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54 Cards in this Set

  • Front
  • Back
Capitalism
A system of economic organization based on private property and free markets
Mercantilism
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
Liberalism
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
Comparative Adavantage
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
Hegemon
The dominant power in the global economy
Reciprocity
The idea that countries would respond to actions taken by their trade partners to reduce trade barriers with similar reductions of their own
Nondiscrimination
The idea that countries would extend preferential trade status to all their trade partners
Most-Favored Nation (MFN)
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
Dependency Theory
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
Petrodollars
US dollars earned through the sale of petroleum
Neoliberalism
The economic principle that promote free market capitalism and closely reflect the ideals of contemporary globalization
Conditionality
The requirements imposed on prospective borrowers by the IMF or other lending institutions that emphasize economic growth over welfare considerations
Outsource/Offshore
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
Current Account
The equivalent of a country's check book, reflecting the combined balances on trade in goods, services, income, and net transfers
Doha Round
The most recent international trade negotiations conducted under the auspices of the World Trade Organization
Protectionism
Government policies to restrict imports to shield local businesses from global completion
Intellectual Property Rights (IPRs)
Patents, copyrights, and trademarks extended to individuals and organizations to protect their ownership of products or other creative works generated through their original ideas
North American Free Trade Agreement (NAFTA)
An arrangement designed to expand cross-border trade and investment signed by Canada, Mexico, and the US in 1994
Portfolio Investment
The purchase of stocks, bonds, or other financial assets that does not result in direct management or control over an enterprise
Direct Investment
The acquisition of corporate assets through the purchase of property, a plant, or equipment
Transnational Corporations
Companies that operate on a global scale with integrated operations across regions and countries
Washington Consensus
The set of economic policy reforms imposed by the IMF and other Washington DC based financial institutions on potential borrowers
Securitization
The pooling of various loans (including those with considerable risk)into securities and selling them to other institutions
Securities
Bond or stock certificates
Sovereign Debt
A government's outstanding financial liabilities and obligations
G-20
The group of twenty finance ministers and central bank governors representing leading industrial and emerging market countries
Culture Shock
A physical and phychological response to cultural differences when travelling away from home
Culture
"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
Bourgeoisie
The owner of the means of production
Proletariat
The industrial workers
Communism
A social movement that promoted the communal values of the worker class
Sociology
A field of study that focuses on people and their relationships to the societies in which they live
Anthropology
A field of study that examines the physical attributes of human beings as well as their social and cultural characteristics
Psychology
A field of study that seeks to understand the motivations behind the decisions people make in terms of their cognitive orientation
Enthnography
The observation and description of people in their environment through in-depth analysis and interaction
Enculturation
The process by which a society learns its culture
Cultural Relativism
Cultural understanding in terms of the environment in which it exists
Cultural Diffusion
The spreading of culture beyond a specific group to be embraced by a wider audience
Assimilation
The submerging of cultural differences into a broader, dominant culture
Cultural Imperialism
When one culture is dominated by another culture to the point that the victimized culture is forced to change its cultural practices
Deterritorialization
The weakening of cultural ties to specific loactions
Homogenization
The incorporation of a range of cultural forms into a uniform set of values and practices
Hybridization
A blending of cultures that incorporates different aspects of each culture to create a new entity
Glocalization
The adaptation of local forms of expression and identity to outside influences
Migration
The movement of people across borders that reshapes identities, both within states and nations, and between them
Sunni
Muslims who accept Abu Bakr as the rightful successor to the prophet Muhammad
Shi'a
Muslims who support the prophet's son-in-law and cousin, Ali, as the true successor
Sharia Law
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
Ethnic Conflict
When differences in identity are too great to reconcile within state boundaries
Ethnic Cleansing
When one group forcibly removes another by violence or deportation
Genocide
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
Failed state
A nation-state whose government can no longer provide political, economic, and social stability
Truth And Reconciliation Commissions
Groups formed to bring together those who have suffered under ethnic conflict to resolve their differences and move forward
Gaca
An effort in Rwanda dating back to pre-colonial times when differences were addressed informally through "justice on the grass" to bring healing