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41 Cards in this Set

  • Front
  • Back
During the 19th century, most countries inserted themselves into the world economy by
Specializing in a few export products or commodoties
Early industrial development in England was driven by
Domestic market transformations and protection from foreign competition
According to the theory of "Comparitive Advantage"
All nations potentially benefit from trade
Jeffrey Frieden argues that colonialism
Impeded colonies economic integration with the rest of the world
In the PBS Online Debates, Moises Naim argues that globalization has
Empowered criminals, smugglers, and terrorists while weakening governements
Which aspect of American Law granted corporations status as a "legal person"
Teh 14th Amendment
Which of the folowwing in NOT a valid explanation for GB relative decline as an industrial power
High rates of protection in that nation stifled competition
The innovations in the 19th century oceanic transportation and communication (steamships, technologies, submarine, telegraph, Suez Canal) led to
Mass trade in basic commodities
In the PBS Online debate between graduate students and Harvard, they reached a consensus that
Globalization must be managed in some way
What is a metaphor(image)Thomas Friedman uses to describe modern globalization
The world is flat
Portfolio investment describes
The ownership of securities such as stocks and bonds
which of the following nations was NOT a major recipient of British foreign investment or capital exports in the late 19th centruy
The Gold Standard system
A) Decreased the risks of international trade and investment
B) Had negative consequences for nations which specialized in one or two primary commodity exports

Both A & B
Jeffrey Freiden argues that the main factor in holding back economic development in poor societies was
Misrule by a nations leaders, wither imperialists or local
Which of the following was NOT a factor in the eroision of British hegemony, or supremecy, in the late 19th centruy and early 10th centuries
Which of the following was NOT a key factor in the shift from mercantilism to free trade
Petroleum-fueled industry
Almost every nation that moved toward autarky and authoritarianism in the 1930's was
An international debtor
The Suez Canal, completed in 1869, was excavated in which nation?
The effects of the international telegraph on international commerce included all the following EXCEPT
It gave the greatest advantage to American companies, who controlled most telegraph lines
Which nation was the key to enforcing the operation of the gold standard in the decades prior to 1914
Great Britain
Whcih aspect of the Americna law granted corporations status as a "legal person"
the 14th Amendment
An externality is
A cost or benefit from a business tranasction to the third party
Perhaps the most dramtic global economic transformation between 1914 and 1919 was
The United States transition from being the world's largest debtor to becoming its largest lender
What were the two most important sources of income for the English East India Company
Taxes and Opium
What is the metaphor (image) Thomas Friedman uses to describe the modern globalization
The world is flat
Which of the following was an essential form of economic adjustment nations on the gold standard often had to make in order to stay on the gold standard
Drastic wage reductions for workers
The first global economy existed during...
Inernational trading companies (i.e.English East India Comapny, Dutch East India Comapny, Hudson Bay Company) during the 1600-1800 period owed the overseas success largely to
Their government chartered monopoly trading rights
During 1873-1896, the price of goods that entered into world trade
Declined dramatically
In the United states, which groups were the most vocal critics of the gold standard
Farming and mining interests
Under the gold dollar standard system
Nations fixed the value of their currencies in terms of gold
European economic recovery after WW1 was threatened most seriously by
The burden of war debts and reperations
The repeal of the Corn laws took place in which decade
Which of the following is NOT and an argument advanced by Bernard Cassin in "To Save Society"
The globalization of trade reduces inequalities around the world
According to Martin Wolf ("Why is Hatred of the Market", opponents of globalization are motivated by
1) Hatred of markets
2) A fear of foreigners
3) Concernd about wages, jobs, and economic activity
4) All of the above
Under the MFN principle, if nation A agrees to lower tarrifs on certain goods imported from nation B
The reduction applies equally to the same goods imported from all other trading partners of nation A
According to Jeffrey Fieden, U.S. policies of menetary deflation and liquidation in the 1930's
Only worsened economic decline and did nothing to alleviate unemployment
According to Daniel Litvin, all of the following drove the East India Company into greater involovment in Indian politics EXCEPT
The French government's colonial takeover of India
The populist program in the 1890's United States demanded, first and foremost
That the United States go off the gold standard
In the years 1896-1912, American trade policy was dominated by
The beginning of the industrial revolution can be traced to which industry
Cotton textiles