Economic Globalization Throughout History

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What term is used to describe the international exchange of goods and services in monetary units of account?

Global Economy

What is the global economy sometimes referred to as in the text?

World Economy

Which aspect of globalization does the text mention as involving the trade of goods and services?

Globalization of Trade

What does the text define as economic globalization?

Functional integration between internationally dispersed activities

What does internationalization focus on according to the text?

Economic activities within a country

Which term best describes the system of trade and industry across the world that has emerged due to globalization?

Globalization System

What is the main difference between a recession and a depression?

A recession is short-term, while a depression is long-term and sustained.

Which historical event is considered the worst economic downturn in the history of the industrialized world?

The Great Depression

What was a significant outcome of British Industrialization in terms of globalization?

Technological advances and organizational methods spreading globally

Which event facilitated the spread of the industrial revolution to continental Europe and North America?

Napoleonic wars

Which historical development is associated with the archaic form of globalization?

Spread of the Silk Road connecting Asia, Africa, and Europe

What was the contribution of the Dutch East India Company to globalization?

Founding of the Dutch East India Company played a significant role in global trade.

What is the main purpose of the General Agreement on Tariffs and Trade (GATT)?

To serve as a forum for trade negotiations

Which term refers to the reduction of restrictions on the free exchange of goods between nations?

Liberalization

What does privatization involve?

Transfer of ownership from government to private sector

What was the purpose of Neo-mercantilism in terms of economic policies?

To intervene and protect domestic industries

What does deregulation aim to achieve in a particular industry?

Create more competition within the industry

How did the Great Depression impact the global economy?

By increasing protectionist policies among nations

Explore the historical roots of economic globalization by examining examples such as the Silk Road, Christopher Columbus' discovery of America, and Vasco de Gama's sea route to India. Consider whether economic globalization is a new phenomenon or an enduring aspect of human history.

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