GEC8- THE CONTEMPORARY WORLD

SILK ROAD - The oldest known international trade route and a network of
pathway that spanned China to Middle East and Europe.

ECONOMIC GLOBALIZATION - It refers to widespread international movement of

goods, capital, services, technology and information.

BRETTON WOODS SYSTEM - the US dollar was pegged to gold per ounce and other
currencies were pegged to the US dollar.

_______________ - A new form of economic thinking and became the codified

strategy of US treasury department, World Bank and IMF

GOLD STANDARD 5. A more open trade system that emerged in 1867. And its goal
was to create a common system that would allow for more efficient trade.

GREAT DEPRESSION - Caused by the gold standard and was the worst and longest
recession ever experienced by the Western world.

GLOBAL KEYNESIANISM - A system of the active role of governments in managing

spending served as the anchor.

FLAT CURRENCIES - Currencies whose value is determined by their cost relative

to other currencies.

JOHN MAYNARD KEYNES - British economist who believed that economic crises
occur not when a country does not have enough money, but when money is not
being spent and not moving.

STAGFLATION - Phenomenon in which a decline in economic growth and employment

(stagnation) takes place alongside a sharp increase in prices (inflation).

NATION-STATE - A relatively modern phenomenon in human history, and people did

not always organize themselves as countries.

STATE - It refers to a country and its government.

GOVERNMENT - Agency in which the will of the people are established, limited
&defined.

EXTERNAL SOVEREIGNTY - A state’s policies and procedures are independent of

the interventions of other states.

INTERNAL SOVEREIGNTY - No one can operate in a given national territory by

ignoring the state.

GLOBALIZATION - It the expansion and intensification of social relations and

consciousness in every countries
GLOBALIZATION - It is characterized by the increasing integration of economies
around the world through the movement of goods, services, and capital across
borders.

MERCANTILISM - It is an economic system that emphasized the importance of

export rather than import.

MERCANTILISM - It is considered as the first international trade in the

history.

MANFRED STEGER - He describe globalization as the expansion and

intensification of social relations and consciousness across world time and
world space.

ARJUN APPARUDAI - Anthropologist that define globalization as an multiple and

intersecting dimensions of integration that he calls “scapes”

GIUSEPPE MAZZINI - He was the first thinker to reconcile nationalism with

liberal internationalism.

TREATY OF WESTPHALIA - It is a set of agreements signed in 1648 to end the

thirty years wars between the major continental powers in Europe,

JEREMY BENTHAM - The British philosopher who coined the word “

Internationalism”.

VLADIMIR LENIN / PUTIN - The Russian revolutionary who founded the comintern
to spread socialist revolution across the world.

STAGFLATION - Decline in economic growth and employment takes place alongside

a sharp increase in prices

NEOLIBERALISM - A dominant economic policies from 1980-2000s.

IMF – INTERNATIONAL MONETARY FUND - It is the last resort to prevent

individual countries from spiraling into credit crisis.

WORLD BANK - It is responsible for funding postwar reconstructions projects.

BARRY EICHENGREEN - He argues that the recovery of the United States begin
after leaving the gold standard.