Globalisation and Identity T7

__________ argues that nations are invented over time and are 'imagined communities', which are socially constructed.

National Identity is a person's sense of belonging, but also a sense of a 'nation' as a cohesive whole

• True

• False

Two positive effects of economic globalisation are

• lower prices due to competition and broader consumer choice

• mobility of goods, services, capital, technology and people due to less restrictive borders.

• Corporate tax avoidance fuelling economic growth

• Development of MNCs

Two negative effects of economic globalisation are

• exploitation of developing countries, giving developed countries access to cheap labour

• environmental consequences due to lack of regulation

• More efficient use of fossil fuels

________ is the right and indepdent authority of a state to control its own government and decision-making processes.

List a positive and negative feature of the IMF (International Monetary Fund).

Answer explanation

Provides Loans to Member Nations:

Its most important function is its ability to provide loans to member nations in need of a bailout.

A negative feature is that the IMF can attach conditions to these loans, including prescribed economic policies, to which borrowing governments must comply.

List a positive and negative feature of the World Bank

Answer explanation

The bank’s attempts to rapidly impose free markets on developing countries in the 1980s and 1990s, known as economic “shock therapy,” produced a “record of failure” in Latin America and caused immense economic hardship and suffering.

On the other hand, the bank's swift intervention post Bosnian War is commended by many. As of 2021, Bosnia, according to the UN’s HDI (Human Development Index) is 73rd (of 191) and within the category of High Human Development (i.e, life expectancy at birth, GNI, mean years of schooling).