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Questions and Answers
What major global conflict arose from the desire of countries to expand and protect their empires during the early 20th century?
What major global conflict arose from the desire of countries to expand and protect their empires during the early 20th century?
What economic condition was a result of the interdependent trade practices of European empires in the early 20th century?
What economic condition was a result of the interdependent trade practices of European empires in the early 20th century?
What was a significant long-term effect of World War I on countries with large young populations that suffered heavy losses?
What was a significant long-term effect of World War I on countries with large young populations that suffered heavy losses?
Which statement reflects Robert Reich's perspective on national economies in the context of globalization?
Which statement reflects Robert Reich's perspective on national economies in the context of globalization?
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What type of warfare resulted in high casualties and adverse conditions for soldiers during World War I?
What type of warfare resulted in high casualties and adverse conditions for soldiers during World War I?
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What type of government was established in the Soviet Union after the Russian Revolution?
What type of government was established in the Soviet Union after the Russian Revolution?
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Which factor contributed significantly to the success of the Russian Revolution?
Which factor contributed significantly to the success of the Russian Revolution?
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Which statement accurately describes the economic conditions of peasants in early 20th century Russia?
Which statement accurately describes the economic conditions of peasants in early 20th century Russia?
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What event forced Czar Nicholas II to relinquish his power?
What event forced Czar Nicholas II to relinquish his power?
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What was a major effect of the Russian Civil War from 1920 to 1922?
What was a major effect of the Russian Civil War from 1920 to 1922?
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What is the primary focus of economic globalization?
What is the primary focus of economic globalization?
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Which economist is considered a supporter of economic globalization and won a Nobel Prize?
Which economist is considered a supporter of economic globalization and won a Nobel Prize?
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According to the skeptics of economic globalization, what is a key negative outcome?
According to the skeptics of economic globalization, what is a key negative outcome?
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What factor is NOT mentioned as a benefit of economic globalization by its supporters?
What factor is NOT mentioned as a benefit of economic globalization by its supporters?
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What is one criticism raised by Naomi Klein regarding economic globalization?
What is one criticism raised by Naomi Klein regarding economic globalization?
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Why do supporters argue that economic globalization has become more integrated since 2001?
Why do supporters argue that economic globalization has become more integrated since 2001?
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Which of the following does William Tabb emphasize regarding economic globalization?
Which of the following does William Tabb emphasize regarding economic globalization?
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Which aspect of economic globalization do skeptics commonly challenge?
Which aspect of economic globalization do skeptics commonly challenge?
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What impact did famine have on productivity during the conflict in Ukraine?
What impact did famine have on productivity during the conflict in Ukraine?
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What was a significant consequence of the 2008 global financial crisis?
What was a significant consequence of the 2008 global financial crisis?
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How did the Russian-Ukrainian war affect oil prices?
How did the Russian-Ukrainian war affect oil prices?
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What effect do government economic policies have on inflation?
What effect do government economic policies have on inflation?
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What was a major outcome of the US-China trade war from 2018 to 2019?
What was a major outcome of the US-China trade war from 2018 to 2019?
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What event led to a dramatic drop in stock values during the Great Depression?
What event led to a dramatic drop in stock values during the Great Depression?
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What has been a major focus of investment trends since 2022?
What has been a major focus of investment trends since 2022?
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Which of the following was a factor that contributed to economic uncertainty?
Which of the following was a factor that contributed to economic uncertainty?
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What title did Adolf Hitler assume after establishing his control over Germany?
What title did Adolf Hitler assume after establishing his control over Germany?
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Which event marked the beginning of World War II?
Which event marked the beginning of World War II?
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Which ideology did the Nazi Party promote regarding race?
Which ideology did the Nazi Party promote regarding race?
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What was one significant long-term impact of World War II on Canada?
What was one significant long-term impact of World War II on Canada?
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How many countries declared war on Germany following its invasion of Poland?
How many countries declared war on Germany following its invasion of Poland?
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What was the estimated number of casualties during World War II?
What was the estimated number of casualties during World War II?
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Which group was NOT specifically mentioned as a victim of the Nazi death camps?
Which group was NOT specifically mentioned as a victim of the Nazi death camps?
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What was one major psychological effect experienced by Canadian soldiers during World War II?
What was one major psychological effect experienced by Canadian soldiers during World War II?
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What was the primary aim of the Bretton Woods Conference in 1944?
What was the primary aim of the Bretton Woods Conference in 1944?
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Which economist led the British delegation at the Bretton Woods Conference?
Which economist led the British delegation at the Bretton Woods Conference?
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What two organizations were established at the Bretton Woods Conference?
What two organizations were established at the Bretton Woods Conference?
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What was a significant economic perspective that John Maynard Keynes advocated for?
What was a significant economic perspective that John Maynard Keynes advocated for?
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Which of the following was NOT a focus of the Bretton Woods Conference?
Which of the following was NOT a focus of the Bretton Woods Conference?
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Which catastrophic events prompted the discussions held at Bretton Woods?
Which catastrophic events prompted the discussions held at Bretton Woods?
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What was a proposed outcome of Keynes' economic theories during the conference?
What was a proposed outcome of Keynes' economic theories during the conference?
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Which of the following statements is true regarding the aftermath of World War II related to the Bretton Woods meeting?
Which of the following statements is true regarding the aftermath of World War II related to the Bretton Woods meeting?
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Study Notes
Foundations of Economic Globalization
- Economic globalization involves the widespread movement of goods, capital, services, technology, and information internationally.
- Globalization is a complex and debated topic in social studies.
- Some view globalization as creating healthy interdependence leading to prosperity for all, while others see it as creating inequalities.
- Key factors influencing globalization include historical events, contemporary factors, and globalization's impact on sustainability.
Key Questions in this Unit
- To what extent did world events shape contemporary economic globalization?
- To what extent do contemporary factors contribute to expanding globalization?
- To what extent does globalization affect sustainability?
- To what extent can globalization bring sustainable prosperity to all people?
Chapter 9: Foundations of Economic Globalization
- World events in the 20th century shaped contemporary economic globalization, including wars and global financial crises.
- Factors like international agreements and organizations, transnational corporations, and communication technologies contribute to globalization.
What does prosperity mean to you?
- Having a life full of things that make it comfortable
- Having resources to spare
- Being wealthy in any aspect
- Feeling stable/not on a downward slope
- Doing your best, and feeling happy and accomplished
- Completing personal life goals
- Having purpose and a fulfilling life
- Flourishing
- Experiencing success, money, love, friendship, and happiness
- Achieving a high GDP
How can prosperity be measured?
- Happiness
- Long-term economic sustainability
- GDP in nations
- Average life span
- Live birth rates
- Number of physicians per 1000 people
- Achievements
- Wealth
- Mental health test
- Amount of life goals completed
- How full one's "bucket" is
- Percentage of people above the poverty line
What can stop prosperity?
- Mental health issues
- Lack of motivation or interest
- Comparing life to others
- Putting oneself down
- Economic status
- Societal discrimination
- Attempts by others to take one's prosperity
- Haters
- Economic hardship
- Lack of resources
- Poverty
- Fear and lack of self-confidence
- Fear of being judged by others
- Lack of opportunity
- Major life events (drastic worldview shift)
- Economic recession
Prosperity:
- "Prosperity" is defined differently by different people.
- A measure of overall well-being
- A combination of health, happiness, and security of identity
- Financial security
- The definition is unique to each individual
Sustainability:
- The ability to be maintained at a certain rate or level.
- How maintaining someone's current lifestyle impacts the planet
- Equal sharing of earth's resources in relation to future generations.
- Making decisions with the impact of future generations in mind (7th Generation Indigenous Perspective)
Key Terms
- Economic globalization
- Reparations
- Communism
- Economic depression
- Market economy
Economic Globalization in Canada
- Oil and gas pipelines and oil tankers bring Canadian oil and gas products to world markets.
Aspects of Economic Globalization
- Globalization is a heavily debated topic in social studies.
- Some see it as a force for healthy interdependence leading to prosperity.
- Others recognize the interdependence but say it doesn't benefit all people.
Economic Globalization: Supporters - Joseph Stiglitz (2022)
- Trustworthy due to his Nobel Prize.
- More economic integration due to reduced communication and transportation costs.
- Changes since 2001 (e.g., technology).
- Positive view of globalization.
Economic Globalization: Sceptics - William Tabb (2022)
- Challenges economic globalization.
- Doesn't benefit everyone.
- Discusses the negatives of globalization.
- (Examples: People with high standards of living being affected negatively, child labor, and pop culture impacts).
- Criticizes globalization.
Economic Globalization: Sceptics - Naomi Klein (2022)
- Rejects economic globalization.
- Believes it creates barriers between people.
- Negative impacts on less fortunate.
- Unemployment and basic needs not being met.
- Connections to the digital divide due to social exclusion.
Economic Globalization: Supporters - Joseph Stiglitz (2001)
- Won a Nobel Prize in Economics in 2001.
- Believes in global economic integration.
- The reduced costs in communication and transportation.
- Dismantled barriers to the flow of goods.
Economic Globalization: Sceptics - William Tabb (2022)
- Professor at Queens College and the Graduate Center, CUNY.
- Sees interdependence as a fact but not currently equal.
- Globalization has potential, but it is not yet realized in all aspects.
Economic Globalization: Sceptics - Naomi Klein (2022)
- Canadian author and journalist.
- Economic globalization impacts all facets of life
- Globalization creates barriers between people,
- Excludes the less fortunate.
- Unemployment and unmet basic needs.
Continued Debate Around Economic Globalization
- Economic interdependence creates instability (e.g., one country's crisis).
- Interdependence enhances stability (countries less likely to go to war).
Factors Impacting the Global Economy
- War within a country or among countries
- Natural disasters (earthquakes, droughts, and floods)
- Famine impacting people directly and international markets
- Economic uncertainty due to major industry collapses, resource depletion, or political changes
- Government policies (tariffs, trade regulations, foreign aid, interest rates)
- Changes in investor confidence (affecting share prices)
- Price changes for non-renewable energy (e.g., oil)
World War I (1914-1918)
- Many expected a quick war, but that was not the case.
- Soldiers faced physical and psychological trauma, poisonous gas, rat-infested trenches, and constant bombardment.
- Combatants: Britain, France, Russia vs Austria-Hungary and Germany.
- 15 million soldiers and civilians killed.
- 66,000 Canadian soldiers were killed, primarily in their late teens/early 20s.
- Loss of a young population has significant economic consequences for a country (reduced workforce, changes in social structure, impact on future generations).
Economic Cost of World War I
- Many towns, homes, businesses, factories, farms, ports, and ships were destroyed.
- European countries borrowed large sums of money (mostly from the USA).
- Europe owed more than $8 billion by 1918.
- Production of goods worldwide dropped by 25% compared to 1913.
- Production in Russia dropped by 80% by 1919.
- Protectionism became widespread after the war due to countries' desires to rebuild their economies.
The Treaty of Versailles (after WWI)
- The treaty was intended to prevent further global conflicts.
- Inflicting harsh punishments on Germany.
- Forcing Germany to pay reparations (payment for war damages).
- Critics argued that these punishments were too harsh.
- Economist John Maynard Keynes believed that these reparations would harm Germany.
WWI and the Canadian Economy
- WWI cost Canada significantly (millions of dollars per day).
- Income taxes were introduced to finance the war effort.
- The war created temporary workforce shortages.
- Unemployment rates increased when soldiers returned home and weapon production stopped.
Russia - Early 20th Century
- Ruled by Czar Nicholas II (Absolute Monarch).
- Controlled the entire empire, covering roughly 1/4 of the world's surface with over 150 million people of over 100 different nationalities.
- Peasants lived under difficult conditions with little control over labour and property.
- Industrialization lagged behind other countries.
- Poorly equipped army in the face of World War I resulting in millions of deaths.
The Russian Revolution (1917-1922)
- Workers and soldiers revolted against the monarchy during WWI.
- Russia pulled out of World War I.
- The Russian economy collapsed.
- Czar Nicholas II and his family were killed.
- Russia experienced a civil war until 1922.
- Millions died from famine and drought.
The Formation of the USSR (1922)
- The Soviet Union emerged as a communist state.
- Advocated for class equality, with public ownership of property and compensation based on abilities/needs.
Joseph Stalin
- Became the dictator of the Soviet Union.
- The USSR became an industrial and military power.
- Implemented five-year plans (command economy).
- Set production schedules for farms and industry.
- Forced collectivization of farms, leading to hardship and famine, including the Holodomor.
The Holodomor
- Famine in Soviet Ukraine (1932-1933).
- Estimates of deaths ranging from 3.5 million to 7 million.
- Man-made factors (e.g., government policies, denial of aid) contributed significantly to the famine.
- Many people were forced to resort to drastic measures (murder, cannibalism) to survive.
The Great Depression (1920s-1930s)
- Post-WWI economic boom turned into a severe downturn.
- Confidence in stock prices led to speculation, and a crash ensued in 1929 (Black Tuesday).
- Stock prices plummeted, causing a domino effect of selling resulting in the Great Depression.
- Many invested lost money; those facing debt could not pay it back.
- Reduced demand for goods that created production declines, leading to layoffs among workers.
- Unemployment rose significantly.
- Countries adopted protectionist policies by greatly increasing trade tariffs, which only worsened the Depression.
- Canada was impacted significantly.
- Exports fell by 50%, unemployment reached 26.6% and major droughts hit Canada.
- Top soil was blown away in many regions ruining farming due to lack of rain making things worse.
World War II (1939–1945)
- Germany's aggressive actions in Europe and later Asia triggered World War II.
- More than 60 million soldiers and civilians died during the conflict.
- Russia, China, and Germany were particularly affected by the war.
- Nazi death camps resulted in the killing of millions of people.
- Canada played a role in the Allied victory.
- Canada’s economy saw an increase in production and jobs during the war.
- Thousands of Canadians died.
Organizations after WWII
- Bretton Woods International Monetary Conference (1944) aim to establish international economic cooperation.
- The United Nations was formed.
- The world needed to work together to build stronger global trade rules, stabilize economies after the war and prevent future conflicts.
- The World Bank and International Monetary Fund (IMF) established to aid rebuilding war-torn economies, provide loans and trade policies, and prevent another global conflict.
Changing National Economies (1970s-1980s)
- Some countries experienced large debt burdens due to expanding their economies which caused massive inflation and high unemployment.
- Keynesian economics suggested policies to counter this, and support from many countries followed this theory from the 1930s onward.
- Other voices like Hayek critiqued this form of intervention, believing that the free market is a better mechanism to stimulate growth and wealth creation.
Government Involvement in the Economy—Keynes and Hayek
- John Maynard Keynes argued for government intervention in the economy due to its success during economic struggles.
- Friedrich Hayek argued that a free market, without government interference, is the best pathway to a healthy economy.
The World Bank and the International Monetary Fund (IMF)
- Established after WWII.
- Designed to aid in economic stability, trade, and preventing further global conflicts.
- Aims to reduce poverty and encourage economic growth in developing countries.
- Criticisms include that their aid is costly and demands certain policies, which can result in problems like budget cuts in developing nations.
Agreements on Tariffs and Trade (GATT) and The World Trade Organization (WTO)
- These organizations aid trade across economies.
- Goal of trade liberalization—eliminating trade barriers (tariffs).
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Description
Test your knowledge on significant events and outcomes from World War I and the Russian Revolution. This quiz covers the causes of these conflicts, their economic effects, and key historical perspectives. Perfect for students studying early 20th-century global history.
