Global Political Economy Intl St 15
From the neoliberal perspective of the authors of the magazine The Economist, the
resurgence of nationalism is... correct answers c.) a return to mercantalism and
isolationism from global rules and cosmopolitanism
The Global Financial Crisis was can also be seen as a 'long-bubble' that began with:
correct answers d.) B and C (The emergence of Neo-Liberalism in the 1870s, as
professed by Ronald Reagan and Margaret Thatcher AND the increased financialization
of the global economy)
Democratic revolts and the resurgence of nationalism were two responses to the crisis
of neoliberalism in the Global South since the 1990s and 200s. What are some of the
reasons it look until the 2010s for these responses to gain ground in the most
developed countries like the US and Europe? correct answers e.) All of the above:
-neoliberal financialization increased credit card debt to sustain the middle and working
class lifestyle
-neoliberal financialization increased mortgages, even through predatory lending
-the rise of the "gig" economy sustained employment, even though it is very precarious
-these rich countries can coast for longer on the legacy of colonialism and imperialism
To deal with the financial crisis itself, the United States government: correct answers c.)
Resorted to Keynesian policies, such as injecting banks with tax-payer funds in order to
promote inter-banking lending
The sub-prime lending crisis occurred because: correct answers e.) B and C:
-healthy and 'toxic" mortgages were 'bundled' together as 'securities' into one big pool of
debt, and then shares in that pool of debt and the rights to repayment were sold
-housing prices began to fall, and people began defaulting on their loans. Anyone
holding mortgage backed securities were now holding toxic assets, for which they could
not recuperate value
What are some of the impacts of the democratic revolts of the 2010s? correct answers
e.) all of the above:
-renewed attention to income and wealth inequality
-renewed working class and labor movement mobilizations
-political polarization between democratic and nationalist critiques of neoliberalism
-reassertion of authoritarianism to put down these democratic revolts
During the neoliberal era, how did income and wealth distribution change? correct
answers c.) The income and wealth of the top 1% increased dramatically, but the
bottom 80% stayed stagnant
, What are some of the commonalities between the Arab Spring, the Occupy Movement,
and other democratic revolts of the 2010s? correct answers e.) All of the above:
-they are reactions to the 2008 global financial crisis
-they articulate a critique of precarious work conditions (e.g. "gig economy," informal
work, etc)
-they have altered the political landscape, but not overthrown neoliberalism
-they build upon shared practices of occupations, strikes, and rapid spread of
information through social media
Calhoun suggests that the use of the term 'crisis' to describe the financial crisis in 2008,
was: correct answers d.) A and B:
-"Commonly a way to try to get people to take action, to indicate that we have no choice
but to do something. It is performative, not merely descriptive"
-Suggestive that the 'crisis' was actually the result of short-term financial failures, rather
than long-term conditions of Neo-Liberalism
How does the "rise of China," the BRICS, and other "emerging economies"contribute to
the crisis of neoliberalism since the 2000s? correct answers e.) All of the above:
-it shows that countries that did not follow (or turned away from) the "Washington
Consensus" actually did better
-it creates a geopolitical challenge to US hegemony
-it provides alternative development loans across Africa, Asia, and Latin America from
the neoliberal World Bank and IMF
-it increases competitive pressure in developed countries (dragging down wages, etc.)
The Great Depression was a major turning point for global political economy because:
correct answers e.) all of the above:
-it brutally exposed the limitations of classic liberalism
-it provided conditions for powerful counter-movements to capitalism
-it created a movement that was "neither left nor right," i.e. fascism
-it forced the reorganization of capitalism and imperialism worldwide
Keynes had what to say about unemployment? correct answers b.) sustained
unemployment is systemic and inevitable due to imbalances in business cycles
Keynes was in favor of: correct answers d.) A and C:
-a somewhat comprehensive socialization of investment
-Centra, controls to adjust between consumption and investment
Keynesian liberalism would argue that economic crises require (1)__________, while
classical liberalism would argue that economic crises require (2)_____________:
correct answers c.) (1) active government intervention in the economy; (2) self-
correction by market forces
According to Paxton, Stage 2 of fascism is when correct answers e.) All of the above:
From the neoliberal perspective of the authors of the magazine The Economist, the
resurgence of nationalism is... correct answers c.) a return to mercantalism and
isolationism from global rules and cosmopolitanism
The Global Financial Crisis was can also be seen as a 'long-bubble' that began with:
correct answers d.) B and C (The emergence of Neo-Liberalism in the 1870s, as
professed by Ronald Reagan and Margaret Thatcher AND the increased financialization
of the global economy)
Democratic revolts and the resurgence of nationalism were two responses to the crisis
of neoliberalism in the Global South since the 1990s and 200s. What are some of the
reasons it look until the 2010s for these responses to gain ground in the most
developed countries like the US and Europe? correct answers e.) All of the above:
-neoliberal financialization increased credit card debt to sustain the middle and working
class lifestyle
-neoliberal financialization increased mortgages, even through predatory lending
-the rise of the "gig" economy sustained employment, even though it is very precarious
-these rich countries can coast for longer on the legacy of colonialism and imperialism
To deal with the financial crisis itself, the United States government: correct answers c.)
Resorted to Keynesian policies, such as injecting banks with tax-payer funds in order to
promote inter-banking lending
The sub-prime lending crisis occurred because: correct answers e.) B and C:
-healthy and 'toxic" mortgages were 'bundled' together as 'securities' into one big pool of
debt, and then shares in that pool of debt and the rights to repayment were sold
-housing prices began to fall, and people began defaulting on their loans. Anyone
holding mortgage backed securities were now holding toxic assets, for which they could
not recuperate value
What are some of the impacts of the democratic revolts of the 2010s? correct answers
e.) all of the above:
-renewed attention to income and wealth inequality
-renewed working class and labor movement mobilizations
-political polarization between democratic and nationalist critiques of neoliberalism
-reassertion of authoritarianism to put down these democratic revolts
During the neoliberal era, how did income and wealth distribution change? correct
answers c.) The income and wealth of the top 1% increased dramatically, but the
bottom 80% stayed stagnant
, What are some of the commonalities between the Arab Spring, the Occupy Movement,
and other democratic revolts of the 2010s? correct answers e.) All of the above:
-they are reactions to the 2008 global financial crisis
-they articulate a critique of precarious work conditions (e.g. "gig economy," informal
work, etc)
-they have altered the political landscape, but not overthrown neoliberalism
-they build upon shared practices of occupations, strikes, and rapid spread of
information through social media
Calhoun suggests that the use of the term 'crisis' to describe the financial crisis in 2008,
was: correct answers d.) A and B:
-"Commonly a way to try to get people to take action, to indicate that we have no choice
but to do something. It is performative, not merely descriptive"
-Suggestive that the 'crisis' was actually the result of short-term financial failures, rather
than long-term conditions of Neo-Liberalism
How does the "rise of China," the BRICS, and other "emerging economies"contribute to
the crisis of neoliberalism since the 2000s? correct answers e.) All of the above:
-it shows that countries that did not follow (or turned away from) the "Washington
Consensus" actually did better
-it creates a geopolitical challenge to US hegemony
-it provides alternative development loans across Africa, Asia, and Latin America from
the neoliberal World Bank and IMF
-it increases competitive pressure in developed countries (dragging down wages, etc.)
The Great Depression was a major turning point for global political economy because:
correct answers e.) all of the above:
-it brutally exposed the limitations of classic liberalism
-it provided conditions for powerful counter-movements to capitalism
-it created a movement that was "neither left nor right," i.e. fascism
-it forced the reorganization of capitalism and imperialism worldwide
Keynes had what to say about unemployment? correct answers b.) sustained
unemployment is systemic and inevitable due to imbalances in business cycles
Keynes was in favor of: correct answers d.) A and C:
-a somewhat comprehensive socialization of investment
-Centra, controls to adjust between consumption and investment
Keynesian liberalism would argue that economic crises require (1)__________, while
classical liberalism would argue that economic crises require (2)_____________:
correct answers c.) (1) active government intervention in the economy; (2) self-
correction by market forces
According to Paxton, Stage 2 of fascism is when correct answers e.) All of the above:
