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What is economic globalization?
the idea that modern globalization (post-WWII) is all about economics, or the production & consumption of goods and services.
What is global economy?
The worldwide system of trade and money, where countries buy and sell goods, services, and resources to each other. It connects the economies of different nations through things like international business, travel, and technology.
What is the difference between economic sanctions and reparations?
Economic sanctions are penalties placed by one or more countries to punish or pressure another country for its actions, while reparations are payments made by a country to make up for damage or harm it caused, usually after a war.
What is environmental stewardship?
Environmental stewardship is the responsible management and care of the natural environment to ensure its health and sustainability for future generations.
What was the Roaring Twenties?
A decade marked by rapid economic growth, new styles of music and fashion, and major social and cultural changes primarily in Europe and North America.
What is the UN and why was it created?
The UN is an international organization established after World War II to prevent future world wars.
What is trade liberalization?
Initiatives that make trade between countries easier and more common
What is an ecological footprint?
An ecological footprint is a measure of the amount of natural resources and energy a person, community, or country uses, compared to what the planet can regenerate in a year.
What is the Great Depression?
The Great Depression was a severe global economic downturn that began in 1929 and lasted through the 1930s, marked by widespread unemployment, bank failures, and a sharp decline in industrial production.
Who are the 5 permanent members of the UN Security Council?
China, France, Russia, the United Kingdom, and the United States.
What is free trade?
Free trade is when countries buy and sell goods and services with each other without charging extra taxes or putting limits on what can be traded.
HDI or Human Development Index is measured by three things. What are they?
Longevity
Knowledge
Standard of Living
What was one of the causes of the outbreak of World War II?
The Treaty of Versailles, the rise of Nazism, Germany's shame/unhappiness with reparations after WWI.
What is the Bretton Woods Conference?
The Bretton Woods Conference, held in July 1944, established a new international monetary system and led to the creation of the International Monetary Fund (IMF) and the World Bank to promote global economic stability and development.
Why do some companies use outsourcing?
Some companies use outsourcing because it reduces costs by using suppliers of products and services in less developed parts of the world.
What is the Canadian Environmental Protection Act (1999)?
A law that helps protect the environment and people’s health by preventing pollution. Its main goal is to support sustainable development, which means meeting our needs today without harming the environment for future generations.
Why were some economies better than others after WWII?
Countries like Canada were manufacturing products for war, which increased their workforce and economy. Other countries, like Japan were facing infrastructure loss and civilian casualties, weakening its economy.
What is the difference between the beliefs of Keynes and Hayek?
Keynes felt that the government needed to play at least some role in the economy, in order to protect people.
Hayek argued that the government should protect the market with rules and laws, but otherwise should stay out. Capitalism should be unchecked, and competition should decide the fate of the economy.
What is containerization?
Containerization is the practice of using standardized, large containers to transport goods efficiently across different modes of transportation, such as ships, trains, and trucks.
What is the difference between GDP and GNH?
GDP (Gross Domestic Product) measures a country's total economic output, focusing on economic growth, while GNH (Gross National Happiness) measures the well-being and quality of life of a country's citizens, emphasizing happiness, health, education, and environmental sustainability.