Economic Globalization
What agreement led to the creation of several major international economic organizations?
What international body is responsible for regulating global trade?
World Trade Organization (WTO)
What regional trade agreement includes South American countries?
Answer: MERCOSUR
What are some environmental implications of developing Alberta’s oil sands?
Significant greenhouse gas emissions, water usage, and habitat destruction.
What does OECD stand for, and what is its role?
Organisation for Economic Co-operation and Development; it promotes policies to improve the economic and social well-being of people around the world.
Name one economist whose ideas significantly influenced economic globalization
Friedrich Hayek or John Maynard Keynes
Mention a criticism of transnational corporations (TNCs).
They can dominate local economies, exploit labor, and influence political decisions
What is a major role of the World Bank in the international monetary system?
Name an international agreement focused on environmental protection
The Kyoto Protocol or the Paris Agreement
Explain the concept of stewardship in the context of sustainability.
Managing resources responsibly to ensure sustainable prosperity for current and future generations.
What does GATT stand for, and why was it important?
General Agreement on Tariffs and Trade; it helped promote international trade by reducing tariffs and trade barriers.
What is the purpose of CIDA?
To manage Canada’s foreign aid and development efforts
Describe one criticism of outsourcing.
It can lead to job losses in the home country, exploitation of workers.
How does deforestation impact the environment?
It leads to loss of biodiversity, increased carbon emissions, and disruption of water cycles.
How can cities achieve sustainability while prospering through globalization?
By integrating green technologies, sustainable urban planning, and environmental policies.
How does freer trade contribute to economic globalization?
It removes or reduces trade barriers between countries, increasing economic integration and cooperation.
Name the group that represents the world's largest economies
Group of Eight (G8).
What are concerns about expanding the EU?
Economic disparities, political integration challenges
What role does urbanization play in environmental challenges?
Increases pollution, reduces green spaces, and leads to overuse of resources.
What is a Genuine Progress Indicator, and why is it significant?
It measures economic growth and considers environmental and social factors, providing a more comprehensive view of prosperity.
Name the three major organizations created by the Bretton Woods Agreement
International Monetary Fund (IMF), World Bank, and International Trade Organization (ITO).
What are some benefits of economic globalization mentioned in your notes?
Increased trade, economic growth, technological advancement.
How does the IMF help stabilize international monetary systems?
By providing financial support to countries facing balance of payments problems.
Discuss an environmental impact of containerization.
Increased shipping activity leading to marine pollution and invasive species.
Discuss a challenge that Canada faces in achieving prosperity for all regions.
Regional economic disparities, such as differences in natural resources and industrial development.