How Was Globalization Theory a Reaction Against Previous Perspectives, Especially

question 19

Multiple Choice

How was globalization theory a reaction against previous perspectives, especially modernization theory?

• A) A Western bias
• B) An Eastern bias
• C) A Northern bias
• D) A Southern bias

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Definitions:

Fiat Money

Currency that has value and is legally recognized for transactions solely because of a government decree, without backing by a physical commodity.

Fractional Reserves

A banking system in which banks hold a fraction of their depositors' funds in reserve, lending out the remainder to earn interest.

Opportunity Cost

The loss of potential gain from other alternatives when one alternative is chosen, representing the benefits an individual, investor, or business misses out on when choosing one option over another.

Fiat Money

Currency that a government has declared to be legal tender, despite it lacking intrinsic value and not being backed by physical commodities.