Globalism, the ideology connecting nations through international trade, is also termed:
ARestricted socialism
BExtended capitalism
CApplied mixedism
DModified planning
Answer & Solution
Correct answer: B. Extended capitalism
1. The textbook introduces globalism in a boxed insert alongside the three economic systems.
2. The term was coined by Manfred Steger in 2002 to denote the new market ideology of globalisation, which connects nations through international trade and aims at global development.
3. The book states that this ideology is also termed extended capitalism.
4. Its glossary defines globalism as an economic system where the economic activities of a nation are interconnected and interdependent with those of every other nation.
5. Mixedism is the book's own coinage for a mixed economy and is a separate idea, which makes option C the closest trap.
_Source: TN HSC Class 12 Economics (Samacheer Kalvi, Govt of Tamil Nadu), Ch 1 "Introduction to Macro Economics", §1.7 box_
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