Chapter 9 Global Inequality

Front 1

Globalization

Back 1

The development of social and economics relationships stretching worldwide.

Front 2

Global Inequality

Back 2

The systematic differences in wealth and power among countries.

Front 3

Market-Oritented Theories

Back 3

Theories about economic development that some that the best possible economic consequences will result if individuals are free to make their own economic devision uninhibited by government constraint

Front 4

Modernization Theory

Back 4

A version of market-oriented development theory that argues that low-income societies develop economically only if they give up their own traditional ways and adopt modern economic institutions, technologies, and cultural values that emphasize savings and productive investment.

Front 5

Neoliberalism

Back 5

The economic belief that free-market forces, achieved by minimizing government restrictions on business, provide the only route to economic growth.

Front 6

Dependency Theories

Back 6

Marxist theories of economic development arguing that the poverty of low-income countries stems directly from their exploitation by wealthy countries and by the transnational (or multinational) corporations that are based in wealthy countries.

Front 7

Colonialism

Back 7

The process whereby Western nations established their rule in parts of the world away from their home territories.

Front 8

Dependent Development

Back 8

The theory that poor countries can still develop economically but only in was shaped by their reliance on the wealthier countries.

Front 9

World-Systems Theory

Back 9

Pioneered by Immanuel Wallerstein, this theory emphasize the interconnections among countries based on the expansion of a capitalist world economy. Made up of the Core, Semiperiphery, and the periphery.

Front 10

Core

Back 10

According to the world-systems theory, describes the most advanced industrial countries, which take the lion's share of profits in the world economic system.

Front 11

Semiperiphery

Back 11

Describes countries that supply sources of labor and raw materials to the core industrial countries and the world economy but are not themselves fully industrialized societies.

Front 12

Periphery

Back 12

Describes countries that have a marginal role in the world economy and thus dependent on the core producing societies for their trading relationships.

Front 13

Global Commodity Chains

Back 13

Worldwide networks of labor and production processes yielding a finished product

Front 14

Emerging Economies

Back 14

Developing countries, such s India and Singapore, that over the past two or three decades have begun to develop a strong Industrial base.