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23 Cards in this Set
- Front
- Back
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Comparative Advantage
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when a nation that has an advantage of producing a good or service at a lower cost of other nations should export their items and import other items in which other nations hold the advantage
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hegemonic stability
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theory that international system is more stable in the presence of a dominant power
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nation state
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a collection of people who define themselves as members of an extended political community
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state
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a collection of people viewed as a legal entity and exercises sovereignty
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OPEC
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collection of nations including Saudi Arabia, Iran, Iraq, and Kuwait created in 1960s to represent oil exporters
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Economic Integration
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a group of nation states agree to ignore their national boundaries to create a larger, more connected system of markets
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Economic Union
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when states eliminate both tariff and nontariff barriers
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Regionalism
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process in which groups of states in the same region agree to cooperate to achieve a common goal
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Currency Devaluation
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causes exports to other countries become cheaper, while imports become more expensive
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Dumping
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selling an item abroad for less than you are selling it at home in order to gain market there then gradually gain the price.
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Common Agricultural policy
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subsidies employed by the EU that protects farmers.
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Nontariff barriers
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way limiting imports and makes it difficult to raise the price
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NAFTA
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agreement among US, Canada, and Mexico for free trade in 1992
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Positive sum
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interaction between actors where all participants are better off
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Zero sum
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mercantilist worldview where nobody wins
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Bretton Woods System
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series of political meetings in July 1944 between the allied powers of WWII. Agreements created IMF and World Bank
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CNN effect
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situation where media puts pressure on nation-states or UN to do something
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Central Bank
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chief monetary institution that regulates domestic finance, interest, and foreign exchange rates.
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Cui bono
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benefits drive action, “follow the money”
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Euphoria
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3rd stage of a financial crisis
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geopolitics
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political and geographic factors that influence a nation, part of the security structure.
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Dependency Theory
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relationship between industrialized and developing nations to make them dependent on them through trade, finance, and technology
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Socialism
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a political system that gives high priority to equity and economic equality
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