Intb History Of Globalization

Baku is the correct answer because it is a major city located on the Caspian Sea and is known for its oil industry. The Russian (Caspian Sea) oil field is likely referring to an oil field located in or near Baku, making it the most logical choice for the answer.

The correct answer is "Wilsonian." This refers to the vision and ideology of President Woodrow Wilson, who played a significant role in shaping the post-World War I world order. Wilsonian internationalism emphasized the establishment of a new world order based on principles such as self-determination, democracy, free trade, and collective security. Wilson advocated for the creation of the League of Nations, an international organization aimed at promoting peace and preventing future conflicts. His vision sought to create a more interconnected and cooperative global community, with a focus on diplomacy and multilateralism.

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The correct answer is IMF, which stands for International Monetary Fund. The IMF was created at the Bretton Woods Conference in 1944 with the goal of promoting global economic stability and providing short-term financial assistance to member countries facing balance of payments problems. It serves as a forum for cooperation on monetary issues and provides loans to countries in need, helping them to stabilize their economies and promote sustainable growth.

The World Bank was created at the Bretton Woods Conference in 1944 to provide long-term lending for the reconstruction and development of war-torn countries after World War II. It aims to reduce poverty and promote sustainable economic growth by providing loans and financial assistance to developing countries for various development projects, such as infrastructure, education, and healthcare. The World Bank also offers technical expertise and policy advice to help countries implement effective development strategies.

The term "red line" refers to a predetermined limit or boundary that should not be crossed. In the context of the 1928 agreement on Middle East oil supply, it could be interpreted as a reference to a specific condition or restriction that was established to regulate the distribution or use of oil resources. This term might have been used to denote a point beyond which certain actions or behaviors would be considered unacceptable or prohibited.

Spindletop is the correct answer because it was a significant oil discovery in Texas in 1901. Located near Beaumont, Spindletop was the first major oil field in the state and marked the beginning of the Texas oil industry. The discovery led to a boom in oil production and attracted many oil companies to the region. Spindletop's success and the subsequent growth of the oil industry in Texas had a profound impact on the state's economy and solidified its position as a leading oil-producing region.

Rockefeller is the correct answer because he was the founder of Standard Oil Trust. John D. Rockefeller, an American business magnate, established the Standard Oil Company in 1870, which eventually became the largest oil refinery company in the world. He played a significant role in the development of the oil industry and his business practices led to the creation of the Standard Oil Trust, which controlled a vast majority of the oil industry in the late 19th century. Rockefeller's success and wealth made him one of the richest individuals in history.

Friedrich Hayek was an Austrian economist who was a prominent rival of John Maynard Keynes. Hayek's ideas and theories differed from Keynesian economics, as he believed in the importance of free markets and limited government intervention in the economy. He argued that government intervention could lead to inefficiencies and distortions in the market. Hayek's work, particularly his book "The Road to Serfdom," had a significant influence on economic and political thought, and he is considered one of the key figures in the Austrian School of economics.

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An externality refers to the costs or benefits incurred by individuals or groups that are not directly involved in a transaction or activity. In this case, the correct answer "externality" suggests that the costs of business are being imposed on outside actors who are not directly involved in the business. This means that the business is causing negative effects or costs to individuals or the environment that are not accounted for in its own operations.

Field is the correct answer because he was the promoter of the first undersea telegraph line across the Atlantic Ocean. This suggests that Field played a significant role in the establishment and development of communication infrastructure between Europe and North America.

Corvee is the correct answer because it refers to the system of forced labor that was used in the construction of the Suez Canal. The laborers were required to work without pay as a form of taxation or obligation to the state. This system was commonly used during the 19th century for large infrastructure projects, such as canals, roads, and bridges. The Suez Canal, a significant engineering feat connecting the Mediterranean Sea to the Red Sea, relied heavily on corvee labor to complete its construction.

Hull is the correct answer because he served as the Secretary of State in the 1930s and was known for his internationalist views. He played a key role in shaping US foreign policy during this time, particularly in promoting trade and diplomacy. Hull was a strong advocate for international cooperation and was instrumental in the creation of the United Nations. His efforts helped to establish the framework for post-World War II international relations.

MFN stands for Most Favored Nation, which is a principle of multilateral trade. According to this principle, a country must extend its lowest tariffs and trade barriers to all other countries that are part of the World Trade Organization (WTO). In other words, a country cannot discriminate between its trading partners and must treat all WTO members equally. This principle promotes fairness and non-discrimination in international trade, allowing countries to benefit from a more open and predictable trading system.

The OECD, which stands for the Organisation for Economic Co-operation and Development, is a club of the richest nations in the world. It is an international organization that promotes economic growth, trade, and development among its member countries. The OECD provides a platform for these nations to discuss and coordinate policies on various economic and social issues. Its membership includes countries from North America, Europe, and the Asia-Pacific region. Overall, the OECD plays a crucial role in shaping global economic policies and fostering cooperation among the world's wealthiest nations.

During the 1920s, there were significant economic imbalances in the international arena. One of the key factors contributing to these imbalances was the issue of German reparations. After World War I, Germany was required to pay reparations to the victorious Allied powers as part of the Treaty of Versailles. These reparations were meant to compensate for the damages caused during the war. However, the burden of these payments placed a heavy strain on the German economy, leading to inflation and economic instability. This imbalance in reparations had far-reaching consequences and played a crucial role in shaping the economic landscape of the 1920s.

The General Agreement on Tariffs and Trade (GATT) was a forum for international trade negotiations. It was established in 1947 with the goal of reducing trade barriers and promoting global economic cooperation. GATT provided a platform for countries to negotiate and discuss trade policies, tariffs, and other barriers to trade. It played a crucial role in facilitating the growth of international trade and establishing rules for fair trade practices among member countries. GATT eventually evolved into the World Trade Organization (WTO) in 1995.

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Ricardo is the correct answer because he is the economist who articulated the theory of comparative advantage. This theory states that countries should specialize in producing goods and services in which they have a lower opportunity cost, and then trade with other countries to maximize overall productivity and efficiency. Ricardo's theory revolutionized international trade and has had a significant impact on economic policies and globalization.

The correct answer is "Limited". In the context of shareholding innovation, limited liability refers to the legal protection provided to shareholders, where their personal assets are not at risk beyond the amount they have invested in the company. This means that if the company incurs debts or legal liabilities, the shareholders will not be personally responsible for covering those obligations. This concept encourages investment and entrepreneurial activity by mitigating the financial risks associated with owning shares in a company.

Convertibility refers to the ability of a currency to be exchanged for another currency or gold without any restrictions or limitations. It means that the currency can be freely converted into other currencies, allowing for easy transactions and international trade. Convertibility is an important aspect of currency exchange as it promotes economic stability, facilitates foreign investment, and encourages international trade.

Hegemony refers to a situation where one group or country exerts dominance and influence over others, but with the consent and cooperation of the dominated. It involves the use of cultural, economic, and political power to maintain control and shape the beliefs and behavior of the subordinate group. This term is often used in the context of international relations, where a dominant country or power establishes its authority over others through various means, such as economic agreements, military alliances, and cultural influence. Hegemony differs from domination by force or coercion, as it relies on the consent and cooperation of the dominated group.

Keynes is the correct answer because he was an English economist who was critical of the gold standard. He believed that the gold standard constrained economic growth and advocated for government intervention and monetary policies to stimulate the economy during times of recession. His ideas were influential in shaping modern macroeconomic theory and policy.

Kennedy is the correct answer because he was the President of the United States during the mid-1960s when the GATT trade round took place. The GATT trade round refers to negotiations and discussions among member countries of the General Agreement on Tariffs and Trade (GATT) to reduce trade barriers and promote international trade. Kennedy's presidency saw significant developments in international trade, including the Kennedy Round of GATT negotiations, which aimed to further liberalize global trade. Therefore, Kennedy is the most relevant and logical choice among the given options.

Rothschild is the correct answer because during the late 19th century, the Rothschild family was considered one of the most powerful international bankers. They had established a vast banking empire across Europe and were known for their influence and control over financial markets. Their wealth and connections allowed them to exert significant influence in politics and business, making them a dominant force in the banking industry during that time period.

The statement "Postulated that trade is not a zero-sum game" refers to the concept that trade can be mutually beneficial for all parties involved and does not result in one party gaining at the expense of another. This idea was postulated by Adam Smith, an influential economist and philosopher known for his work on free markets and the concept of the invisible hand. Smith argued that through specialization and voluntary exchange, trade can lead to increased wealth and prosperity for all participants.

The correct answer is "Marchall" which is likely a misspelling of "Marshall". The Marshall Plan was a post-World War II initiative proposed by Secretary of State George C. Marshall. It aimed to provide financial aid to Western European countries to help them rebuild their economies and infrastructure. The plan was successful in fostering economic recovery and stability in the region, and it played a crucial role in preventing the spread of communism.

A portfolio refers to a collection of investments such as stocks and bonds held by an individual or organization. It is a way to diversify investments and manage risk. By having a portfolio, shareholders can have a mix of different types of investments to potentially earn returns. It is important for individuals or organizations to have a portfolio to showcase their credibility and expertise in managing investments.

The correct answer is "Gilded". This term refers to the late 19th century, a period characterized by superficial wealth and prosperity that masked underlying social issues and inequalities. Coined by Mark Twain, "Gilded Age" represents the illusion of gold covering the problems of the era, such as corruption, poverty, and social unrest. This term highlights the stark contrast between the outward appearance of opulence and the reality of societal challenges during that time.

Debt deflation refers to a situation where a decrease in prices leads to an increase in the real burden of debt. When there is a collapse in income and prices, it can result in a decrease in the value of assets, including housing and investments, and a rise in the value of debt. This can lead to a downward spiral, as individuals and businesses struggle to repay their debts, causing further economic contraction and deflation. Therefore, debt deflation is the most appropriate term to describe the scenario of income and price collapse.

The Corn Laws were repealed in 1848. These laws were a series of tariffs and trade restrictions on imported grain, particularly corn, in the United Kingdom. The laws were initially implemented to protect domestic farmers and ensure food security. However, they led to higher food prices and were strongly opposed by industrialists and consumers. The repeal of the Corn Laws in 1848 marked a significant shift towards free trade policies and had a major impact on the British economy.

The correct answer is Brettonwoods because the Bretton Woods Conference, held in 1944, aimed to establish a new global financial system after World War II. During this conference, representatives from 44 countries negotiated and agreed upon the creation of the International Monetary Fund (IMF) and the World Bank. These institutions were designed to promote international monetary cooperation, stabilize currency exchange rates, and provide financial assistance to countries in need. The Bretton Woods system remained in place until the early 1970s when it collapsed due to various economic factors.

The term "Dollar Gap" refers to the economic crisis that emerged after World War II, characterized by the imbalance in international trade and the shortage of US dollars in foreign countries. The United States was the dominant economic power at the time, and its currency, the US dollar, became the global reserve currency. However, due to the massive war expenditures and the Marshall Plan, the US faced a shortage of dollars for international trade. This led to a crisis as countries struggled to obtain enough dollars to finance their imports, resulting in economic instability and the need for international financial institutions to address the issue.

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The correct answer is "Seven Sisters." The term "Seven Sisters" refers to a group of seven major multinational oil companies that dominated the global petroleum industry from the mid-1940s until the 1970s. These companies were Exxon, Shell, BP, Chevron, Gulf Oil, Texaco, and Mobil. They were called the Seven Sisters due to their significant influence and control over the oil market, including exploration, production, refining, and distribution. The term is no longer commonly used today, as the industry has undergone significant changes and consolidation.

During the 1930s, many countries engaged in competitive currency devaluations as a response to the Great Depression. This policy, known as "Beggar Thy Neighbor," involved deliberately lowering the value of a country's currency to make their exports cheaper and more competitive. By doing so, they aimed to boost their own economy at the expense of other countries. This practice led to a vicious cycle of devaluations and trade barriers, worsening the global economic downturn. Therefore, the correct answer is "Beggar Thy Neighbor."

The Truman Doctrine was a policy introduced by President Harry S. Truman in 1947, aimed at containing the spread of communism. It provided economic and military aid to countries threatened by communism, in order to prevent their fall under Soviet influence. The doctrine was significant in projecting American power in the Eastern Mediterranean region, as it provided support to countries like Greece and Turkey, which were at risk of being taken over by communist forces. By offering assistance, the United States demonstrated its commitment to protecting its interests and maintaining stability in the region, effectively projecting its power in the Eastern Mediterranean.

The correct answer is EEC, which stands for European Economic Community. The EEC was an organization formed in 1957 with the goal of promoting economic integration among its member countries in Western Europe. One of the key measures taken by the EEC was the establishment of a common external tariff, which meant that member countries would apply the same customs duties on goods imported from outside the community. This helped to create a unified market and promote trade among member countries.

The correct answer is "teagle." This is because the question is asking for the powerful chairman of Standard Oil of New Jersey, and the name "teagle" is the closest option that matches the context. The other options, Seagle, Beagle, and Smiggle, do not have any relevance to the given question.

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The number "Fourteen" and the numerical representation "14" both refer to the same quantity. The question is asking for the number of something that granted corporations status as legal persons in the US. Therefore, the correct answer is "Fourteen" or "14".

Lindbergh is the correct answer because he is a world-famous aviator and American isolationist. He gained international fame for completing the first solo nonstop flight across the Atlantic Ocean in 1927. Lindbergh's isolationist views were evident in his opposition to American involvement in World War II and his support for the America First Committee. He was a prominent figure in American aviation history and his achievements as a pilot, along with his political beliefs, make him the most suitable answer in this context.

Convergence refers to the process of different markets or prices coming together or becoming similar over time. In the context of evidence of market integration, convergence can indicate that markets are becoming more integrated and interconnected. It suggests that prices in different markets are moving towards a common level, indicating a greater level of market efficiency and integration. This can be seen as evidence of a well-functioning and connected market system.

The correct answer is "Heck sher olin". This answer is most likely referring to the Hecksher-Ohlin theory, which is an economic theory that explains patterns of export specialization. The theory states that countries will specialize in producing and exporting goods that require inputs that are abundant in their country. This theory helps to explain why certain countries specialize in the production of certain goods and why trade occurs between countries with different resource endowments.

Credit Anstalt is the correct answer because it was an Austrian bank that indeed failed in 1931. The bank's collapse had a significant impact on the global financial system and is considered one of the major events that contributed to the Great Depression. The failure of Credit Anstalt led to a wave of bank runs and financial instability in Austria and other countries, exacerbating the economic crisis of the time.

The Price Specie Flow refers to the economic theory that states that an inflow or outflow of gold or silver will affect the balance of trade between countries. According to this theory, if a country has a trade surplus, it will receive more gold or silver, leading to an increase in the money supply and inflation. This will then cause prices to rise, making the country's exports more expensive and imports cheaper, ultimately reducing the trade surplus. Conversely, a trade deficit will result in an outflow of gold or silver, leading to a decrease in the money supply and deflation. This theory was influential during the era of the gold standard when currencies were directly linked to gold or silver.

Monnet is the correct answer because he is widely recognized as the mastermind behind European economic unification. As one of the founding fathers of the European Union, Monnet played a crucial role in promoting European integration and establishing institutions such as the European Coal and Steel Community (ECSC) and the European Economic Community (EEC). His vision and determination were instrumental in laying the groundwork for the economic and political integration of Europe, making him the key figure in the process of European unification.

The correct answer is Bryan. The Cross of Gold speech is a famous speech delivered by William Jennings Bryan in 1896. In this speech, Bryan advocated for the use of silver as a standard for currency, arguing that it would benefit farmers and workers who were struggling during the economic depression of the time. The speech is considered one of the most important in American political history and helped Bryan secure the Democratic Party's nomination for president that year.

Acheson is the correct answer because he played a significant role in shaping U.S. Cold War strategy as the Secretary of State under President Harry Truman. He was a key architect of the policy of containment, which aimed to prevent the spread of communism. Acheson was involved in important decisions such as the Truman Doctrine and the Marshall Plan, which helped to rebuild Europe after World War II and counter Soviet influence. His contributions to U.S. foreign policy during the Cold War make him the most fitting choice as the architect of U.S. Cold War strategy.