TERMS
Gave people confidence in paper money because people knew it was backed by real gold.
What is The Gold Standard
An international organization that helps maintain global financial stability.
What is The International Monetary Fund (IMF)
The number of countries that are in the WTO, World Trade Organization.
What is 164?
The year Canada signed the FTA with the US.
What is 1989?
These are examples of how TNC's drive economic globalization. List at least two.
Investing money in helping local economies grow.
opening new markest and offering more choice to consumers.
Sharing technology and training local workers.
Creating jobs and improving local infrastructure. Influencing government policies and setting industry standards.
Taxes added to imported goods.
What is a Tariff?
Offers long-term loans to struggling, less developed countries.
What is the World Bank?
The impact of Economic Globalization in Canada. List at least two positive and/or two negative.
Increased trade
Foreign Investments
Job Creation and job changes
Cultural influence - raises concerns about preserving Canadian culture
Economic Growth - expands
Evnironmental issues
Regional differences - unequal benefits across regions.
That last year that Canada and the US had a formal softwood lumber agreement?
What is 2015?
These are some negavitive effects of TNC's on LDC's. List at least 2.
Profits go back to home countries.
Small businesses may struggle to compete.
Operations can cause pollution.
Workers may face low wages and poor conditions.
Can change local cultures and values.
A way of using resources that meets current needs without compromising the ability of future generations to meet their own needs, balancing economic growth, environmental protection and social well-being.
What is Sustainable Development?
The goal of this organization is to promote peace and improve the global economy by increasing trade.
What is the United Nations?
The purpose of this agreement was to create a stable international economic system and avoid future economic crises.
What is the Bretton Woods Agreement?
The agreement in 1994, that expanded to include Mexico, making it the largest free trade area in the world?
What is NAFTA, the North American Free Trade Agreement? Became USMCA.
These are positive effects of TNC's on MDC's. List at least 2.
What are:
Create jobs, especially in management and R&D.
Operations contribute to GDP growth.
Investment in research leads to new products.
Promot international trade, enhancing market access.
Offers a variety of products and services.
A period during which economic activity, as measured by gross domestic product, declines for at least two quarters in a row in a specific country.
What is a recession?
An international group that helps countries trade with each other, began in 1995, taking over from an earlier agreement called GATT.
What is The World Trade Organization (WTO)
One British economist believed the the government should play a large role in the economy and one believed that if that were the case, society was doomed to failure.
Who is John Maynard Keynes (pro government) and Frederick Hayek (pro less government)?
Critics argued that this was one of the negative impacts to the US and Canada as a result of NAFTA.
What are job losses?
These are negative effects of TNC's on MDC's. List at least two.
What is:
moving jobs to cheaper countries, causing job losses.
Profits going to a few, increasing inequality.
Operations causing pollution and resource depletion.
Global brands eroding local cultures and traditions.
Large TNC's dominating markets, hurting local businesses.
The removal or reduction of restrictions or barriers on the free exchange of goods between nations.
What is trade liberalization?
This group of seven major advanced economies that meet to discuss important global issues. List them.
What is the G7? Canada, France, Germany, Italy, Japan, United Kingdom, and the United States.
The 5 major Negative Impacts Globalization can have on the environment.
What is Increased pollution,
resource depletion,
climate change,
waste generation and
habitat destruction.
These are other organizations that promote economic Globalization. List at least one.
What is La Francophonie? (helps promote french language and culture)
What is IPPP (Indigenous Peoples Partnership Program?
These are examples of Trading blocs. There are three.
European Union - EU
NAFTA (Now USMCA) - US, Canada, and Mexico
ASEAN - a group of southeast Asian countries