Understanding Political Economy and Globalization: Concepts from Heywood's 5th Edition

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| Attempts: 16 | Questions: 10 | Updated: Aug 4, 2025
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1. What is Protectionism?

Explanation

Protectionism refers to the use of import restrictions such as quotas and tariffs to shield domestic industries from foreign competition. It is the opposite of promoting free trade agreements, encouraging cooperation, and eliminating trade barriers in order to promote global competition.

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Understanding Political Economy And Globalization: Concepts From Heywood

Explore the intricate dynamics of political economy and globalization with focus on key concepts from Heywood's 5th edition. Enhance your understanding of global economic policies and their political impacts, essential for students and professionals in political science and economics.

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2. What is Keynesianism?

Explanation

Keynesianism is a theory that focuses on managing aggregate demand through government policies to achieve full employment, contrasting with the other options which do not align with the core principles of Keynesian economics.

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3. What is stagflation?

Explanation

Stagflation is a unique economic phenomenon that involves a rare combination of high unemployment and inflation, contrary to the typical relationship between the two factors.

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4. What is homogenization?

Explanation

Homogenization refers to the tendency for all parts or elements to become similar or identical, hence the correct answer. The other options do not accurately define homogenization.

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5. What is McDonaldization?

Explanation

McDonaldization refers to the widespread influence of global commodities and commercial practices associated with fast-food industry on various economic sectors, not just limited to McDonald's restaurants or their marketing strategies.

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6. What is financialization?

Explanation

Financialization refers to the increasing role of financial motives, financial markets, financial actors, and financial institutions in the operation of the domestic and international economies.

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7. What is a sovereign debt crisis?

Explanation

A sovereign debt crisis occurs when a country faces difficulties in repaying or refinancing its national debt, leading to a structural imbalance in its finances and requiring external assistance.

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8. What is the paradox of thrift?

Explanation

The paradox of thrift highlights the potential negative consequences of increased saving on consumption and growth, contrary to the common belief that saving is always beneficial for the economy.

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9. What is mercantilism?

Explanation

Mercantilism is a economic philosophy that emphasizes the importance of the state in economic matters, contrasting with communal ownership, free market capitalism, and minimal government intervention.

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10. What is indigenization?

Explanation

Indigenization refers to the adaptation of alien goods and practices to local needs and circumstances, not the other provided options.

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What is Protectionism?
What is Keynesianism?
What is stagflation?
What is homogenization?
What is McDonaldization?
What is financialization?
What is a sovereign debt crisis?
What is the paradox of thrift?
What is mercantilism?
What is indigenization?
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