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Globalization History and Impact
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Globalization History and Impact
Globalization History and Impact
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1
Question
Who conducted an in-depth study on the history of globalization?
Answer
James Steger in 2014.
2
Question
When was the term 'globalization' first used?
Answer
1930
3
Question
When was 'globalization' added to dictionaries?
Answer
1961 in the Merriam-Webster Third New International Dictionary.
4
Question
When did globalization from an economic perspective begin, according to Rangarajan 2003?
Answer
1870 to 1914, characterized by free movement of trade, capital, and people.
5
Question
What are some reasons for the spread of the idea of globalization, according to Martell's 2010 discussion?
Answer
The development of global communication, such as the Internet, and the unification of some cultures or the spread of capitalism.
6
Question
What are the four periods in the history of globalization?
Answer
Early history, medieval, pre-modern to modern period, and modern era.
7
Question
TRANSFORMATION in Globalization
Answer
Transformation affects the entire system at the same level as the units that compose it. It requires altering the identity or foundational rules of constituent units.
8
Question
TRANSCENDENCE in Globalization
Answer
Globalization is a self-contained process that cannot be understood solely through a few dimensions or causes. It not only transforms but entirely removes the distinction between the system and the unit.
9
Question
When did the first form of globalization begin?
Answer
As early as ancient civilizations e.g., the Roman and Han Dynasties
10
Question
What facilitated trade in the Medieval Period?
Answer
Jews and Muslims traveling around the world
11
Question
Name two key explorers who navigated new trade routes.
Answer
Christopher Columbus and Vasco de Gama
12
Question
How did the Industrial Revolution boost trade?
Answer
Greatly boosted product quality and trade
13
Question
What disrupted global economies in the early 20th century?
Answer
World War I, 1914-1918, leading to the Great Depression and economic instability
14
Question
What initiative reduced trade restrictions post-World War II?
Answer
GATT (General Agreement on Tariffs and Trade), which evolved into the World Trade Organization (WTO)
15
Question
How does globalization affect local identities?
Answer
Globalization can also encourage countries to strengthen their local identities
16
Question
How does globalization help reduce monopolies?
Answer
Encourages foreign businesses to set up in local markets, increasing competition and lowering consumer prices
17
Question
How does globalization affect labor mobility?
Answer
Countries with high unemployment rates can send workers to nations that need them.
18
Question
What is the world trade economy?
Answer
The global system where countries engage in economic activities such as trade, investment, and knowledge exchange.
19
Question
What are the key elements of the world trade economy?
Answer
Trade of goods and services, financial markets and investments, technology and communication, manufacturing and production.
20
Question
What are the historical beginnings of the world trade economy?
Answer
Homo Sapiens and their first travels, dating back 5,000 years with examples like the Silk Road.
21
Question
What disrupted free trade historically?
Answer
The rise of monopolies in the 17th century, such as the British and Dutch East India Companies.
22
Question
What strengthens trade and capital flows in globalization?
Answer
Trade of goods and services, capital movement, money movement, and free trade.
23
Question
How does globalization affect technology and investments?
Answer
Speeds up the spread of modern technologies and encourages both short-term and long-term foreign investments.
24
Question
What are the challenges of globalization?
Answer
Unequal distribution, protectionism, and competition issues.
25
Question
How is globalization unequally distributed?
Answer
Only a few countries benefit, many developing nations are left behind.
26
Question
What is protectionism in the context of globalization?
Answer
Developing countries face tariffs and trade barriers from developed nations.
27
Question
What are the competition issues faced by developing countries in globalization?
Answer
Developing countries struggle against more advanced economies and need protection for their emerging industries.
28
Question
What is considered the golden age of global trade, and what were its characteristics?
Answer
The period from 1870 to 1913 is considered the golden age of global trade, characterized by free and peaceful trade until World War I.
29
Question
What are the key features of the International Monetary System (IMS)?
Answer
The IMS facilitates cross-border trade, transactions, and investments. It reflects how currency plays a role in politics and emphasizes diplomacy in finance.
30
Question
What were the main goals of the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD) as established at Bretton Woods?
Answer
The IMF's goal was to promote international cooperation in finance and strengthen global trade. The IBRD was tasked with managing post-war reconstruction.