Globalization and Economics in the Global Age

The video explores the evolution of the global economy from 1900 to the present, focusing on the proliferation of free market economics, the rise of knowledge economies, and the growth of transnational free trade organizations and multinational corporations. It discusses the impact of the Cold War's end on economic liberalization, the shift towards knowledge-based economies, and the relocation of manufacturing jobs to Asia and Latin America. The video also examines regional and global trade agreements like NAFTA and the WTO, and the role of multinational corporations in the globalized economy.

What are the three main movements discussed in the video?

• Decline of free market economics, fall of knowledge economies, and collapse of multinational corporations

• Rise of communism, decline of capitalism, and increase in global conflicts

• Proliferation of free market economics, rise of knowledge economies, and rise of transnational free trade organizations

• Expansion of agricultural economies, growth of industrial sectors, and development of digital currencies

Which leader is associated with the introduction of free market reforms in Chile?

• Margaret Thatcher

• Ronald Reagan

• Augusto Pinochet

• Deng Xiaoping

What economic changes did Deng Xiaoping implement in China?

• Increased state control over all businesses

• Allowed private ownership of some businesses and market sales of crops

• Nationalized all industries

• Banned foreign investments

What is a knowledge economy primarily based on?

• Agriculture and mining

• Quality and quantity of information

• Tourism and hospitality

• Manufacturing and production

Which country transitioned from an agrarian society to a leader in the knowledge economy by the 1990s?

• Finland

• Japan

• China

• India

What is the primary goal of transnational free trade organizations?

• To eliminate barriers of exchange between nations

• To increase tariffs and quotas

• To promote local businesses over international ones

• To restrict the flow of goods and services

Which regional trade agreement involves the United States, Canada, and Mexico?

• European Union

• Mercosur

• ASEAN

• NAFTA

What is a defining characteristic of a multinational corporation?

• It focuses solely on local markets

• It manufactures and sells goods in multiple countries

• It operates only within its home country

• It is owned by a single individual

Which company is an example of a multinational corporation headquartered in Switzerland?

• Samsung

• Toyota

• Nestlé

• Mahindra & Mahindra

What is a common criticism of global trade agreements like the WTO?

• They only benefit developed countries

• They restrict the flow of information

• They facilitate the globalization of the world's economy

• They increase barriers to trade