Week 2: Globalization Overview
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Questions and Answers

What was a significant effect of the tariff policies implemented by William III regarding gin?

  • It decreased the popularity of gin among sailors.
  • It made gin more expensive than wine.
  • It resulted in the complete ban of alcohol production.
  • It led to the gin being produced domestically. (correct)

Which act was introduced as a response to the widespread abuse of gin?

  • The Rum Act of 1750
  • The Gin Act of 1751 (correct)
  • The Liquor Control Act of 1760
  • The Early Distillers Act of 1745

What was the role of rum in the British navy starting in 1731?

  • Rum was used solely for medicinal purposes.
  • Sailors received a daily ration of British whiskey.
  • Rum was strictly prohibited among naval personnel.
  • Sailors were given a daily pint of Jamaican rum. (correct)

How did gin regain its popularity in the 1800s?

<p>It was mixed with quinine water for malaria prevention. (A)</p> Signup and view all the answers

What major change occurred to Bacardi after the Cuban revolution?

<p>It relocated its distilling facilities to Puerto Rico. (C)</p> Signup and view all the answers

What event marked the tragic sinking of the Titanic?

<p>It hit an iceberg. (D)</p> Signup and view all the answers

Which factor contributed to the decline of transatlantic cruises in the 1960s?

<p>Development of large jet liners. (C)</p> Signup and view all the answers

Which statement describes the amenities offered to 3rd class passengers on the Titanic?

<p>They were provided fewer amenities than other classes. (D)</p> Signup and view all the answers

How many people were recorded to have gone on cruises in 1970?

<p>500,000 (A)</p> Signup and view all the answers

What was the impact of 'The Love Boat' TV series on cruise travel?

<p>It helped to popularize cruise vacations. (B)</p> Signup and view all the answers

What is a notable source of revenue for cruise lines once passengers are onboard?

<p>Onboard spending. (D)</p> Signup and view all the answers

What term was used to describe cruises before they became popularized?

<p>Newly wed and nearly dead. (D)</p> Signup and view all the answers

What was the first ever passenger flight and when did it take place?

<p>Wilbur Wright in 1908. (A)</p> Signup and view all the answers

What is one major consequence of the protests in Seattle in 1999?

<p>Highlighted concerns about national sovereignty (B)</p> Signup and view all the answers

What is one of the claimed advantages of globalization according to Gita?

<p>Raises wages and lowers prices (B)</p> Signup and view all the answers

What is a potential roadblock to China's Belt and Road Initiative?

<p>Countries facing difficulties in repaying debts (A)</p> Signup and view all the answers

Which of the following best describes a multinational enterprise (MNE)?

<p>An organization producing goods or services in multiple countries (C)</p> Signup and view all the answers

What is one of the aims of the G7's B3W initiative in relation to the BRI?

<p>To create a competing infrastructure development project (A)</p> Signup and view all the answers

Which region is a primary focus of the economic and political influence expansion through the Belt and Road Initiative?

<p>East Asia to Europe (B)</p> Signup and view all the answers

What was the forecasted expense for China's Belt and Road Initiative?

<p>$8 Trillion (D)</p> Signup and view all the answers

Which of the following is NOT a reason for India's warning about China's Belt and Road Initiative?

<p>Potential for regional economic development (D)</p> Signup and view all the answers

What is the primary effect of globalization on national identity?

<p>It leads to the expansion of international influence at the expense of national identity. (D)</p> Signup and view all the answers

Which major tool of globalization revolutionized trade in the past fifty years?

<p>Container ships (A)</p> Signup and view all the answers

What was a significant factor that allowed Venice to dominate global trade?

<p>The establishment of the company and double entry bookkeeping. (B)</p> Signup and view all the answers

What were the primary goods transported from China to Europe on the Silk Road?

<p>Silk and spices. (B)</p> Signup and view all the answers

What development began around 1850 that significantly impacted global communications?

<p>The creation of the telegraph. (B)</p> Signup and view all the answers

Which navigational tool enhanced the accuracy of determining a ship's position at sea?

<p>Sextant (D)</p> Signup and view all the answers

Which region's merchants contributed markedly to spice trade, particularly with cloves and nutmeg?

<p>Muslim merchants (B)</p> Signup and view all the answers

What was the defining feature of Globalization 4.0?

<p>Technology, particularly in the digital economy. (D)</p> Signup and view all the answers

What significant change in consumer behavior was noted when the retailer opened in April 2000?

<p>Consumers started to seek discounts and avoid department stores. (A)</p> Signup and view all the answers

By 1862, how many people worldwide were involved in cotton cultivation or production?

<p>20 million (D)</p> Signup and view all the answers

Which of the following best describes gasoline's status before the development of the internal combustion engine?

<p>It was primarily considered waste and discarded. (D)</p> Signup and view all the answers

What role did the United States play in the cotton industry during its peak?

<p>It provided substantial labor, land, and credit for cotton production. (D)</p> Signup and view all the answers

Who is credited with commercial production of internal combustion cars in the 1880s?

<p>Karl Benz (D)</p> Signup and view all the answers

What was one of the main benefits resulting from the necessity to use gasoline?

<p>It created a new market for previously discarded byproducts. (C)</p> Signup and view all the answers

What was a noted drawback of the fashion system mentioned?

<p>Unjust labor practices and significant waste. (A)</p> Signup and view all the answers

What impact did William Knox Darcy have in the oil industry?

<p>He developed the oil industry in Persia and other regions. (A)</p> Signup and view all the answers

What percentage of revenue generated by resorts in the Caribbean typically stays locally?

<p>20 to 30 percent (C)</p> Signup and view all the answers

Which type of money is not backed by a physical commodity?

<p>Fiat money (A)</p> Signup and view all the answers

What is the primary role of money in society?

<p>To facilitate trade without barter (C)</p> Signup and view all the answers

What was Potosi known for in terms of economic history?

<p>Being the first city of capitalism (C)</p> Signup and view all the answers

Which of the following is considered a form of token money?

<p>Paper money representing a value (B)</p> Signup and view all the answers

Which group of visitors predominantly visits Macau?

<p>Asians (A)</p> Signup and view all the answers

How did the influx of gold and silver from the Americas impact Europe?

<p>It facilitated the development of capitalism (C)</p> Signup and view all the answers

What is a key characteristic of digital currency?

<p>It can be exchanged as information (A)</p> Signup and view all the answers

Flashcards

Globalization

The process of increasing international trade and cultural exchange, often at the expense of national identity.

Silk Road

An ancient network of trade routes connecting the East and West.

Tools of Globalization- Venice

Companies and double-entry bookkeeping—essential for managing vast global trade in Venice.

Globalization 4.0

The current phase of globalization, characterized by advancements in technology and digital economies.

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Double-entry bookkeeping

An accounting system that tracks transactions in two accounts, ensuring accurate record-keeping in global trade.

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Telegraph

A system of transmitting messages electronically, instrumental in early globalization.

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Container Ships

Modern cargo ships that radically increased efficiency and lowered costs in global trade.

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Navigation tools

Tools like the compass and sextant improved ship design and navigation, supporting long-distance trade.

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Globalization's Impact

Globalization, while increasing output, productivity, jobs, wages, and lowering prices, negatively affects workers facing competition from cheaper labor.

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Belt and Road Initiative (BRI)

China's geopolitical strategy to create a vast network of infrastructure connecting Asia, Europe, and Africa, aiming to expand its economic and political influence.

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BRI Motivation

China's motivation for BRI includes countering US influence, fostering economic ties with historically neglected regions, and gaining geopolitical leverage over participating countries.

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BRI Roadblocks

Challenges to BRI include debt repayment difficulties for participating countries, high costs, and potential environmental concerns (climate issues).

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Multinational Enterprise (MNE)

A company that produces goods or services in multiple countries.

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MNE Example

Examples include companies like Apple and Microsoft, which operate worldwide, beyond their origin.

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Anti-Globalization Concerns

Arguments against globalization, including undermining national sovereignty and impacting local culture.

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BRI Competitors

Other countries/organizations responding to BRI, including the G7's infrastructure initiative, India, Japan, and Europe, to counter the initiative or provide alternatives.

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Gin's popularity and political impact

Gin, an inexpensive alcoholic beverage, became very popular in the 17th century. The British government's trade policies, like tariffs on French wine and tax breaks for British distillers, contributed to its affordability and widespread abuse.

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Rum's connection to slavery

Rum production in the Caribbean colonies relied heavily on enslaved labor to supply sugar plantations, which in turn produced the molasses needed to make rum.

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The Gin Act of 1751

A British law designed to curb gin consumption and control its production by regulating licenses.

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Rum's use in the Navy

British (and Canadian) sailors were given daily rations of rum for many years, reflecting a long-standing tradition. The use of rum decreased over time, but it was a significant part of naval culture until recently.

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Cuban Rum's Political History

Bacardi, a popular Cuban rum brand, supplied rum to Spanish royalty and later became associated with a Cuban revolution, where the government seized distilleries and the owners began operating elsewhere.

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Titanic's Fate

The Titanic, a luxurious ocean liner, hit an iceberg on its maiden voyage and sank in 1912, resulting in the loss of over 1500 lives.

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Ocean Liner Decline

The popularity of ocean liners as a mode of transatlantic travel declined significantly with the rise of affordable and faster air travel in the 1960s.

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Modern Cruise Ships

Modern cruises offer floating hotel-like experiences with amenities like night clubs, sport facilities, and focus on destination tours rather than long journeys.

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Cruise Industry Growth

The cruise industry has experienced a massive growth, with passenger numbers increasing from 500,000 in 1970 to 20 million in 2013.

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Cruise Industry Popularity

The popularity of cruising was boosted by the TV series "The Love Boat", which romanticized sea vacations.

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Cruise Cost Optimization

Cruise companies minimize costs by using tax havens, employing workers from developing countries, and maximizing onboard sales revenue.

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Cruise Megaships: Advantages

Modern megaships offer cost savings through energy efficiency and can attract a larger number of passengers.

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Cruise Megaships: Disadvantage

Megaships can have limitations in terms of port accessibility due to their large size.

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Chic to Pay Less

A shift in consumer preferences towards bargain hunting and discount retailers, replacing the traditional preference for department stores.

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Problems with Fashion System

Existing flaws in the fashion industry, including unfair labor practices and excessive waste generation.

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Cotton's Global Importance

Cotton's dominant role in the world's manufacturing industry, particularly in the 19th century, due to its use in yarn and cloth production.

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Cotton's Workforce

The vast number of individuals globally involved in cotton cultivation and textile production, estimated to be 1 out of every 65 people in the 1860s.

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Gasoline: A Byproduct

Gasoline's initial status as a byproduct of kerosene refining, with limited use before the invention of the internal combustion engine.

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Internal Combustion Engine Impact

The invention of the internal combustion engine created a demand for gasoline, transforming it from a discarded byproduct into a valuable commodity.

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William Knox Darcy

A key figure in developing the oil industry in Persia and the Middle East, contributing to the rise of British Petroleum.

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Gasoline's Influence

Gasoline's impact on individuals and industries, exemplified by William Knox Darcy's success in the oil industry.

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What is money?

Any generally accepted medium of exchange used for trading goods without bartering. It serves as a store of value and includes coins, banknotes, and digital representations.

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Types of Money

Different types of money exist: Commodity money (gold, silver), Token money (backed by a commodity like gold), and Fiat money (issued by government without backing).

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Potosi and Silver

Potosi, a city in South America, was a major source of silver, which greatly impacted global economies.

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Impact of Silver Influx

The influx of silver from South and Central America spurred global economic change. It facilitated the transition to cash in Europe, aided the development of capitalism, and changed trade patterns with Asia.

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Cash vs. Barter

Cash economies rely on the exchange of money, whereas barter economies involve direct trade of goods and services.

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Colonial Impact

The influx of silver from South and Central America influenced European countries to seek their own colonies to obtain similar resources. This contributed to colonization.

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Tourism and Economic Impact

Tourism can have economic consequences. In some resort destinations, only a small percentage of the revenue generated from tourism stays within the local economy.

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Macau's Tourism Profile

Macau, a popular tourist destination, receives the majority of its visitors from Asia, particularly Hong Kong and mainland China.

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Study Notes

Week 2: Globalization

  • Globalization is the process of making something global, often at the expense of national identity. Business and organizations develop international influence.
  • Political globalization includes political decisions, trade agreements, and international organizations.
  • Cultural globalization includes music, films, television, sports, and fast food.
  • Globalization began around 1850-WW1 with the telegraph, facilitating communication and a growing global market.
  • The Silk Road facilitated the transport of silk and spices from China to Europe. Gold, silver, and horses were also traded.
  • Cultural exchange along trade routes brought new languages, religions, and cultures.
  • Diseases also traveled along trade routes.
  • Globalization 4.0: Trade thrives when nations protect it; it falls when they don't. Examples include Roman and Chinese trade, Muslim merchants, and European and American trade.
  • Tools of globalization include technology, particularly the internet, and significant trading hubs like Venice.

Globalization 4.0

  • Trade thrives when nations protect it; it falls when they don't.

  • First Romans and Chinese; Silk and Spice

  • Next Muslim Merchants, spices; cloves, nutmeg, mace

  • Europeans and America, potatoes, tomatoes, coffee, chocolate

  • British Empire, technology, iron, textiles

  • Trade grew by 3% annually between 1815 to 1910 = $14 trillion total GDP

  • WW1

  • USA, technology

  • Internet

  • USA and China, digital economy

  • Venice changed how global trade occurred through exchange.

Week 3: Multinational Enterprises (MNEs)

  • Multinational enterprises (MNEs) are companies operating in more than one country.
  • Examples include Apple and Microsoft, which have headquarters in the USA but sell globally.
  • The USA holds roughly one-third of the world's MNEs.

McDonald's

  • McDonald's has around 34,000 restaurants in 118 countries.
  • Ray Kroc took over McDonald's and brought significant marketing strategies.
  • Brand recognition with Ronald McDonald made them popular with families through toys.
  • Value-pricing strategy to generate revenue

Big Mac Index

  • A tool to assess whether currencies are fairly valued based on purchasing power parity (PPP)

Week 4: International Trade

  • Mercantilism: The idea that the world's wealth is finite and that nations should maximize exports and minimize imports.
  • Colonialism, a practice of extending dominion over a territory, were the main participants of mercantilism.
  • Triangle of Trade- a system used for commercial activity in which resources are extracted from colonies to benefit the "mother country"

Week 5: Financial Institutions

  • Unilateral Trade Agreements: A one-sided, non-reciprocal trade agreement to aid developing countries.
  • Bilateral Trade Agreements: A mutual trade agreement between two countries.
  • Multilateral Trade Agreements: A trade agreement between three or more countries. (e.g., USMCA, EU). Ex- Motivations included fear of economic chaos after WWI.

Week 6

  • The Bretton Woods system: An international monetary system established in 1944 to stabilize exchange rates and promote international trade.
  • IMF works to achieve sustainable growth and prosperity by providing 0% interest loans for countries.
  • SDR: Special Drawing Rights- a supplementary reserve currency administered by the IMF to aid with transactions

Week 7: Alcohol Industry

  • Gin was a popular drink, but the excesses lead to legislation in early 1700s in England.
  • Rum was a vital good in trade throughout the Caribbean

Week 8: Tourism

  • Roman Holidays: Travel was popular in the Roman Empire for both business and leisure across great distances.
  • Pilgrimages were important throughout the Middle Ages for religious and cultural experiences and commerce through local shops.
  • The Grand Tour: Young English men, as part of their education, would journey across Europe.
  • Thomas Cook Travel Agency: Developed an early and organized approach to tourism.
  • Post-WWII Travel: Travel and tourism experienced growth, facilitated by advances in technology like aircrafts.

Week 9: Finance

  • Money is a generally accepted medium of exchange enabling trade.
  • Coins and paper money work together through standards and exchange
  • Digital currency is money existing as information instead of physical form.
  • The Potosi mine in Bolivia was a major supplier of silver, which changed the global economy and increased international trade.
  • The influx of precious metals helped to encourage Capitalism.

Week 10: Textiles

  • The T-shirt embodies the history of cotton
  • Cotton was initially grown and used in South and Central America, and then spread to other regions through trade routes.
  • Through the 1600-1700s India supplied a large portion of the textile products to Western nations, and the East India Trading Company played a key role in this trade.
  • Production became more mechanized through technology such as the spinning jenny and power loom.
  • The textile industry's production significantly increased, but often at the expense of workers, particularly children and women.

Week 11: The Oil Industry

  • The development of the internal combustion engine created a demand for the refined byproduct of oil, which is gasoline.
  • The oil industry changed the economy, but also brought environmental and social issues
  • Oil became important for transportation, and its price greatly influenced global events. Examples include the Iranian coup in 1953 and the 1973 oil embargo.

12: The Service Industry

  • Service industry is one that produces and consumes intangible products, rather than physical goods, and accounts for roughly half the global economy
  • Deindustrialization refers to when manufacturing diminishes, but the service industry grows to take its place
  • Global cities became important for the service economy because of access to technology and people

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This quiz covers key concepts related to globalization, including its history, political and cultural dimensions, and significant trade routes like the Silk Road. Explore how globalization has evolved from the 19th century to contemporary issues such as Globalization 4.0. Test your understanding of the impact of globalization on national identity and cultural exchange.

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