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63 Cards in this Set
- Front
- Back
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Financialization |
the process by which financial institutions, markets, etc., increase in size and influence. |
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Phoenix Industry |
Industries leave a nation due to high labor, but the industry is "reborn" due to innovation and logistical investments. |
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Microcredit Organization |
An extremely small loan given to impoverish people to help them become self-employed. |
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Protectionism |
Theory or practice of shielding a country’s domestic industries from foreign competition by taxing imports. |
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Lewis Model of Development |
Explains the growth of a developing economy in terms of a labour transition between two sectors, the capitalist sector and the subsistence sector. As the capitalistic sector grows, the subsistence sector shrinks. |
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Asia Model of Development |
State investments in infrastructural and industrial development as well as facilitating the liberalization of trade. |
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Creative Destruction |
coined by Joseph Schumpeter. When innovation deconstructs long-standing arrangements and frees resources to be deployed elsewhere. |
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Tech Transfer |
Transfer of new technology from the originator to the secondary user, especially from developed to less developed countries in an attempt to boost their economies |
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Supply Chain |
Network between companies and suppliers to produce and distribute a specific product. |
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Global Production/Value Chain |
The source of price added ex: central America and cocaine bulge. global commodity chain: a source of all pieces and parts necessary for a finished product. (Sometimes called a Value Network). Where value is added to the product. |
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Commodity Chain |
Process used by firms to gather resources and transform them into goods or commodities, finally distributing them to consumers. |
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Tariffs |
A tax imposed on imported goods and services used to restrict trade as they increase price of imported goods and services making them more expensive to consumers |
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Subsidies |
A benefit is given by the government to groups of individuals usually in form of cash payment or a tax reduction. usually given to remove some burden considered to be in the overall interest of the public. |
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Battle of Seattle |
WTO meeting in Seattle - Thousand protesting |
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IS |
IS - Import Substitution Advocates replacing foreign imports with domestic production. |
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Appropriate Technology |
technology that is suitable to the social and economic conditions of the geographic area in which it is to be applied, is environmentally sound, and promotes self-sufficiency on the part of those using it |
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Just-In-Time Manufacturing |
A system of production which aims to deliver all the necessary inputs, such as raw materials, components, and labour, just in time for the appropriate stage of production. |
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Structural Adjustment |
Structural Adjustment refers to a set of economic policies often introduced as a condition for gaining a loan from the IMF. Structural adjustment policies usually involve a combination of free market policies such as privatisation, fiscal austerity, free trade and deregulation. |
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Snowflake Factor |
Japan buying western stuff so they can be like the DCs too. |
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Mitumba |
Clothing that is thrown away by Americans or other first-world countries. |
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Spinning Jenny |
A multi-spindle spinning frame that was one of the key developments in the industrialization of weaving in the early industrial revolution. |
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Briar Path |
Big furniture trading site in North Carolina, leaders in industry did not innovate or advance. Eventually failed and sold to outsiders. |
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Knowledge Economy |
An economy in which growth is dependent on the quantity, quality, and accessibility of the information available, rather than on the means of productions.EX: Silicon Valley or Boston |
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Primary/Secondary/Tertiary Sectors of Economy |
-Primary: Selling or raw materials -Secondary: Selling of finished goods -Tertiary: Selling of service |
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WTO |
The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations. At its heart are the WTO agreements, negotiated and signed by the bulk of the world's trading nations and ratified in their parliaments. |
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IMF |
International Monetary Fund, an international organization headquarters in WA DC. 189 countries working to foster global monetary cooperation secure financial stability, facilitate international trade, promote high employment and sustainable economic growth and reduce poverty |
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Factors of Production |
Factors of production is an economic term that describes the inputs that are used in the production of goods or services in order to make an economic profit. The factors of production include land, labor, capital and entrepreneurship. |
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Green Revolution |
A large increase in crop production in developing countries achieved by the use of fertilizers, pesticides, and high-yield crop variety. |
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Dynamic Readjustment |
Rapid change in capital flows. Ex: DEA drug bust, or land deals move locations, or Governance when other countries upgrade, ex. Tow truck to train |
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Commodification |
Transformation of goods, services, ideas and people into commodities, or objects of trade. A commodity at its most basic is ‘anything intended for exchange.’ |
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Lean Manufacturing |
Overproduction Waiting Inventory Transportation Over-Processing Motion Defects Workforce |
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Rowstow Model of Development |
Traditional Society Transitional Stage Take Off Drive to Maturity High Mass Consumption |
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Washington Consensus |
Fiscal Policy Remove Subsidies Broaden Tax Base Market Determined Interest Rates Competitive Exchange Rates Trade Liberalization FDI Liberalization Deregulation |
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Spatial Fix |
The regionality of overaccumulation allows the crisis to be relieved by moving capital or labor to a different territory and beginning new production. This solution relieves the surplus by moving it into a region that has a higher demand for it. |
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Electronic Commodity Chain |
US -- Japan -- HK -- Thailand -- China |
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Apparel Commodity Chain |
South -- SEA -- Caribbean -- Asia |
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Steel Commodity Chain |
US -- Japan -- South Korea |
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Cotton Commodity Chain |
US -- China -- Uzbekistan |
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EO |
Export Orientation Aiming to speed up the industrialization process of a country by exporting goods for which the nation has a comparative advantage. |
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King-Cotton |
Parallel of the 1860's South and modern south of power of Ag. companies. |
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Interlocking Virtuous Cycle |
Farms work, markets work, government works, science works, and the universities work. All these elements work together in a cycle. Together, serves as a bedrock for an advanced economy to function. |
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Cotton Production (rankings) in Metric Tons |
1.) China 2.) India 3.) US 4.) Pakistan 5.) Brazil 6.) Uzbekistan 7.) Turkey 8.) Australia 9.) Turkmenistan 10.) Mexico |
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LDC and the Virtuous Cycle |
Advanced tech can lead to less advanced farmer, small plots, increasing interest, lack of support, corruption. |
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Cotton China Timeline |
1921: CCP becomes a thing, also Opium War 1930's: Shanghai -> "Pearl of the Orient" Textile barons move in 1966-76: Cultural revolution. "The lost decade" 1980's: Deng reform. Socialism with market economic thinking. 1990's: Pudong, area of development in China across the river from Shanghai 2000: Textiles and furniture modernized. |
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Doha Development |
Newest WTO agreement. Lower trade barriers and increase global trade. |
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CAFTA |
Trade agreement; US and Cen. America to reduce tariffs and increase trade. ^$37.9 Billion Hemispherizatoin |
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Wink and Nod |
Bush CAFTA bill, winks and nods given to industry leaders to protect them from the threats of globalization. |
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Race to the Top |
Seeking quality suppliers, improving industry standards |
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Race to the Bottom |
A situation characterized by a progressive lowering or deterioration of standards, especially, in business contexts, as a result of the pressure of competition |
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Huko |
Record in a government system of household registration required by law in mainland China and Taiwan. Determines where the citizen is allowed to live. |
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Highpoint Market |
NC, organizes trade shows for the furniture industry. |
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Larry Moh |
Schooled in US, started company, pioneered furniture industry. |
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Reshoring |
2008 when fuel soared, industry moved back home. |
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Hemispherization |
Moving closer, regional clusters of advantage. |
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Meiji Period |
From 1868 to 1912, when Japan went from feudal society to modern form |
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Bangladesh |
Where textiles are made, factories are staffed entirely by women, tied in with dowry price. |
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Harri sTweed |
Cloth is origin of social and political life, 1st to industrialize, Harris Twed was the identity with the colors of the nation. Modernized with merger, went to Japan and went to fancy clothes. |
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Niche Manufacturing |
Continues in high cost areas. |
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Isle of Lewis |
35 miles from Scotland, occupants are crofters: allowed to use land but don't own. |
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Matheson |
Dude aquired the Isle of Lewis, started schools and encouraged immigration. |
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Lady Catherine Dunmore |
1 person can make a differnece, Twill to Tweed was typo. |
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Jim Thompson |
Went to thailand, saw silk trade, financialized the industry. Silk now culturally embedded. |
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Your the economic adviser in Tanzania... |
Utilize cheap labor Improve infrastructure Improve healthcare Transparent business and civil laws Create small-business friendly zones -- Similar to Shenzen Economic Zone in ---------------Guangdon, China |
