What are Realism (Mercantilism), Idealism, and Marxism
100
Name the two key concepts of the Realist/Mercantilist theory of economics.
What are Economics is second to state power.
Government and Industry work together to enhance the power of the state through promoting global trade and investment.
100
What is the idea that countries should be able to openly trade with MINIMAL barriers?
What is Free Trade
100
Find an area of specialization to make as a basis as your countries exporting/world trade.
What is Comparative Advantage
100
What is the problem with Comparative Advantage on a global trading scale?
What is many small countries often trade raw material which in result adds to many traders to the market.
200
Policies employed by countries to protect their country's markets. Increase tariffs, subsidies, etc.
What is Protectionism
200
Country basically cuts itself off from the world in terms of trade. Example would be N. Korea.
What is Autarky
200
Attempts to organize and aid countries in fair trade practices, etc. Helps facilitate trade agreements.
What is WTO
200
What agreements are made when two countries trade specifically together with another country?
What is a Bilateral Agreement
200
Three or more countries in which goods can flow and be traded freely. NAFTA would be an example of this. Hegemons often set the rules and standards or complain of "free riders" coming on.
What are Free Trade Areas
300
Very controlled markets. Example being that US can only buy Latin American bananas, not African.
What are Cartels
300
Process in which country markets around the world are becoming more integrated.
What is Globilization
300
What are the three consequences of globalization?
What are Westernization, Secularization, and Changing Power Relations. Who Benefits?
300
Only the US and already democratic states do well, instead of those that are just entering the game. Those that created the game, win the game.
What is Westernization
400
All of the unique cultures will disappear once many countries begin to change to the western style of life and government. Interracial marriage will increase too, diminishing the unique people of the world.
What is Secularization
400
Once nations adopt western ideas, they will become more powerful changing who rules the world.
What is Changing Power Relations
400
Who Benefits from Globalization?
Extremely traditional countries will have a very difficult time changing into westernized societies. Not benefitted equally.
400
the value only extends to their own state/country
What is soft currency
400
the value extends globally, such as: US, China, Japan, etc.
What is Hard Currency
500
Created an economic system after WWII that would sustain other new and repairing countries. Some countries want their currency artificially low so as to keep prices "low."