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Questions and Answers
What was the significance of the Universalization of banking?
It contributed to the blurring of bank and nonbank financial services.
How did the establishment of the Bretton Woods System impact international financial order?
It required currencies of other countries to have an exchange rate fixed to the dollar.
What organizations were created as part of the Bretton Woods System?
The World Bank and the International Monetary Fund (IMF).
What is a key characteristic of political globalization related to the spread of nonstate political actors?
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How did political globalization affect the acceptance of states?
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Study Notes
Thin vs. Thick Globalization
- Thin Globalization: Represents limited economic and cultural links, exemplified by the Silk Road, where a small group of traders moved goods largely for elite consumers.
- Thick Globalization: Involves extensive and intensive relationships, characterized by large, continuous long-distance flows affecting many lives, such as today's global financial markets impacting individuals from Peoria to Penang.
Definitions of Globalization
- Globalization reshapes individual countries and societies over time primarily through technology.
- It integrates markets, politics, and environmental concerns across borders.
- Shrinks distances among continents, highlighting global vulnerability and interconnectedness in key human aspects (e.g., religion, migration, war, trade).
- Promotes a blurring of internal and external affairs of nations and diminishes differences among countries.
Perspectives on Globalization
- Emphasizes that globalization can initially disadvantage some, but ultimately it offers greater opportunities for all, enriching life in wealthier nations and providing routes out of poverty for the poor.
- Advocates for responsible approaches to globalization, as choices made will significantly shape the future.
Facets of Globalization
- Connectivity and flows are diverse elements contributing to globalization.
- Various "globalities" demonstrate differing dynamics and shapes of globalization.
Debating Globalization
- Hyperglobalizers & Transformationalists: Believe in profound changes within the international system and view globalization as a significant force.
- Weak Globalizers: Recognize substantial changes, but argue that globalization might not be as transformative as stated.
- Skeptics and Rejectionists: Critique globalization as a myth that obscures underlying issues and disparities.
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Description
Explore the concepts of thin and thick globalization by understanding the difference between the Silk Road trade which affected only a small group, and more modern forms of globalization that impact a wider network of people and cultures.
