unit 6: development & industry/energy

sustainable development

Development that meets the needs of the present without compromising the ability of future generations to meet their own needs.

Ecotourism

the practice and business of recreational travel based on concern for the environment

Mass Consumption

Caused by an increase in purchasing power, this allowed for customers to spend more money on goods.

Industrialization

The development of industries for the machine production of goods.

UN Sustainable Development Goals (SDGs)

17 goals, examples: no poverty, zero hunger, good health and well being, quality education

Outsourcing

A decision by a corporation to turn over much of the responsibility for production to independent suppliers.

economic restructuring

changes in the way the economy, firms, and employment relations are organized

The core regions of the modern world-system

dominate world trade

Special Economic Zones (SEZs)

Relatively small districts in China that were fully opened to global capitalism after China began to reform its economy in the 1980s.

free trade zones/maquiladoras

designated areas where foreign companies can warehouse goods without paying taxes or customs duties until they move the goods into the marketplace

export processing zones (EPZs)

zones established by many countries in the periphery and semi-periphery where they offer favorable tax, regulatory, and trade arrangements to attract foreign trade and investment

international division of labor

The process where the assembing procedures for a product are spread out through different parts of the world

Post-Fordist Production

Adoption by companies of flexible work rules, such as the allocation of workers to teams that perform a variety of tasks.

Fordist Production (Fordism)

Form of mass production in which each worker is assigned one specific task to perform repeatedly.

just-in-time delivery (JIT)

Shipment of parts and materials to arrive at a factory moments before they are needed

Growth Poles/Growth Centers

The concentration of high-value economic development that attracts even more economic development; Another name for a technopole.

Service Sectors of the economy

The tertiary sector or service sector is the third of the three economic sectors of the three-sector theory, provides intangible goods

agglomeration economies

economies of scale resulting from the concentration of people and production in urban areas

high-technology industries

an industry (chemicals, aircraft) that uses advanced methods and modern equipment or is devoted to research, development, and sale of high-technology products (e.g. computers, semiconductors)

developing countries

a country with relatively low levels of industrialization and income

economies of scale

a proportionate saving in costs gained by an increased level of production.

European Union (EU)

a free trade zone encompassing 27 European countries

WTO (World Trade Organization)

the only international body dealing with the rules of trade between nations

Mercosur (Common Market of the South)

free trade within, and a common external tariff for, Argentina, Brazil, Paraguay, and Uruguay, since 1994; accounts for 70 percent of South America's total economy

OPEC (Organization of Petroleum Exporting Countries)

seeks to manipulate the price of oil on a global scale

Tariffs

Taxes on imported goods

IMF (International Monetary Fund)

part of the UN makes loans to countries to finance development

microlending/microfinance

The practice of loaning small amounts of money to help people in less developed countries start small businesses.

interdependant

when countries rely on one another for resources; trade

Rostow's Stages of Development

Traditional; Pre conditions for take off; take off to self-sustained growth; the drive to maturity; age of mass-consumption.

Wallerstein World Systems

core countries exploit semi-periphery countries and periphery countries

Dependency Theory

a model of economic and social development that explains global inequality in terms of the historical exploitation of poor nations by rich ones

commodity dependence

economic dependence on exports of raw materials

GDP per capita

Gross domestic product divided by the number of people in the population.

GNP per capita

Gross National Product - the sum of all goods and services produced in a nation in a year

GNI (Gross National Income)

The value of the output of goods and services produced in a country in a year, including money that leaves and enters the country

TFR (total fertility rate)

the average number of children per woman

IMR (infant mortality rate)

The total number of deaths in a year among infants under 1 year old for every 1,000 live births in a society.

fossil fuels

Coal, oil, natural gas, and other fuels that are ancient remains of plants and animals.

Literacy rates vary by

sex, location, education, and economic development

GII (Gender Inequality Index)

measurement that evaluates women's status in a country based on participation in economic, political, and labor-market participation, as well as reproductive health issues, indices of empowerment, and labor-market participation

Reproductive Health

issues of safe sex, prevention and treatment of STIs, contraception, fertility and infertility, sexual health, pregnancy, and childbirth

Indices of empowerment

Compares the ability of women and men to participate in economic and political decision making.

labor-market participation

A statistic that determines what percentage of an age group or gender is currently working

HDI (Human Development Index)

a measure of a country's standard of living, including health and education

primary economic activity

economic activity concerned with the direct extraction of natural resources from the environment-- such as mining, fishing, lumbering, and especially agriculture

secondary economic activity

economic activity involving the processing of raw materials and their transformation into finished industrial products; the manufacturing sector

tertiary economic activity

Economic activity associated with the provision of services - such as transportation, banking, retailing, education, and routine office-based jobs.

quarternary economic activity

Providing management and research

quinary economic activity

require a high level of specialized knowledge or technical skill

Containerization

The transporting of goods in standard-sized shipping containers.

Break-of-bulk point

A location where transfer is possible from one mode of transportation to another.

least-cost theory (Weber)

Model developed by Alfred Weber according to which the location of manufacturing establishments is determined by the minimization of three critical expenses: labor, transportation, and agglomeration.

Core Countries (World Systems Theory)

industrialized former colonial states that dominate the world economic system

semi-periphery countries

nations ranking in between core and periphery countries, with some attributes of the core countries but with less of a central role in the global economy

periphery countries

countries usually have less development and are poorer countries

Inputs

the resources—such as labor, money, materials, and energy—that are converted into outputs

service industries

business that provides a service instead of making goods

IHDI (Inequality-adjusted Human Development Index)

combines a country's average achievements in health, education and income with how those achievements are distributed among country's population

gender inequality

the inequality between men and women in terms of wealth, income, and status

semi-peripheral states

characteristics of both core and peripheral, play intermediate and/or stabilizing role

Self-sufficiency approach

Approach to improving economic development by building a country's independence from foreign economies and fostering its ability to provide for its own people.

FDI

Foreign Direct Investment - Investment made by a foreign company in the economy of another country

World Bank

an international bank that offers low-interest loans, advice, and information to developing nations