Key Vocab
The growing connection of countries through trade, investment, and global supply chains.
What is economic globalization?
This is name of the conference where leaders recognized that unstable economies can lead to extremist or corrupt governments like facism or communism and they came up with the International Monetary Fund.
What is the Bretton Woods Conference (1944)?
Economic globalization has not reduced this word for inequality.
What is 'disparity'?
This is the main commodity that has increased in price due to the war with Iran and the Straight of Hormuz.
What is gasoline?
This is your biggest concern about the impact of globalization on the environment. (Any well justified answer will get you the points).
(Any well-justified answer will get you the points)
Countries that have strong economies and a high quality of life. People in these countries usually have good access to education, healthcare, jobs, and technology.
Examples: Canada, Germany, Japan
What are Developed Countries?
This term refers to the overall level of comfort, wealth, health and access to goods and services that people in a place or society have (ex. like education & agency). Stats show that economic globalization has increased this for people around the world, especially in terms of life expectancy.
What is "standard of living"?
The pressure to produce 'high yields' and make more money off of crops causes these things to be used in farming but are bad for the land.
What is use of chemicals or herbicides or pesticides, or artificial fertilizers?
Canada's Prime Minister Mark Carney was recently invited to a summit of European countries. This is the name of the European country's alliance.
What is the European Union?
This is your opinion about whether or not to shut down a sweatshop. (Any well-justified answer will get you the points).
(Any well-justified answer will get you the points).
A workplace characterized by low wages and poor working conditions, often found din less developed countries that sell goods to Transnational Companies
Example: A clothing factory overseas where workers are paid very little and work long hours to make shirts for a major international brand
What are Sweatshops?
On-demand supply chains are seen as positive for the environment because it means less of this.
What is "less waste"?
These types of investors from another country can demand that government pass laws that benefit the company (ex. Tax laws, access to protected environments); strip the land of resources with limited consideration to the local people.
What are 'foreign investors'?
This global conflict has recently disrupted supply chains, affecting prices and availability of goods in Canada.
What is the US war with Iran? Or the blockade of Strait of Hormuz?
This phrase is about when corporations can move their money & profits where there is an advantage of better tax laws in various countries, then deprive the country where they are doing most of the work in of the needed revenue ($)
What is tax evasion?
Development that meets current needs without harming the ability of future generations to meet their own needs.
Example: Building homes using energy-efficient materials and renewable energy sources to reduce long-term environmental impact
What is sustainable development?
Very small loans given to people who don’t have access to traditional banks, often in developing countries.
They are designed to help people start or grow small businesses and improve their standard of living.
What are microloans?
Huge masses of garbage are collecting in this body of water because of over consumption and packaging.
What is the ocean?
This is the ACRONYM for the major trade agreement that connects Canada with the United States and Mexico, shaping economic globalization in North America. It used to be called NAFTA.
What is CUSMA?
This is a phrase to decribe when educated workers can move to a more desirable place and take their 'knowledge economy' with them.
What is 'brain drain'?
When a company hires another company (often in a different country) to do part of its work or production.
Example: A clothing brand hires a factory overseas to make its products instead of making them in its own country
What is outsourcing?
This is name of the conference where leaders recognized that unstable economies can lead to extremist or corrupt governments like facism or communism and they came up with the International Monetary Fund.
What is the Bretton Woods Conference?
Leaders of developed nations are concerned about signing Multilateral Environment Agreements like this one because it impacts (limits) economic growth.
What is the Kyoto Protocol?
Canada’s economy is heavily influenced by exporting this natural resource, especially to global markets like the U.S. and Asia.
What is oil or Fossil Fuels?
This idea can be a conspiracy theory but from a economic SS lens, it suggests globalization helps 'level the playing field' for countries and people to prosper.
What is "the world is flat"?