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93 Cards in this Set
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Global North:
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a term used to refer to the worlds wealthy, industrialized countries located primarily in the northern hemisphere.
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Global South:
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A term used to designated the less-developed countries primarily located in the southern hemisphere
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Colonialism
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the rule of a region by an external sovereign power
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Third World
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A cold war term to describe the developing countries of Africa Asia, and latin America
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First world:
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the relatively wealthy industrialized countries that share a commitment to varying forms of democratic political institutions and develop market economies.
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Second world
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during the cold war, the group of counties including the soviet union and its eastern European allies, that shared a commitment to centrally planned economies.
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Decolonization
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the achievement of independence by countries that were once colonies of other states
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Mercantilism
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an economic strategy for accumulating state wealth and power by using governmental regulation to encourage exports and curtail imports.
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Laissez-faire economics
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a body of thought emphasizing free markets with little governmental regulation.
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Sphere of influence
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the area dominated by a great power.
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Self determination
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the doctrine that people should be able to determine the government that will manage their affairs.
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Mulitnational corporations (MNC’s
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business enterprises headquartered in one state that invest and operate extensively in other states.
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Modernization
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a view of development that argues that self-sustaining economic growth is created through technological innovation, efficient production and investments from capital accumulation.
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Dependency theory
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A view of development asserting that the leading capitalist states dominate and exploit the poorer countries on the periphery of the world economy
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Dualism
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the existence of a rural impoverished and neglected sector of society alongside an urban, developing or modernizing sector, with little interaction between the two.
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Newly Industrialized countrie
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prosperous members of the global south which have become important exporters of manufactured goods.
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Dependent development:
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the industrialization of areas outside of the leading capitalist states within confines set by the dominant capitalist states, which enables poor to become wealthier without ever catching up to the core global north counties.
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Global East:
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the rapidly growing economies of east and south asia that have made their counties competitors with the traditionally dominant members of the global north.
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Nonalignment
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a foreign policy posture that rejects participating in military alliances with rival blocs for fear that formal alignment will entangle the state in an unnecessary war.
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Import-substitution industrialization:
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a strategy for economic development that involves encouraging domestic entrepreneurs to manufacture products traditionally imported from abroad
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Export-led industrialization:
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: a growth strategy that concentrates on delevpoing domestic export industries capable of competing in overseas markets
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G-77:
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the coalition of third world countries that sponsored the 1963 joint decaratioj of developing counties calling for reforms to allow greater equity in north-south trade.
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New international economic order:
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he 1974 policy resolution in the UN that called for a north-south dialogue to open the way for the less-developed countries of the global south to participate more fully in the making of international economic policy.
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Official development assistance
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rants or loans to counties from other countries, usually channeled though multi-lateral aid organizations for the primary purpose of promoting economic development and welfare.
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Remittances
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the money earned by immigrants working in wealthy countries that they send to family members still living in their home country.
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Foreign direct investment:
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an investment in a country involving a long-term relationship and control of an enterprise by nonresidents and including equity capital, reinvestment of earnings, other long term capital and short term capital as show in balance of payments accounts.
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Externalities
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the unintended side effects of the choices that reduce the true value of the original decision.
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Structural adjustment
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reforms aimed at reducing the role of the state while increasing the role of the market in global south countries economies
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Washington consensus
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the view that global south countries can best achieve sustained economic growth through democratic governance, fiscal discipline, free markets, a reliance on private enterprise and trade liberalization
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Microfinance:
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Providing small loans to poor entrepreneurs, usually to help start a small business.
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Globalization:
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a set of processes that widening, deepening, and accelerating the interconnectedness among societies.
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Global village:
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a popular omage used to describe the growth of awareness that all people share a common fate, stemming from a view that the world is an integrated and interdependent whole.
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Digital divide
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the division between thjose states that have a high proportion of internet users and hosts, and those that do not
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Agenda setting
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the ability to influence which issues receive attention from govts. And international orgs. By giving them publicity.
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Tariffs:
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taxes imposed by govts. On imported goods
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Nontariff barrier
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governmental restrictions not involving a tax or duty that increase the cost of importing goods into a country.
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Trade integration:
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economic globalizations measured by the extent to which world trade volume grows faster than the world’s combined gross domestic product.
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Strategic corporate alliances:
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cooperation between MNC’s and foreign companies in the same industry driven by the movement of MNC manufacturing overseas.
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Arbitrage
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the selling of one currency (or product) and purchase of another to make a profit on he changing exchange rates, traders (“arbitragers”) help to keep states’ currencies in balance through their speculative efforts to buy large quantities of devalued currencies and sell the in countries where they are valued more highly.
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Capital mobility hypothesis
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the contention that MNC’s movement of investment capital has led to the globalization of finance.
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International Political economy:
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the study of the intersection of politics and economics that illuminated the reasons why changes occur in the distribution of states’ wealth and power
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International monetary system
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the financial procedures governing the exchange and conversation of national currencies so that they can be bought and sold for one another to calculate the value of currencies and credits when capital is transferred across borders through trade, investment, and loans.
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Commercial liberalism:
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an economic theory advocating free markets and the removal of barriers to the flow of trade and capital
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Liberal international economic order:
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the set of regimes created after WWII designed to promote monetary stability and reduce barriers to the free flow of trade and capital.
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Comparative advantage
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the concept in liberal economic theory that a state will benefit if it specializes in those goods it can produce comparatively cheaply and acquires through trade goods that it can only produce at a higher cost.
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Neo-mercantilism
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a contemporary version of classical mercantilism which advocates promoting domestic production and a balance of payment surplus by subsidizing exports and using tariffs and non-tariff barriers to reduce imports
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Protectionism:
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a policy of creating barriers to foreign trade, such as tariffs and quotas that protect local industries from competition.
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Import quotas:
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limits on the quantity of particular products that can be imported
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Export quotas
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barriers to commerce agreed to by two trading states to protect their domestic producers
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Orderly marker arrangements
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voluntary export restrictions that involve a govt. 2 govt agreement and often specific rules of management.
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Voluntary export restrictions:
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a proctectionist measure popular in the 1980s in which exporting countries agree to restrict shipments of a particular product to a country to deter it from imposing an even more onerous import quota
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Countervailing duties:
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tariffs imposed by a government to offset suspected subsidies provided by foreign govts. to their producers.
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Infant Industries:
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a newly established industry that is not yet strong enough to compete effectively in the global market
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Hegemonic stability theory:
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a school of thought that argues free trade and economic order depend on the existence of an overwhelmingly powerful state willing and able to use its strength to open and organize world markets.
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Collective goods
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goods from which everyone benefits regardless of their individual contributions
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Free riders
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those who enjoy the benefits of collective goods but pay little or nothing for them.
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Beggar thy neighbor policies:
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the attempt to promote trade surpluses through policies that cause other states to suffer trade deficits
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International Liquidity:
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reserve assets used to settle international accounts.
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Balance of trade
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a calculation based on the value of merchandise goods and services imported and exported. A deficit occurs when a country buys more from abroad than it sells.
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Floating exchange rates
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an unmanaged process whereby market forces rather than govts. Influence the relative rate of exchange for currencies between countries.
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G-5:
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a group of advanced industrialized democracies composed of the united states Britain france japan and germany
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G-7/G-8
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he G5 plus Canada and italy….know as the G8 with the addition of Russia
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Most favored nation principle:
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unconditional nondiscriminatory treatment in trade between contracting parties guaranteed by GATT, Nondiscrimination: a principle for trade that proclaims that goods produced at home and abroad are to be treated the same for import and export agreements.
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Regional currency union
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the pooling of sovereignty to create a common currency (such as the Euro) and single monetaryu system for members in a region, regulated by a regional central bank within the currency bloc to reduce the likelihood of large scale liquidity crises.
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communitarianism
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an ethical theory that places the ultimate source of moral value in political communities.
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cosmopolitanism
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an ethical theory that places the ultimate source of moral value in individuals.
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human security:
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a concept that refers to the degree to which the welfare of individuals is protected and advanced, in contrast to national security which puts the interests of states first.
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indigenous peoples:
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the native ethnic and cultural inhabitant populations within countries ruled by a government controlled by others (fourth world).
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genocide
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the deliberate extermination of an ethnic or minority group.
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refugees:
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: people who flee for safety to another country because of a well-founded fear of persecution.
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displaced people
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people involuntarily uprooted from their homes but still living in their own countries.
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brain drain
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the exodus of the most educated people from their homeland to a more prosperous foreign country where the opportunities for high incomes are better, which deprives their homeland of their ability to contribute to its own economic development.
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asylum
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the provision of sanctuary to safeguard refugees escaping from the threat of persecution in the country where they hold citizenship.
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humanitarian intervention:
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the use of peacekeeping forces by foreign states or international organizations to protect endangered people from gross violations of their human rights.
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carrying capacity
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the maximum biomass that can be supported by a given territory.
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tragedy of the commons
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a metaphor, widely used to explain the impact of human behavior on ecological systems, that explains how rational self-interested behavior by individuals may have a destructive collective impact
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fertility rate:
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the average number of children born to women during their reproductive years.
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replacement-level fertility
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one couple replacing themselves with two children, so that a country’s population will remain stable if the rate prevails.
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demographic transition:
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an explanation of population changes that highlights the role of birth and death rates in moving countries from stable to rapid increase and finally declining populations.
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population implosion
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a rapid reduction of population that reverses a previous trend toward progressively larger population.
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pandemic:
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a disease that spreads throughout one or more countries.
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transgenic crops
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new crops with improved characteristics created artificially through genetic engineering, which combines genes from species that would not naturally interbreed.
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sustainable development
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improving the quality of life by reconciling economic needs with environmental protection.
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cartel
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an organization of the producers of a commodity that seeks to regulate the pricing and production of that commodity to increase revenue.
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greenhouse effect
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the phenomenon producing planetary warming when gases released by burning fossil fuels act as a blanket in the atmosphere, thereby increasing temperatures.
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acid rain
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precipitation that has been made acidic through contact with sulfur dioxide and nitrogen oxides.
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ozone layer:
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the protective layer of the upper atmosphere over the earth’s surface that shields the planet from the sun’s harmful impact on living organisms on the planet.
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biodiversity
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the variety of life on earth.
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desertification
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the creation of deserts due to soil erosion, over-farming, and deforestation, which converts cropland to nonproductive, arid sand.
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to meet, gather (with)
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اِجْتَمَعَ يَجْتَمِع
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الاِجْتِماع
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green revolution
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the introduction of high-yield seeds, chemical fertilizers, and other agricultural technologies to Global South countries.
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end of history:
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the thesis that the demise of communism marked the triumph of Western market democracy and the end of humanity’s ideological evolution.
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clash of civilizations
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the thesis that future international conflicts will be based on competing cultural values.
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