Definitions & Concepts
This IMF term refers to the increasing integration of economies worldwide.
What is economic globalization?
This ancient network connected China, the Middle East, and Europe for trade.
What is the Silk Road?
This is a monetary system where a country's currency is directly tied to a fixed quantity of _____. This means the government promises to convert paper money into a specific amount of _____ on demand.
What is the gold standard
This British leader promoted neoliberal economics in the 1980s.
Who is Margaret Thatcher?
This 2007–2008 event was the worst economic downturn since the Great Depression.
What is the global financial crisis?
The economic phenomenon where stagnation and inflation occur together.
What is stagflation?
The commodity most famously traded on the Silk Road.
What is silk?
This global crisis of the 1920s–30s was worsened by the gold standard’s restrictions.
What is the Great Depression?
This American president echoed neoliberal policies alongside Thatcher.
Who is Ronald Reagan?
These risky mortgages triggered the 2008 crash.
What are subprime mortgages?
Profit oriented companies that operate in multiple countries
What are transnational corporations (TNCs)?
From the 16th–18th centuries, this system dominated trade with tariffs and restrictions.
What is mercantilism?
His 1944 conference established modern global economic institutions.
What is Bretton Woods?
The painful economic reforms pushed on countries in the 1980s and 1990s like rapid privatization and market opening were often described with this medical metaphor.
What is shock therapy?
This major US investment bank collapsed in 2008, sparking the crisis.
What is Lehman Brothers?
The phrase used to describe how countries lower labor and environmental standards to attract investors.
What is the race to the bottom?
The Manila-Acapulco galleon trade in 1571 marked the start of this global process.
What is economic globalization?
The two institutions created at Bretton Woods were the World Bank and this fund.
What is the International Monetary Fund (IMF)?
Neoliberalism’s package of policies promoted by IMF & World Bank.
What is the Washington Consensus?
In response to the 2008 crash, President Obama implemented this type of stimulus.
What is a Keynesian style stimulus package?
This is the modern system where currencies are not backed by gold but by government decree.
What are fiat currencies?
These historians argue globalization began in 1571 with the galleon trade.
Who are Dennis O. Flynn and Arturo Giraldez?
This economist’s ideas of government spending shaped the Bretton Woods system.
Who is John Maynard Keynes?
This economist, alongside Friedrich Hayek, criticized government economic intervention.
Who is Milton Friedman?
This European country was forced by the IMF and Germany to impose harsh austerity
What is Greece?