Emerging markets final

A conceptual illustration representing emerging markets and global trade with symbols of various continents, economic growth graphs, and social movements in vibrant colors.

Emerging Markets Insight Quiz

Test your knowledge on emerging markets, political dynamics, and socio-economic trends across different regions. This quiz covers vital concepts related to Latin America, Africa, Southeast Asia, and the Middle East, challenging your understanding of current events and historical contexts.

Key topics include:

Neoliberal impacts in Turkey
Climate change effects in Africa
Social dynamics in the Arab uprisings
Trade relations and economic trends in Brazil and Argentina

30 Questions8 MinutesCreated by ExploringEconomy24

According to Westra, which of the following statements about current tendencies in Argentina and Brazil is true?

The current tendency toward re-primarization in Argentina and Brazil is reflected in growing importance of agro-industrial sector and other primary good sectors as minerals and oil.

International organizations as WTO, and transnational corporations, dominate industrial and development policies of both countries.

A major concern is the increased degree of dependence of these economies with respect to agrobusiness, mining and other extractive sector, at the expense of manufacturing sector.

Brazil and Argentina experienced a major increase of trade with China during last decade.

All of above are true.

According to Westra, the last decade and a half has seen Southeast Asian countries further subjected to world market dynamics and their pressures. Indicate which of the following statements is true:

Concerns over China undermining the cheap labor comparative advantage of the region have been common in Southeast Asian countries.

Much of the region benefited in economic terms from the broader emerging market boom fueled by post 2007–2008 crisis expansionary monetary policy in the developed world, and from rising commodity prices between 2003 and 2011.

For many countries in Southeast Asia, this period saw increasing per capita incomes, reductions in absolute poverty and the expansion of consumption, along with the broader extension of access to finance.

During this period countries also faced increasing inequality, further elite gain capture, massive damage to the environment and natural resources, and rising governmental concerns over “middle income traps”.

All of above are true.

About the socio-economic impact of the neoliberal project and political support for the AKP party in Turkey, which of the following statements is true:

The policies of the AKP party led to the dissolution of the peasantry, an extreme marginalization of the labor force, and the commodification of all kinds of natural and human resources.

Due to several changes in labor law, the AKP period saw the most rapid erosion of workers' rights in Turkey.

The new purchasing power, conferred by credit, as well as the new social policies implemented by the AKP, have strengthened the position of the authoritarian party, increasing its political popularity.

All of above are true.

In the case of Africa, according to our textbook:

The transatlantic enslavement of approximately 12 million Africans from the fifteenth to nineteenth centuries prepared the stage for colonial domination

In the 1884–1885 border division completed in Berlin, negotiators from the colonial powers Britain, France, Portugal, Germany and Belgium created tens of dysfunctional national units without reference to prior indigenous social organization.

Systems of capital accumulation in Africa included also the first systematic Western extraction projects: Kimberley diamonds (1867), Johannesburg gold (1884) and the myriad other mineral and petroleum outflows that followed.

All of above are true.

According to the reading “Ten Years after the Global Recession, which of the following is NOT among the “facts” about global recessions:

The proportion of economies in recession during successive global recessions has increased over time: it was close to 5 percent in the 1975 episode and about 40 percent in the 2009 global recession.

Global recession are highly synchronized events internationally, with many economies sliding into recessions simultaneously.

The degree of synchronicity in the last global recession (2009) was the highest in the past 70 years.

In addition to the four global recessions, the global economy experienced low growth in 1958, 1998, 2001, and 2012. These episodes are called global downturns, and the world output per capita grew at slightly less than 1 percent during these four years.

Economically, the 2010s were a “lost decade” (echoing that of the 1980s), during which growth averaged just 2.2% a year. That is barely above the rate of population increase, so average living standards stagnated. It was below the world average of 3.1%, meaning that far from converging with richer countries, Latin America was falling further back.

True

False

This long period of relative economic stagnation has brought frustration over lack of opportunities, especially for younger Latin Americans, who have more education than their parents but whose expectations of good jobs have all too often been dashed. And this new social frustration has coincided with a marked political deterioration. Fortunately this has not yet led to political polarization to the extremes

True

False

As a consequence of the combination of high inequality and low growth a third and perhaps the most dramatic sign of grievances is massive, and sometimes violent, street protests, widely dubbed “social explosions”. These occurred in Brazil in 2013 and 2015 and spread to Venezuela in 2017, to Nicaragua in 2018, to Ecuador and Chile in 2019 and to Colombia in 2021, as well as to communist Cuba in the same year, and to Peru in 2020 and 2022.

True

False

Public spending on health care before the pandemic in Latin America was worth just 3.8% of GDP, compared with an average of 6.6% in the OECD group of mostly rich countries. All this points to the need for more taxes and greater efficiencies in spending. Neither of these will be easy, but they are essential for the new social contract required

True

False

According to the chapter, Africa suffers extreme political turmoil which can occasionally be seen reflected in tense BRICS relations. South Africa has the most active sets of interventions underway, but China´s placement of troops in Sudan reflects the overlap among commercial and military interests

True

False

The December 2015 Paris Agreement confirmed Africa’s victimization by climate change, with probably 200 million additional African deaths this century due to extreme weather, droughts and increased temperatures. According to the chapter, the responsible for a deal with weak emissions cut commitments and no legal accountability for violations were the wealthy countries and not the BRICS.

True

False

About Africa, the United Nations Economic Commission on Africa, UNEC, showed that in 2013, $319 billion were transferred illicitly from Africa, with the most theft in metals $84 billion, oil $79 billion, natural gas $34 billion, minerals $33 billion. In addition to this illicit outflow, there were licit flows in the form of dividend expatriation that created extreme balance of payments deficits in many countries.

True

False

Africa has recently witnessed a dramatic increase in infrastructure project development. It is a given that BRICS would be interested in any infrastructure project since they would benefit most from the access to Africa's raw materials.

True

False

For the Brazilian economist Ruy Mauro Marini, the three key features of a “sub imperial society” were regional economic extraction, the export of capital associated with imperialist politics and internal corporate monopolization.

True

False

The concept of “Sub-imperialism” is also used to describe the relation that the BRICS have with other African countries by using their economic and political power to influence them. According to the chapter, this concept does not apply to the relationship among South Africa and other African countries.

True

False

With respect to the BRICS and Africa, according to the reading, the BRICS are a more malignant force within a general framework of neoliberal extractivism, amplifying the already unequal development so damaging to Africa.

True

False

According to the chapter, the most important reasons for Africa’s position in the world economy are not the fault of the BRICS but of the West. The BRICS are amplifying pre-existing problems instead of offering alternatives.

True

False

According to the chapter, the big issue of our times is whether China ends up inside of Western capitalism system or challenges it. The chapter also considers that under Xi Jinping, the tendency of talking left while walking right will not continue.

True

False

After decades of social tensions, a series of uprisings surged in the Arab world in the winter of 2010–2011. In Tunisia, the trigger for mass protests was the immolation of 26-year-old Mohammed Bouazizi, on December 17, 2010. The case of Bouazizi reveals a lot about the higher level of anxieties and insecurities experienced by the younger generation in the Middle East and North Africa.

True

False

After decades of social tensions, a series of uprisings surged in the Arab world in the winter of 2010–2011. In Tunisia, the trigger for mass protests was the immolation of 26-year old Mohammed Bouazizi, on December 17, 2010. The protests were massive but failed to remove Ben Ali’s regime from power until several years later.

True

False

In Egypt, since 1998, strikes and protests had been occurring with increasing frequency in various parts of the country, with estimates indicating that between 1998 and 2010, around 3,500 strikes, protests and occupations took place across Egypt. Nevertheless, one of the few positive outcomes of the neoliberal experiment was the reduction of the unemployment levels.

True

False

Egyptians began to mobilize around issues of social justice since the early 2000s, culminating in the outcry for bread, freedom, social justice and human dignity during the revolutionary movement in 2011.

True

False

In both Tunisia and Egypt workers, students and activists initiated the uprisings and brought down the regimes, however they were marginalized from the political process, having little room to affect legislative change.

True

False

The five years following the uprisings witnessed a series of uneven reforms in both countries and the context of political instability and popular discontent generated a stop in the implementation of the neoliberal policy paradigm.

True

False

The five years following the uprisings witnessed a series of uneven reforms in both countries. Initially, governments expressed a willingness to respond to the public’s calls for social justice by increasing public expenditure and controlling prices, but didn´t last long.

True

False

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