Globalization
What is globalization?
the increasing interconnectedness and interdependence of the world's economies, cultures, and populations, primarily driven by trade, technology, and the flow of people, information, and investment across borders
Which country underwent "shock therapy" economic reforms in the 1990s?
Russia
What is economic liberalization?
The reduction of government intervention in the economy to allow for more free-market activity.
What country now is experiencing heightened levels of social tensions due to xenophobia caused by high immigration rates?
UK
Describe immigration and emigration
Immigration: coming to a new country to pursue a new life
Emigration: exiting your homeland in search of different opportunity
Name one benefit and one challenge of increased globalization
Benefits: access to goods/information; enhanced global markets and free trade; costs lowering due to access to goods
Challenge: potential loss of sovereignty; political/social tensions due to increased migration
Why have many countries put sanctions on Iran, and why do limitations to Iran's ability to participate in IEOs exist?
The clarity around Iran's nuclear power and uranium enrichment programs
What organization works to foster global monetary cooperation and the stability of the international monetary system?
International Monetary Fund
What are import substitution industrialization policies?
Policies that try to support domestic production/goods by propping up industries through the use of tariffs or government subsidies
Name one major demographic concern in China and Nigeria. Provide the reason for that demographic concern.
China: aging population and gender imbalance due to the one-child policy
Nigeria: rapidly increasing birth rate due to lack of contraceptive healthcare and education
What is NAFTA and what were its intended goals?
North American Free Trade Agreement; eliminate trade barriers and restrictions between the United States, Mexico, and Canada and help promote economic liberalization between North America
Which two of our course countries use a cooperative method between government-run entities and foreign corporations for the oil industry?
What are two reasons countries might want to engage in the free trade market?
Ability to get goods at a cheaper cost; enhanced access to materials that countries do not have (usually natural resources); Cost of labor
What two course countries have had high rate of emigration over the past two decades and why?
Russia- government corruption from war; economic hardship from sanctions and aging population
Iran- brain drain; seeking more civil rights/liberties and opportunities in more democratic countries
Name four things that can cause demographic change
Describe off-shoring and re-shoring.
Off-shoring: When a corporation moves industries to other countries for cheaper labor/less environmental harm
Re-shoring: When a corporation moves industries back within their borders, usually with the hopes of government subsidies
What is the UK's NHS?
National Health Service- the publicly funded healthcare system in the UK that provides free coverage to all citizens and legal residents
How does China’s model of economic liberalization differ from many democratic models?
China maintained strong state control over strategic sectors and avoided full political liberalization, combining market reforms with one-party rule.
Despite the war in Ukraine causing hardships for many Russians, list two economic factors that have improved in Russia since 2022.
GDP has risen; unemployment has lowered; average household income has increased
What percentage of Mexico's population lives in urban cities?
80%
Give one example of an anti-globalization viewpoint from one of our course countries with an example.
UK: leaving the EU through Brexit
Iran: the Iranian Revolution and rolling back civil rights/liberties
Russia: re-nationalization of oil industry under Putin
Describe the education disparity in Nigeria. What is the main contributing factor to this disparity?
Girls in the North do not receive as good of education as girls in the South. This is largely attributed to the traditions/religious influence of the Muslim population in the North
Name two course country leaders in the late 1900s who promoted economic liberalization, and briefly outline some of their economic policies.
Thatcher (UK)- neoliberalized the economy; degregulated industry; free markets; restraining government spending
Xiaoping (China)- opened up to FDI; increased the labor force; helped industry succeed along the coast
Discuss two things countries are doing to combat environmental harm caused by industrialization
Providing subsidies for countries committed to green energy
Limiting the use of nonrenewable sources
Increasing access to public transportation
Providing tax cuts for drivers of EVs and hybrids
What are three concerns of the increased urbanization in Mexico?
Increased crime rate; higher levels of pollution; higher cost of living due to less access of housing; more competition of the job market; imbalance of the market between urban and rural areas