Podcast
Questions and Answers
What was a significant effect of the tariff policies implemented by William III regarding gin?
What was a significant effect of the tariff policies implemented by William III regarding gin?
Which act was introduced as a response to the widespread abuse of gin?
Which act was introduced as a response to the widespread abuse of gin?
What was the role of rum in the British navy starting in 1731?
What was the role of rum in the British navy starting in 1731?
How did gin regain its popularity in the 1800s?
How did gin regain its popularity in the 1800s?
Signup and view all the answers
What major change occurred to Bacardi after the Cuban revolution?
What major change occurred to Bacardi after the Cuban revolution?
Signup and view all the answers
What event marked the tragic sinking of the Titanic?
What event marked the tragic sinking of the Titanic?
Signup and view all the answers
Which factor contributed to the decline of transatlantic cruises in the 1960s?
Which factor contributed to the decline of transatlantic cruises in the 1960s?
Signup and view all the answers
Which statement describes the amenities offered to 3rd class passengers on the Titanic?
Which statement describes the amenities offered to 3rd class passengers on the Titanic?
Signup and view all the answers
How many people were recorded to have gone on cruises in 1970?
How many people were recorded to have gone on cruises in 1970?
Signup and view all the answers
What was the impact of 'The Love Boat' TV series on cruise travel?
What was the impact of 'The Love Boat' TV series on cruise travel?
Signup and view all the answers
What is a notable source of revenue for cruise lines once passengers are onboard?
What is a notable source of revenue for cruise lines once passengers are onboard?
Signup and view all the answers
What term was used to describe cruises before they became popularized?
What term was used to describe cruises before they became popularized?
Signup and view all the answers
What was the first ever passenger flight and when did it take place?
What was the first ever passenger flight and when did it take place?
Signup and view all the answers
What is one major consequence of the protests in Seattle in 1999?
What is one major consequence of the protests in Seattle in 1999?
Signup and view all the answers
What is one of the claimed advantages of globalization according to Gita?
What is one of the claimed advantages of globalization according to Gita?
Signup and view all the answers
What is a potential roadblock to China's Belt and Road Initiative?
What is a potential roadblock to China's Belt and Road Initiative?
Signup and view all the answers
Which of the following best describes a multinational enterprise (MNE)?
Which of the following best describes a multinational enterprise (MNE)?
Signup and view all the answers
What is one of the aims of the G7's B3W initiative in relation to the BRI?
What is one of the aims of the G7's B3W initiative in relation to the BRI?
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?
Which region is a primary focus of the economic and political influence expansion through the Belt and Road Initiative?
Signup and view all the answers
What was the forecasted expense for China's Belt and Road Initiative?
What was the forecasted expense for China's Belt and Road Initiative?
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?
Which of the following is NOT a reason for India's warning about China's Belt and Road Initiative?
Signup and view all the answers
What is the primary effect of globalization on national identity?
What is the primary effect of globalization on national identity?
Signup and view all the answers
Which major tool of globalization revolutionized trade in the past fifty years?
Which major tool of globalization revolutionized trade in the past fifty years?
Signup and view all the answers
What was a significant factor that allowed Venice to dominate global trade?
What was a significant factor that allowed Venice to dominate global trade?
Signup and view all the answers
What were the primary goods transported from China to Europe on the Silk Road?
What were the primary goods transported from China to Europe on the Silk Road?
Signup and view all the answers
What development began around 1850 that significantly impacted global communications?
What development began around 1850 that significantly impacted global communications?
Signup and view all the answers
Which navigational tool enhanced the accuracy of determining a ship's position at sea?
Which navigational tool enhanced the accuracy of determining a ship's position at sea?
Signup and view all the answers
Which region's merchants contributed markedly to spice trade, particularly with cloves and nutmeg?
Which region's merchants contributed markedly to spice trade, particularly with cloves and nutmeg?
Signup and view all the answers
What was the defining feature of Globalization 4.0?
What was the defining feature of Globalization 4.0?
Signup and view all the answers
What significant change in consumer behavior was noted when the retailer opened in April 2000?
What significant change in consumer behavior was noted when the retailer opened in April 2000?
Signup and view all the answers
By 1862, how many people worldwide were involved in cotton cultivation or production?
By 1862, how many people worldwide were involved in cotton cultivation or production?
Signup and view all the answers
Which of the following best describes gasoline's status before the development of the internal combustion engine?
Which of the following best describes gasoline's status before the development of the internal combustion engine?
Signup and view all the answers
What role did the United States play in the cotton industry during its peak?
What role did the United States play in the cotton industry during its peak?
Signup and view all the answers
Who is credited with commercial production of internal combustion cars in the 1880s?
Who is credited with commercial production of internal combustion cars in the 1880s?
Signup and view all the answers
What was one of the main benefits resulting from the necessity to use gasoline?
What was one of the main benefits resulting from the necessity to use gasoline?
Signup and view all the answers
What was a noted drawback of the fashion system mentioned?
What was a noted drawback of the fashion system mentioned?
Signup and view all the answers
What impact did William Knox Darcy have in the oil industry?
What impact did William Knox Darcy have in the oil industry?
Signup and view all the answers
What percentage of revenue generated by resorts in the Caribbean typically stays locally?
What percentage of revenue generated by resorts in the Caribbean typically stays locally?
Signup and view all the answers
Which type of money is not backed by a physical commodity?
Which type of money is not backed by a physical commodity?
Signup and view all the answers
What is the primary role of money in society?
What is the primary role of money in society?
Signup and view all the answers
What was Potosi known for in terms of economic history?
What was Potosi known for in terms of economic history?
Signup and view all the answers
Which of the following is considered a form of token money?
Which of the following is considered a form of token money?
Signup and view all the answers
Which group of visitors predominantly visits Macau?
Which group of visitors predominantly visits Macau?
Signup and view all the answers
How did the influx of gold and silver from the Americas impact Europe?
How did the influx of gold and silver from the Americas impact Europe?
Signup and view all the answers
What is a key characteristic of digital currency?
What is a key characteristic of digital currency?
Signup and view all the answers
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
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Related Documents
Description
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.
