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54 Cards in this Set
- Front
- Back
Capitalism
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A system of economic organization based on private property and free markets
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Mercantilism
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The economic approach that promotes the aggressive pursuit of export outlets and the simultaneous protection of domestic markets to acquire and expand national wealth and power
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Liberalism
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The economic approach, commonly traced to the writings of Adam Smith, that emphasizes the role of the free market in promoting economic growth and prosperity
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Comparative Adavantage
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The idea that countries should produce and export those goods they can produce at a lower cost than others and import those items that others produce at a lower cost
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Hegemon
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The dominant power in the global economy
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Reciprocity
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The idea that countries would respond to actions taken by their trade partners to reduce trade barriers with similar reductions of their own
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Nondiscrimination
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The idea that countries would extend preferential trade status to all their trade partners
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Most-Favored Nation (MFN)
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A means to promote equality in trade relationships by guaranteeing that if one country is given better trade terms by another, all other trade partners must receive the same terms
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Dependency Theory
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The view that the development of countries in the Global South is limited by the unfavorable terms through which they have been integrated into the Global capitalist economy
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Petrodollars
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US dollars earned through the sale of petroleum
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Neoliberalism
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The economic principle that promote free market capitalism and closely reflect the ideals of contemporary globalization
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Conditionality
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The requirements imposed on prospective borrowers by the IMF or other lending institutions that emphasize economic growth over welfare considerations
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Outsource/Offshore
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Often used interchangeably, these terms refer to the displacement of work activity. Outsourcing involves the transfer of certain specific functions performed within a company to an outside provider. Offshoring entails the relocation of an entire business operation to another country
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Current Account
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The equivalent of a country's check book, reflecting the combined balances on trade in goods, services, income, and net transfers
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Doha Round
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The most recent international trade negotiations conducted under the auspices of the World Trade Organization
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Protectionism
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Government policies to restrict imports to shield local businesses from global completion
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Intellectual Property Rights (IPRs)
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Patents, copyrights, and trademarks extended to individuals and organizations to protect their ownership of products or other creative works generated through their original ideas
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North American Free Trade Agreement (NAFTA)
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An arrangement designed to expand cross-border trade and investment signed by Canada, Mexico, and the US in 1994
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Portfolio Investment
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The purchase of stocks, bonds, or other financial assets that does not result in direct management or control over an enterprise
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Direct Investment
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The acquisition of corporate assets through the purchase of property, a plant, or equipment
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Transnational Corporations
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Companies that operate on a global scale with integrated operations across regions and countries
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Washington Consensus
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The set of economic policy reforms imposed by the IMF and other Washington DC based financial institutions on potential borrowers
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Securitization
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The pooling of various loans (including those with considerable risk)into securities and selling them to other institutions
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Securities
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Bond or stock certificates
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Sovereign Debt
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A government's outstanding financial liabilities and obligations
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G-20
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The group of twenty finance ministers and central bank governors representing leading industrial and emerging market countries
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Culture Shock
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A physical and phychological response to cultural differences when travelling away from home
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Culture
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"the set of distinctive spiritual, material, intellectual, and emotional features of society or social group, that encompasses, not only art and literature, but lifestyles, ways of living together, value systems, traditions and beliefs" as defined by UNESCO
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Bourgeoisie
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The owner of the means of production
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Proletariat
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The industrial workers
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Communism
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A social movement that promoted the communal values of the worker class
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Sociology
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A field of study that focuses on people and their relationships to the societies in which they live
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Anthropology
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A field of study that examines the physical attributes of human beings as well as their social and cultural characteristics
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Psychology
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A field of study that seeks to understand the motivations behind the decisions people make in terms of their cognitive orientation
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Enthnography
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The observation and description of people in their environment through in-depth analysis and interaction
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Enculturation
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The process by which a society learns its culture
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Cultural Relativism
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Cultural understanding in terms of the environment in which it exists
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Cultural Diffusion
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The spreading of culture beyond a specific group to be embraced by a wider audience
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Assimilation
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The submerging of cultural differences into a broader, dominant culture
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Cultural Imperialism
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When one culture is dominated by another culture to the point that the victimized culture is forced to change its cultural practices
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Deterritorialization
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The weakening of cultural ties to specific loactions
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Homogenization
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The incorporation of a range of cultural forms into a uniform set of values and practices
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Hybridization
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A blending of cultures that incorporates different aspects of each culture to create a new entity
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Glocalization
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The adaptation of local forms of expression and identity to outside influences
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Migration
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The movement of people across borders that reshapes identities, both within states and nations, and between them
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Sunni
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Muslims who accept Abu Bakr as the rightful successor to the prophet Muhammad
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Shi'a
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Muslims who support the prophet's son-in-law and cousin, Ali, as the true successor
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Sharia Law
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A legal system that relies on Islam and applies broadly to how Muslims should live their lives. It includes punishments for crimes that may not be acceptable universally
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Ethnic Conflict
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When differences in identity are too great to reconcile within state boundaries
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Ethnic Cleansing
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When one group forcibly removes another by violence or deportation
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Genocide
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The extreme form of ethnic cleansing, where one group seeks to deliberately kill members of another group based solely on their national or ethnic differences
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Failed state
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A nation-state whose government can no longer provide political, economic, and social stability
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Truth And Reconciliation Commissions
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Groups formed to bring together those who have suffered under ethnic conflict to resolve their differences and move forward
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Gaca
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An effort in Rwanda dating back to pre-colonial times when differences were addressed informally through "justice on the grass" to bring healing
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