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GS101 Week 6 Mid-term Exam Review.docx
GS101 Week 6 Mid-term Exam Review.docx

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Wilfrid Laurier University
Global Studies
Timothy Clark

Global Studies Exam Review Week 6, Lecture 1  Definition of globalization, and modernity (must know his different definitions and understand them, modernity is KEY CONCEPT IN COURSE! Shapes way we think about world, relates to binaries)  Evolution of civilizations (the different historic civilizations; know the broad evolution of these societies)  Bretton Woods order and its collapse (essential event, understand order, what were the debates who were protagonists and how did it shape order that came out of Bretton Woods)  Principles and Rise of Neo-liberalism (principles and policies related to neo-liberalism—replaced Bretton Woods, whose pushing it how does it serve their policies)  Internationalization of Trade and Finance (related to neo-liberalism, policies neo-liberals were implementing in 80’s and 90’s, what was the effect—trans-national coorportations etc. and how is it different from Bretton Woods)  International Financial Institutions (origins, initial purpose and what transformed into)  Orgins of Nation-state system (politicial state globalism, where does it come from)  Hyperglobalists vs Global Skeptics (arguments each make, what evidence)  Market vs Justice Globalism (dom. Competing forces trying to shape what globalization means) Orend  Drivers of Growth, and GDP- concepts are foundational for ability to understand what we’re talking about when talking about economy  Trade Policies- different kinds (free trade etc.), what are different kinds of trade he outlines  Ideologies of the State, need to know EACH ONE, what basic principle is !!! Mid-term Review ****Don’t worry about the 3 Cheers for Capitalism article!! Not on the quiz, only will help for pro- globalization argument Review Topics: Keynes and the Great Depression (Keyens was chief negotiator for Great Britain in Bretton Woods)  Micro-Rationality and Macro Irrationality…. Macro refers to individual decisions that each person makes in the company therefore, will cut costs ie lay off workers due to the decrease of demand but this is depressing demand; irrational in big picture. Keyenes states government is only one seeing big picture and can step in and gives them money and puts people back to work (back at work, more income, more income to spend, more demand, more jobs) Keyenes point government is main actor that can turn around business  Multiple Equilibria Liberalism and the State Liberalism and the atomistic Individual Political and Economic Liberalism  Democracy and individual rights  Capitalism and economic freedomcapitalism, ability to work wherever you want, invest capital wherever you can get the highest return, freedom from government telling you what to do!!  Classical Liberalismfreedom from government telling you what you can or can’t do, state in this concept should be SMALL AS POSSIBLE, larger states become more restrictive (Night Watchmen Theory)  Welfare Liberalism… negative and positive liberty,, activist staterecognizes state has a positive role, provide education and government has positives and negatives, trying to even the playing field and provide safety net for society bc 30% of population is out of work because there are no jobs. DOMINATE LIBERAL PROSPECTIVE, COMES AFTER WAR AND DEPRESSION, neo-liberals attack welfare liberalism Liberalism is freedom from the State Coercion Basic Argument must stop state from falling into unemployment and povertyclassical liberalism Currency Convertability (why the us wanted it) European currencies were not convertible after the war, about re-establishing creating a convertability to set up basic structure for economic activity across borders! Currency Convertability means trading.  U.S. Versus Europe and the Institutions of Bretton Woods  US wanted currency to be set up right away because they could be profitable while Europe wanted to wait so they can build up their own product then begin trade once reestablished after war.  Institution of Bretton Woods= compromise of two decision but in long-term tilted towards USA Role of Socialist Revolution  Socialist revolutions were from deeper crisis, state playing bigger role created over population— people tried to get wealth through the government  Socialist society government owns everything  Launched by Bretton Woods Hegemonic Stability Theory  Thesis: hegemonic power is required to oversee process of global integration (assume cost of global order)  Releveance: Debates on wh
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