Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Global Econ Exam 2
| Question | Answer |
|---|---|
| What are the major characteristics of transition economies? | Moving from centrally planned to market economies; privatization; price liberalization; institutional reform. |
| What are the two approaches to the speed of transition? | Gradual transition vs. Shock therapy. |
| Name the three different forms of economic organization. | Traditional system, market system, socialism. |
| What are the main ideas of Marxist theory? | Class struggle, labor theory of value, abolition of private property, historical materialism. |
| How was Marx’s theory applied in socialist countries? | State ownership of capital, centralized planning, accumulation of capital, limited consumer goods. |
| What’s the difference between intensive and extensive growth? | Intensive: due to technology, long-term effect. Extensive: due to capital accumulation, short-term effect. |
| What are two ways private property was created during transition? | Privatization of state assets and establishment of new private enterprises. |
| What were the main outcomes of the Russian reform process? | Output decline, rising inequality, middle-income stagnation. |
| What characterized China’s transition process? | Gradual reform, market-preserving federalism, agricultural reform (1976), SOE restructuring (1995). |
| What is the difference between M-form and U-form organizations? | M-form: decentralized divisions; U-form: centralized structure. |
| Why did China and Russia have different reform paths? | Differences in political structure, sequencing of reforms, and initial conditions. |
| What are China’s recent economic challenges? | Slowing growth, overcapacity, debt, environmental issues. |
| What’s the significance of Alibaba’s IPO? | Reflects China’s integration into global markets; symbol of tech growth. |
| What was Vietnam’s reform path? | Doi Moi reforms (1986); integration of North and South; similar path to China; latecomer advantage. |
| What characterized the pre-colonial African economy? | Economic efflorescences, low population density, Atlantic slave trade. |
| What are the two types of colonization? | Extractive and developmental. |
| What factors determined the type of colonization? | Settler mortality rate and institutional transfer. |
| What kind of colonization occurred in Africa? | Extractive colonization. |
| Describe the Patron-Client political structure. | Elites provide benefits to clients in exchange for political support; leads to illegitimacy. |
| What is meant by “urban bias”? | Policy preference for urban areas leading to over-urbanization and informal sectors. |
| What role do lineage groups play in African economies? | Risk management and informal social insurance. |
| What defines a failed state? | Loss of monopoly over violence; weak governance and legitimacy. |
| What is an example of success in Africa? | Botswana – stable governance and prudent economic management. |
| What are recent African economic trends? | Growth in Chinese trade, job informality, bureaucratic barriers, unionization. |
| What was India’s pre-independence economic model? | Dualistic structure; economic efflorescence; British colonial impact. |
| What are the two opinions about de-industrialization causes? | 1) British trade policy; 2) Global competition and domestic inefficiency. |
| What are the two opinions about colonization’s impact on India? | 1) Harmful to industrial base; 2) Built infrastructure and institutions. |
| Describe India’s first stage after independence (1947–late 1960s). | State-led industrialization, import substitution. |
| What characterized the second stage (1970s)? | Growth driven by factor accumulation, not productivity. |
| What were the 1980s reforms? | Business orientation, total factor productivity (TFP) growth. |
| What happened in the 1990s reforms? | Liberalization, privatization, and global integration—dramatic policy shift. |
| What marked India’s 21st-century growth? | Rise of service sector, outsourcing, tech-led employment. |
| Why did India gain strategic importance to the U.S.? | As a counterbalance to China’s growing influence. |
| How was India affected by the 2007–2008 financial crisis? | Relatively unscathed compared to developed nations. |
| What are India’s major labor market issues? | Rigid laws, low mobility, gender discrimination, child labor. |
Created by:
c22shaferv