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SS10: Foundations of Economic Globalization (Chapter 9)
Terms in this set (25)
Economic interdependence means that every country has an interest in global economic
As economies grow, they demand more
Globalization has affected developed countries by
turning their focus to providing goods & services.
What are the purposes of international economic organizations? Select all that apply.
to resolve trade disputes
to observe global economics
to encourage trade in developing countries
Globalization has led groups of nations to join _____organizations.
NAFTA can be defined as
an agreement between bordering nations: North American Free Trade Agreement
A multinational organization is defined as a business that
operates in multiple countries.
Bretton Woods Agreement
A post WW2 meeting when 44 countries tried to figure out how they could prevent the kind of economic turmoil that could lead to another world war.
Trans Pacific Partnership. A trade agreement that maybe "dead in the water" because the USA recently dropped out.
In countries such as China, globalization has led to
a better standard of living.
How can businesses best take advantage of globalization?
by increasing employment and production
Comprehensive - Economic -
Trade - Agreement that upholds and promotes the values that Canada shares with the EU
Why do companies choose to outsource work?
to increase profits
What is the primary purpose of the European Union (EU)?
to allow more trade between
How much government involvement did John Maynard Keynes suggest in the economy? Much or little?
Much: Governments SHOULD set up support programs for economic aid.
How much government involvement did Friedrich Hayek suggest in the economy? Much or little?
Little: Competition and the market will keep the economy healthy.
What are the shared goals of the World Bank and the IMF?
To agree on rules about how countries deal with monetary affairs & to govern international trade.
The United Nations
A global organization developed after WW2 in an effort to avoid global conflict.
At Bretton Woods: Members agreed to gradually eliminate tariffs and other trade barriers.
World Trade Organization (WTO)
The first global organization dealing with the rules & regulations of trade between nations.
The Cold War
Interfered with global trade because trade organizations were unable to resolve the issues that divided communist & non-communist countries due to mistrust and a battle for power.
Called the most influential economist of the second half of the 20th century - believed that people should not rely on government help during hard times.
Reducing costs by using suppliers of products and services in less developed parts of the world where labour is cheaper and government regulations maybe less strict
Reducing or removing trade barriers, such as tariffs and quotas, so goods and services can move around the world more freely.
Economic penalty, such as trade boycotts, that pressure a government to agree to follow the rules of trade.
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