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18 Cards in this Set

  • Front
  • Back
balance of payments
the flow of money into and out of a country from trade, tourism, foreign aid, sale of services, profits etc., for a period of time
comparative advantage
the ability of a country to make and export a good relatively more efficiently than other countries; the basis for the liberal economic principle that countries benefit from free trade among nations
European Union
a union of twenty-five European states, formerly the European Economic Community; designed originally during the 1950s for economic integration, but since expanded into a closer political and economic union
World Bank
a global lending agency focused on financing projects in developing countries; formally known as the International Bank for Reconstruction and Development, established as one of the key Bretton Woods institutions to deal with reconstruction and development after WWII
Sustainable development
an approach to economic development that tries to reconcile current economic growth and environmental protection with future needs
Washington Consensus
the liberal belief that only through specific liberal economic policies, especially privatization, can development result
International Monetary Fund
the Bretton Woods institution originally charged with helping states deal with temporary balance-of-payments problems; now plays a broader role in assisting debtor developing states by offering loans to those who institute specific policies, or structural adjustment programs
General Agreement of Tariffs and Trade
founded by treaty in 1947 as the Bretton Woods institution responsible for negotiating a liberal international trade regime that included the principle of nondiscrimination in trade and most-favored-nation status; reformed at the WTO
Epistemic communities
a transnational community of experts and technical specialists who share a set of beliefs and a way to approach problems
Malthusian dilemma
the situation that populatoin growth rates will increase faster than agricultural productivity; leading to food shortages
demographic transition
the situation in which increasing levels of economic development lead to falling death rates, forllowed by falling birth rates
in economics, unintended side effects that can have positive or negative consequences
first-generation human rights
political or civil rights of citizens that prevent governmental authority from interfering with private individuals or civil society (negative rights)
second-generation human rights
social and economic rights that states are obligated to provide their citizenry, including the rights to medical care, jobs, and housing
third-generation human rights
collective rights of groups, including the rights of ethnic or indigenous minorities and designated special groups such as women and children, and the rights to democracy and development, among others
universal rights
human rights believed to be basically the same at all times and in all cultures, a controversal notion
cultural relativism
the belief that human rights, ethics, and mortality are determined by cultures and history and therefore are not universally the same
global governance
structures and processes that enable actors to coordinate interdependent needs and interests in the absence of a unifying political authority