecological footprint compared to Canada?
Which country has a lower ecological footprint compared to Canada?
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What is one major benefit of foreign investment?
What is one major benefit of foreign investment?
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Which of the following is a main reason for outsourcing?
Which of the following is a main reason for outsourcing?
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What type of companies are most commonly associated with sweatshops?
What type of companies are most commonly associated with sweatshops?
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Which statement about the knowledge economy is true?
Which statement about the knowledge economy is true?
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What does sustainability primarily refer to?
What does sustainability primarily refer to?
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What does an ecological footprint indicate?
What does an ecological footprint indicate?
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Which of the following is a potential negative impact of foreign investment?
Which of the following is a potential negative impact of foreign investment?
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Which factor is commonly linked to sweatshop labor?
Which factor is commonly linked to sweatshop labor?
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What is meant by sustainable prosperity?
What is meant by sustainable prosperity?
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Which measure is primarily concerned with the economic output of a country?
Which measure is primarily concerned with the economic output of a country?
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What does the Human Development Index (HDI) take into account?
What does the Human Development Index (HDI) take into account?
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What is the primary advantage of liberalizing trade in the context of sustainable prosperity?
What is the primary advantage of liberalizing trade in the context of sustainable prosperity?
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Which index was developed in Bhutan and is based on spiritual values?
Which index was developed in Bhutan and is based on spiritual values?
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How does GDP relate to the standard of living in a country?
How does GDP relate to the standard of living in a country?
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What effect does globalization have on local standards of living?
What effect does globalization have on local standards of living?
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Which of the following is a concern of the Genuine Progress Index (GPI)?
Which of the following is a concern of the Genuine Progress Index (GPI)?
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Study Notes
The Roaring Twenties
- The 1920s were a time of rapid economic growth and social change.
- This period is also known as the “Roaring Twenties.”
The Stock Market Crash
- The New York Stock Market crashed on Tuesday, October 29th.
- The crash caused widespread panic, as people attempted to sell their stocks, further driving prices down.
- This triggered a chain reaction across the world.
Government Response
- Governments globally implemented tariffs (taxes) on goods to encourage national industry.
- This resulted in a decrease in international trade, further exacerbating the economic problems.
The Depression in Canada
- Unemployment in Canada reached 26.6%.
- Exports fell by 50%.
- The prairies suffered from a severe drought, severely impacting grain prices.
World War II
- The Depression in Europe allowed extremist leaders to come to power, including Benito Mussolini in Italy and Adolf Hitler in Germany.
- These leaders felt wronged by the peace treaties signed after World War I.
Hitler
- Hitler believed that Germany should control the world as the "master race."
- He began expanding Germany's borders in Europe.
- Britain and France initially followed a policy of appeasement, giving Hitler what he wanted to avoid war.
- Germany invaded Poland, forcing Britain and France to intervene.
- Canada declared war against Germany soon after.
World War II Casualties
- An estimated 60 million people, including civilians and military personnel, died during World War II.
The Soviet Union (USSR)
- The Soviet Union was the first communist state.
- Joseph Stalin was the leader of the USSR during World War II.
- Stalin implemented five-year plans to modernize Russia and transform it into an industrial powerhouse.
Transnational Corporations (TNCs)
- TNCs operate in multiple countries, often referred to as multinational corporations.
- The number of TNCs significantly increased due to the liberalization of trade rules.
- TNCs centralize production and sell to diverse markets, increasing their profits.
- Over half of the world's TNCs originate from five countries: the US, Japan, France, Britain, and Germany.
The Influence of TNCs
- TNCs dominate key economic sectors, controlling most of the world's energy and mineral resources.
- An estimated 85% of the world's grain supply is controlled by only six companies.
- TNCs have the ability to move their operations around the world, prompting governments to compete for their business.
- Governments often offer incentives like tax reductions, low-priced natural resources, and supportive policies to attract TNCs.
- TNCs wield significant power and, in some cases, have more decision-making authority than governments.
- TNCs and poverty reduction:
- Investing in businesses and infrastructure like power grids and transportation facilities in developing countries can reduce poverty.
- Private companies, especially TNCs, are now the primary source of investment in developing countries, replacing traditional government foreign aid.
- 75% of investment in developing countries currently comes from the private sector.
- While some countries have benefitted significantly from this (e.g., India and South Korea), others have not.
- Smaller countries find it difficult to attract private investors, and poverty persists even when they do.
Foreign Investment
Positives of Foreign Investment
- Foreign investors provide capital for development that might not otherwise be available.
- Foreign investment creates jobs.
- It increases the tax base.
Negatives of Foreign Investment
- Foreign control over vital industries.
- Profits may not stay within the country.
Outsourcing
- The relocation of factories and production from countries with high labor costs (developed nations) to countries with lower labor costs (developing nations).
Sweatshops
- Associated with large TNCs that employ low-skilled workers who are paid below average wages.
- Sweatshop workers receive few or no benefits and may experience physical or sexual harassment.
- The workers are often women or children with limited alternatives.
- Goods produced by sweatshops are frequently sold at high prices.
The Knowledge Economy
- One way to encourage economic growth is through investment in the knowledge economy.
- This involves businesses engaged in research, education, developing ideas, and collecting information.
- Knowledge economy businesses are often environmentally friendly.
- They typically exist in developed countries that have an advanced education base.
New Technologies in the Knowledge Economy
- New technologies like robotics and artificial intelligence are relatively new and can reduce costs and automate tasks.
- These technologies may replace humans in dangerous or repetitive tasks.
Sustainability and the Impact of Globalization
- Globalized markets contribute to an increasing ecological footprint, exceeding the earth's capacity for sustainable resource use.
Ecological Footprint
- Represents the area of the earth's surface needed to sustain a group of people's resource consumption and waste production.
- The average ecological footprint is larger than the earth's carrying capacity, with some countries (Canada) having a significantly higher footprint than others (Bangladesh), creating a resource gap.
Resource Development and Stewardship
- Canadians rely heavily on energy, forest, crop, and built-up land for resource extraction.
- We are using resources that need to be saved for future generations, creating a resource gap.
- Stewardship involves accepting responsibility for using resources wisely to ensure future supply.
Population Growth
- Global population has rapidly increased in recent decades, with significant growth expected in developing countries.
- This creates challenges regarding access to resources.
Spirituality
- Personal values, morals, and views on nature are influenced by spirituality.
- Spirituality can shape perspectives on resource development and economic growth.
The Environmental Impact of Globalization
- Globalization is impacting the environment, although the extent of its effect is complex and nuanced.
- Consumer decisions play a vital role in shaping the future of the environment.
- Increased demand for energy-friendly devices can drive technological advancements and encourage sustainable practices.
Sustainable Prosperity
- Sustainable prosperity aims to ensure that future generations have access to a lifestyle equivalent to ours.
- It involves using resources wisely and promoting fair trade to allow equitable access to resources for all.
- The United Nations uses the term "Sustainable Development" to encompass these ideas.
Sustainable Development
- Development that meets the needs of the present while considering the needs of future generations.
Challenges of Sustainable Prosperity
- Achieving sustainable prosperity can be difficult when economic development clashes with political or social issues.
- Moving manufacturing to different countries may increase standards of living in some while reducing them in others.
Measures of Prosperity
-
Gross Domestic Product (GDP):
- Measures the total value of goods and services produced in a country.
- Used to assess the size and health of a country's economy.
- Linked to income and standard of living; a higher GDP often correlates with a higher standard of living.
- Includes all individuals in a country, even those not directly generating resources.
-
Human Development Index (HDI):
- A measure of quality of life in a country.
- Considers various factors such as life expectancy, education, healthcare, access to clean water, government corruption, average income, and access to safe food.
- Norway ranks first on the HDI, with Canada ranking sixth.
Other Measures of Prosperity
-
Gross National Happiness (GNH) Index:
- Developed in Bhutan based on Buddhist spiritual values.
- Focuses on happiness rather than purely economic indicators.
-
Genuine Progress Index (GPI):
- Measures sustainability, well-being, and quality of life.
- Places more emphasis on environmental concerns.
Choices for Sustainable Prosperity
- Sustainable prosperity depends on choices made by individuals, communities, and nations.
- Weighing the potential benefits and consequences of various paths towards prosperity is essential.
Summary: Is Globalization Sustainable?
- Globalization is a multifaceted phenomenon with diverse impacts on the environment and society.
- The question of whether globalization is sustainable involves navigating trade-offs between economic growth and environmental protection.
- Addressing sustainable prosperity requires collective effort from individuals, governments, and businesses to create a more equitable and sustainable future.
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Description
Explore the transformative decade of the 1920s, known as the Roaring Twenties, highlighting its economic growth and subsequent crash. Understand the global repercussions of the Stock Market Crash and the resulting Great Depression, particularly in Canada. This quiz will cover government responses and the rise of extremist leaders in Europe.
