Globalization
The integration of the world’s markets in goods and services, as well as flows of investment and people across national boundaries.
What is globalization?
This takes place when a country produces a more narrow range of goods than it consumes, acquiring the goods that it does not produce by trade.
What is specialization?
This consists of hyperglobalization, democracy in nation states, national sovereignty.
What is the the trilemma of the world economy?
The net value of all payments; Exports - Imports + Net Factor Payments.
What is the current account?
This occcurs when doubling all of the inputs to a production process more than doubles the output.
What is economies of scale?
A world in which there are virtually no political or cultural barriers to the location of goods and investment.
What is hyperglobalization?
The aspect of globalization that has increased the least due to various government policies and quotas throughout history.
What is migration?
This would not occur without specialization.
What are incentives to trade?
The creator of the trilemma of the world economy concept.
Who is Dani Rodrik?
These restrict the transfer of assets between individuals and firms across borders and include taxes, tariffs, prohibitions, and restrictions.
What are capital controls?
The author of "On the Principles of Political Economy and Taxation" and the theorist behind comparative advantage.
Who is David Ricardo?
Workers in advanced countries that have not seen much success under globalization.
What are less skilled workers?
This is buying a good at a low price in one market and selling it at a higher price in another.
What is arbitrage?
These two reasons are why countries specialize in what they do.
What are economies of scale and regional differences?
The agreement made to combine National Sovereignty and Democratic Politics.
What is the Bretton Woods Compromise?