Responses+to+Reading


 * __The Debate about Globalization__ **

**1.** **Explain the functions of the WTO.** The WTO makes agreements on taxes, and barriers and make sure hat companies can do business in every country.

**2.** **Read Marshall McLuhan’s definition of “global village” and explain it in your own words (p.2).** Marshall McLuhan said that the whole world would become closer because of improvements in technology

**3.** **Explain why you think a “global village” exists The global village definitely exists today since the whole world is more connected and more in touch with each other. **

**4.** **Describe the changes that have taken place as a result of globalization.** Globalization has mixed different people from different cultures and some could even say ruined different countries individuality and traditions. It’s also made some countries much richer while others much poorer.

**5.** **Define the term “globalization” Globalization is a process of economies and cultures blending and integrating through technology and exchange. **

**6.** **List 4 effects of globalization** Free Trade, Protectionism, Wealth & Poverty, Tran-National corps. gain power.

**7.** **Explain how globalization is not a new idea (p.3).** Globalization has been on going ever since people first traveled across the world and spread their knowledge, culture and tradition.

**8.** **Describe how global trade operated in the past The first used animals like horses and camels to cross large parts of land but when they found that going any which way was quite senseless they then developed trading routes which caravans or ships would follow exactly. **

**9.** **Which country spearheaded the first Industrial Revolution?** Great Britain spearheaded the first Industrial Revolution with new factories and machinery, steam power and railroads.

**10.** **Define the term “Industrial Revolution.”** The term “Industrial Revolution” refers to a time in the nineteenth century where many countries were developing at a rapid pace.

**11.** **How different was the role of government in “Pre Industrial Age” to the “Industrial Revolution” age?** In the pre-industrial age the Government held tight reign over the economy but in the Industrial Revolution free trade was introduced and businesses had more control over themselves.

**12.** **Upon what beliefs is the economic system of capitalism founded on(p.3)?** If individuals and businesses followed their self-interest rather than altruism they would achieve the best possible economic outcome.

**13.** **What did governments create in response to the poor working conditions in factories?** The government created rules limiting hours of work and exploitation of women and children. It also took responsibility for public health.

**14.** **Explain how Free Trade and Protectionism work. Create a diagram to portray how they work.** Free trade is when international trade has no tariffs, or restrictions. Protectionism is when a country tries to protect its local industries by charging tariffs on imported goods to eliminate competitors. **15.** **After WWII, what role did the state play in ensuring the well being of its citizens (p.4)?** The state provided welfare, water supplies and railroads.

**16.** **What trend started in the 1980’s? Describe how it worked (p.4)** The trend was privatization of state owned industries. __Trade, Wealth and Poverty__ **

**1.** **Describe the role of the WTO, the IMF, and the World Bank. WTO - promotes free trade IMF - stabilizes currency exchange rates World Bank - lends money to countries rather than people ** **2.** **Explain what is expected when the `WTO asks a country to “restructure” its economy.** When the WTO asks a country to restructure it's economy the WTO expects that the country will promote free trade by reducing tariffs and removing trade barriers.

**3.** **What are MEDCs and LEDCs? Name three of each (p.7)? // MEDCs are more economically developed countries like Canada and America. LEDCs are less economically developed countries like Chile and Mozambique. // **