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mic Problems Guided Reading
Topic 22| Contemporary Issues
Lesson 5 | Economic Challenges (page 905)
REVIEW QUESTIONS
DIRECTIONS: Read each main idea. Use your textbook to supply the details that support or
explain each main idea.
A. Main Idea: Globalization has had positive and negative effects on the global economy
as well as on the economies of individual nation-states
.
1. Detail: The World Bank provides money and economic advice to developing
countries with the goal of ending
and the International
Monetary Fund (IMF) oversees the global financial system by monitoring
and
offering financial and technical assistance to developing
nations.
2. Detail: Multinational corporations, which have existed since the operation of
companies in the seventeenth century, practice
manufacturing, dispersing their products to different parts of
the world.
3. Detail: Trade agreements, such as the
Eight (G8), and the Group of
globalization.
(WTO), the Group of
have contributed to
4. Detail: Offshore banking provides a way for multinational corporations and their
employees to
access funds in a foreign currency without having to account for
changing exchange rates, but it also makes criminal activity easier, such as
or moving money through the financial system.
B. Main Idea: In order to protect economic interests and promote prosperity in a particular
region, groups of nations have formed trading blocs in different parts of the world.
1. Detail: Agreements such as NAFTA and CAFTA create
where there are few, if any, barriers that restrict trade.
areas
2. Detail: In 2018, Mexico, Canada, and the United States signed the USMCA, which
preserved most of NAFTA's provisions and added tighter
automobile manufacturing and increased
on
for workers.
3. Detail: The European Union (EU) developed a single internal market and a common
currency called the
and it provides
for
farmers to help them sell their goods competitively as well as aid to the poorest EU
countries.
4. Detail: OPEC, a
of thirteen member nations, produces and
sells
that determines price and production.



Answer :

GinnyAnswer

Final answer:

Globalization has various effects on the global economy, with financial institutions and trade agreements playing key roles in shaping economic landscapes around the world.


Explanation:

Main Idea: Globalization has had both positive and negative effects on the global economy and individual nation-states:

  1. Detail: The World Bank and the International Monetary Fund (IMF) provide financial assistance and advice to developing countries to support economic development.
  2. Detail: Multinational corporations engage in global manufacturing and distribution of products.
  3. Detail: Trade agreements like the G8, G20, WTO, and others promote globalization.
  4. Detail: Offshore banking facilitates foreign currency transactions for multinational corporations but can also enable criminal activities.

Main Idea: Trading blocs are formed by groups of nations to protect economic interests:

  1. Detail: Agreements like NAFTA, CAFTA, and USMCA aim to facilitate trade by reducing barriers.
  2. Detail: The EU established a single market and common currency, benefiting its members economically.
  3. Detail: OPEC, a group of oil-producing nations, influences oil prices and production.

Positive and negative aspects of economic globalization are debated, including impacts on labor forces, resource allocation, and country dependencies.


Learn more about Economic globalization and its impacts here:

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