Contemporary World

• What does globalization refer to?

  Intensification of interactions among international actors
• How has globalization changed the world?

  It has made the world more connected and interdependent
• What metaphor is used to describe globalization?

  A spider web formed over millennia
• What historical event marked the beginning of globalization?

  Traders traveled vast distances in ancient times
• What advancements did the Industrial Revolution bring?

  Improvements in transportation and communication
• What significant agreement was signed in 1993 related to globalization?

  North American Free Trade Agreement (NAFTA)
• What was one effect of NAFTA?

  Incentive for American manufacturers to relocate to Mexico
• What conference led to the creation of GATT?

  Bretton Woods Conference
• What have governments integrated over the last 20 years?

  A free market economic system through trade agreements
• What are the pros of globalization?

  • Larger market for goods and services
  • Cheaper consumer prices
  • Outsourcing benefits both domestic and foreign labor
  • Increased standard of living
• What are the cons of globalization?

  • Concentrates wealth in richer countries
  • Poorer countries can be left behind
  • Exploitation of labor and resources in poorer countries
  • Homogenization of cultures and products
• What perspective views globalization as purely economic?

  Hyperglobalist
• How do skeptics view globalization?

  As Americanization or Westernization
• What is the transformationalist perspective on globalization?

  It sees globalization as a transformation of human lives
• What are the ways to achieve globalization?

  • Liberalization of trading policies
  • Foreign direct investment
  • Privatization
  • Presence of multinational companies
  • Contractualization
• What major global conflict occurred between the Allied and Axis Powers?

  World War II
• What was a significant outcome of World War II?

  Need for global cooperation for development
• What conference established the Bretton Woods system?

  Bretton Woods Conference in 1944
• What was the gold standard based on?

  US Dollars
• What major financial institutions were created at the Bretton Woods Conference?

  World Bank and International Monetary Fund (IMF)
• What was the Triffin Dilemma?

  US running deficits to maintain dollar's reserve status
• What is the main function of the World Bank?

  Loans for middle-income and low-income countries
• What does the International Monetary Fund (IMF) promote?

  Global monetary cooperation and financial stability
• What is the main goal of the World Trade Organization (WTO)?

  Facilitation of international trade
• How many members does the WTO have?

  164 members
• Who is the current Director-General of the WTO?

  Ngozi Okonjo-Iweala
• What is the definition of international liquidity?

  Supply of financial assets with purchasing power
• What does privatization involve?

  Transfer of government services to the private sector
• What are the configurations of world power?

  • Bipolarity: Two dominant powers (USA and USSR)
  • Unipolarity: One dominant power (USA)
  • Multipolarity: Multiple world powers today
• What is the role of international law?

  Regulates treaties and agreements among states
• When was the United Nations established?

  1945
• What is the mandate of the United Nations?

  To end international war and promote development
• What are the main organs of the United Nations?

  1. General Assembly
  2. Security Council
  3. International Court of Justice
  4. Secretariat
• What is the function of the General Assembly?

  Meeting of all member states
• Who are the permanent members of the Security Council?

  USA, Russia, France, UK, China
• Where is the International Court of Justice located?

  The Hague, Netherlands
• What is the role of the Secretariat in the UN?

  Manages the General Assembly and records sessions
• When was ASEAN established?

  August 8, 1967
• What is one objective of ASEAN?

  Accelerate economic growth and cultural development
• Who were the founding members of ASEAN?

  Indonesia, Malaysia, Singapore, Thailand, Philippines