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17 Cards in this Set
- Front
- Back
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Colonialism
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conquest and exploitation by the European states of poorer peoples and lands in Latin America, Africa, and Asia
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information revolution
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the latest stage of the technological revolution that transforms the world economy through communications, computers, and software
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invisible hand
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economic concept that, if each nation or individual acts in its own best economic interests, the common good will be served
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Keynesian economics
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an economic model that calls for more activist government intervention to stimulate domestic growth, protect imports, and adjust exchange rates more frequently
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Mercantilism
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an economic system from the sixteenth through eighteenth centuries in which states pursued wealth by promoting exports and limiting imports, creating a zero sum struggle for material advantage
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most-favored nation principal
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nations that negotiate tariff reductions offer the same low tariff to all nations that they offer to the most-favored nation, meaning the nation that pays the lowest tariffs
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OPEC
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Organization of Petroleum Exporting Countries, a cartel of the oil-producing states formed in the 1960s; led by the major Middle East oil-reserve countries
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Pax Britannica
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British hegemony before World War I creating global markets
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Pax Americana
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American hegemony after World War II, first within the West and then after the Cold War throughout the world
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economic liberalism
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an economic policy orientation that emphasizes individual property rights and free and competitive markets
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economic nationalism
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the economic policy approach emphasizing protectionism and domestic subsidies
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Bretton Woods system
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post-World War II economic system that fixed exchange rates and liberalized multilateral trade
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General Agreement on Tariffs and Trade (GATT)
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the Bretton Woods economic institution that supervised multilateral trade negotiations to reduce trade barriers in manufactured goods
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International Monetary Fund (IMF)
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the Bretton Woods institution that supervises the exchange rate system and short-term balance of payment lending
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World Bank
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the Bretton Woods institution that provides long-term financing for infrastructure development and basic human needs such as health and education
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gold standard
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a pre-World War I system of international payments based on gold, which was fixed in price with respect to local currencies
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dollar standard
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the fixed exchange rate system established by Bretton Woods, that pegged the U.S. dollar to gold and other currencies to the dollar
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