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48 Cards in this Set
- Front
- Back
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Rowstow Model of Development |
Traditional Society - subsistence only Transitional - Specialization & Infrastructure Take Off - Growing investment & political change Drive to Maturity - Diversification, innovation High Mass Cons. - cons. oriented, durable goods, service sector |
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Knowledge Economy |
Use of knowledge to produce tangible and intangible values. EX: Silicon Valley |
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Development State Model |
Macroeconomic planning in SE Asia for transition between sustenance and capitalism. State has > power politically and economically |
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Fordism |
manufacturing system designed to spew out standardized, low-cost goods and afford its workers decent enough wages to buy them |
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Flexible Specialization |
< scope in industry, IT, white collar, more specialized manufacturing |
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Clusters/Agglomerations |
Firms benefit from being close together. ^ production & innovation |
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Keynes |
“Pump-priming:” Government needs to pump in a little capital in a slow economy in order to spur growth. |
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IS-EO |
Import Substitution - Export Orientation Export-led growth should be considered the best strategy to promote developent |
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Keiretsu |
Set of companies with interlocking business relationships and shareholdings. Type of informal business group which has maintained dominance in Japanese economy since the second half of the 20th century. |
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Demographic Transition |
A series of stages that a country goes through when transitioning from non-industrial to industrial. Stage 1 - Pop stable; limited food; Stage 2 - ^ pop; ^ birth; better econ; more food Stage 3 - ^ pop; lower birth, kids not die; women work Stage 4 - pop stable; low births and deaths |
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Periphery/Core |
Core - Japan, US - Adv. Indust. Activity; stable gov Semi-Periphery - China; Brazil - Emergin Econ Periphery - Africa - Resource extraction; low skill |
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MINT |
Emerging Economies Mexico, Indonesia, Nigeria, Turkey |
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BRICS |
Goldman Sachs- 5 major emerging econs Brazil, Russia, India, China, South Africa |
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N11 |
Potential for large economy Bangladesh, Egypt, Indonesia, Iran, South Korea, Mexico, Nigeria, Pakistan, the Philippines, Turkey, and Vietnam |
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Tigers |
Highly developed but small econs Hong Kong, S. Korea, Singapore, Taiwan |
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BREXIT |
UK's withdraw from the EU |
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Basic Econ |
Brings in $$$ from outside |
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Non-Basic Econ |
Money confined to one area ---> University |
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GDP |
Gross Domestic Product is a monetary measure of the market value of all final goods and services produced in a period |
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GNP |
Gross national product. Value of all finished goods and services produced in a country in one year by its nationals. Broad measurement of a nation's total economic activity. |
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GNI |
Index that measures Income distribution/differential (higher the #, the worse the distribution) |
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GATT |
(General Agreement on Tariffs and Trade) multilateral agreement regulating international trade. Makes room for more international trade by reducing tariffs |
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Washington Consensus |
Set of 10 economic policy prescriptions considered to constitute the "standard" reform package promoted for crisis-wracked developing countries by Washington, D.C.Fiscal policy discipline, with avoidance of large fiscal deficits relative to GDP;Redirection of public spending from subsidies ("especially indiscriminate subsidies") toward broad-based provision of key pro-growth, pro-poor services like primary education, primary health care and infrastructure investment;Tax reform, broadening the tax base and adopting moderate marginal tax rates;Interest rates that are market determined and positive (but moderate) in real terms;Competitive exchange rates;Trade liberalization: liberalization of imports, with particular emphasis on elimination of quantitative restrictions (licensing, etc.); any trade protection to be provided by low and relatively uniform tariffs;Liberalization of inward foreign direct investment;Privatization of state enterprises;Deregulation: abolition of regulations that impede market entry or restrict competition, except for those justified on safety, environmental and consumer protection grounds, and prudential oversight of financial institutions;Legal security for property rights. |
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IMF |
International Monetary Fund foster global monetary cooperation secure financial stability, facilitate international trade, promote high employment and sustainable economic growth and reduce poverty |
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World Bank |
Int. financial institute that loans out to developing countries |
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Cartel |
Is an agreement between competing firms to control prices or exclude entry of new competitor in a market |
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Chaebol |
Large business conglomerate, typically family-owned, in South Korea |
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Zaibatsu |
is a Japanese term referring to industrial and financial business conglomerates in the Empire of Japan, whose influence and size allowed control over significant parts of the Japanese economy from the Meiji period until the end of World War II. |
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Laissez-faire |
Free market; hands off approach |
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GCV |
Source of “price-added.” EX: Central America and the Cocaine Bulge |
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GCC |
Source of all pieces and parts necessary for a finished product. |
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Product Cycle |
Four stages of a product’s life cycle: introduction, growth, maturity, decline |
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Spatial Fix |
over accumulation which leads to devaluation (recession, inflation switching) to secondary (*built environment due to making too much stuff) and tertiary circuit (socio-techno, spectacle — *Amusement parks, sports arenas, etc) |
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Marx |
Human societies develop through class struggle Labor is the sole source of wealth creation; Unequal exchange of wage-profits; Wealth=land, labor, capital which can all be expropriated in capitalism; Wrote Communist Manifesto |
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Ricardo |
Comparative Advantage. The economy favors industries that specialize and are involved in free trade. Countries should also only invest in things they have an advantage in; EX: Saudi Arabia and oil |
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Harvey |
Uneven development. Producing too much stuff that you might lose your market |
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Weber |
Was about least-cost location between inputs and the market, plus transport and labor costs; uncaused agglomeration economies & diseconomies, and labor immobility & mobility |
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Oligopoly |
A state of limited competition in which a market is shared by a small number of producers and sellers. |
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Monopoly |
Ownership of entire specific industry |
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Capitalism |
An economic and political system in which a country’s trade and industry are controlled by private owners for profit rather than by state. |
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NIDL |
New International Division of Labor The division of labor is between developed and underdeveloped nations. Where research and more abstract activity occurs in the developed nations and the actual production process occurs in the underdeveloped nations. |
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Econ of Scope |
Increasing the number of units produced to reduce cost/unit. Diversifying production to make overall production costs cheaper. |
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Econ of Scale |
Reduction of overall cost by increasing the sheer amount of the product produced. |
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Embeddedness |
economic link with socio-cultural-political in place and durability. Influence on innovation, market and personal relationships, inequalities, path dependency.. |
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Flying Geese Model |
Japan (first to recover after WWII), NIEs (Newly Industrialized Economies), TIM (Thailand, Indonesia, Malaysia), Less developed countries (Vietnam, Laos, Cambodia) |
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Urbanization |
The size and growth of a city directly relates to its productivity. EX: Los Angeles |
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Localization |
When a particular industry sees growth, general productivity goes up. EX: Silicon Valley |
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Malthus |
Subsistence is directly related to population and productivity. > food = > pop. and prod. |
