Terms
Using resources to meet present needs without harming future generations’ ability to meet theirs.
What is sustainable development?
When countries become increasingly connected through trade, technology, and investment.
What is economic globalization?
This is hiring another company or country to perform certain jobs or services.
What is outsourcing?
This was the United Kingdom's withdrawal from the European Union (EU)
What is Brexit?
Name one positive effect of globalization on less developed countries (LDCs).
What is: increased jobs, improved technology,local investment...
The type of exchange rate changes based on supply and demand.
What is a floating exchange rate?
A major agreement that created the IMF and World Bank after WWII.
What is the Bretton Woods Agreement?
An economist who believed governments should help stabilize economies during recessions.
Who is John Maynard Keynes?
These are sometimes used by a country to try to protect local businesses and raise government revenue by charging extra fees for importing goods from another country.
This is one negative effect of globalization on less developed countries (LDCs).
What is: pollution, poor working conditions, exploitation of workers.....
An economic system requiring paper money to be backed by gold.
What is the gold standard?
A major event that happened in 1989 that helped trigger rapid economic globalization.
What is the end of the Cold War?
An economist who believed too much government control would lead to economic failure.
Who is Friedrich Hayek?
This is a unique political and economic union of 27 member states located primarily in Europe.
What is the European Union (EU)?
This is one positive effect of globalization on more developed countries (MDCs).
What is: economic growth, access to larger markets, access to cheaper labour....
The term for reducing barriers to trade between countries.
What is trade liberalization?
Its purpose is to reduce global poverty and promote sustainable economic development in low- and middle-income countries by providing support and loans (for long term problems).
What is the World Bank?
These are ways that techonology helped with spread of economic globalization.
What is: it's easier to invest money, move money, borrow money, lend money...
What are the Free Trade Agreement, then, NAFTA, then, CUSMA?
This is one negative effect of globalization on more developed countries (MDCs).
What is: manufacturing job losses due to outsourcing
A protectionist ideology that prioritizes state intervention and domestic control over the national economy.
What is economic nationalism?
This is an international organization that helps maintain global financial stability by promoting global economic cooperation to stabilize exchange rates and assist countries in financial trouble. Helps countries facing financial trouble from more short term issues.
What is the International Monetary Fund?
These are two negatives and two positives of globalization.
Negatives: job displacement, labour exploitation, environmental degradation, cultural homogenization: The dominance of certain globalized industries and Western media can overshadow and erode unique local cultures, languages, and traditions.
Positives: access to expanded marketsk (more customers), access to lower prices, increased international competition helping to lower manufacturing costs and consumer prices, economic growth, access to new technology, sharing knowledge, cultural exchange
This was a foundational, multilateral international treaty established in 1947 to promote global free trade. Its main purpose was to reduce or eliminate trade barriers like tariffs and import quotas to help rebuild the global economy after World War II.
What replaced this?
What is GATT?
What is WTO?
These are at least two impacts on Canada due to economic globalization.
Positives: more trade & investment, expanded markets for businesses, ree trade agreements dealing with labour shortages
Negatives: industrial job displacement, vulnerability to protectionism, wage and pricing pressures, enviornmental degradation, social strains,