Economic Structure and Governance of Globalization Flashcards

These vocabulary flashcards cover the key concepts of economic globalization, stratification typologies, development theories, market integration, and global governance structures as presented in the lecture notes.

Economic Globalization

A historical process representing human innovation and technological progress through the integration of economies and the movement of capital, goods, and services.

Trade Liberalization

The removal or reduction of restrictions or barriers on the free exchange of goods between nations.

Protectionism

A policy of systematic government intervention in foreign trade using quotas and tariffs to encourage domestic production.

First World

A political classification referring to North America and Western capitalist nations.

Second World

A political classification referring to the Soviet Union.

Third World

A political classification encompassing almost all nations not categorized as First or Second World.

Global Stratification

The unequal distribution of wealth, power, resources, and influence among the nations of the world.

High Income Nations

Countries with a Gross National Income (GNI) per capita of $\$11,500$ or more based on 2007 data.

Middle Income Nations (Upper)

Countries with a Gross National Income (GNI) per capita between $\$3,700$ and $\$11,500$ based on 2007 data.

Middle Income Nations (Lower)

Countries with a Gross National Income (GNI) per capita between $\$900$ and $\$3,700$ based on 2007 data.

Low Income Nations

Countries with a Gross National Income (GNI) per capita of $\$900$ or less based on 2007 data.

Global North

Wealthy nations with developed societies, advanced technology, established democracy, political stability, and dominance in trade and politics.

Global South

Agrarian economies characterized by constant turmoil and poverty, deemed as poor and undeveloped.

Brandt Line

A visual representation founded by Willy Brandt depicting the global divide between rich and poor nations.

Modernization Theory

The idea that nations become rich by developing the correct culture for trade and industrialization, abandoning traditions in favor of new thinking and future orientation.

Dependency Theory

A theory stating that exploitation during colonization caused poor nations to fail in pursuing economic growth, often using a Metropol-Satellite model.

World System Theory

The idea that wealthy nations exploit the resources of poorer nations, denying them modernization and dividing the world into Core, Peripheral, and Semi-peripheral nations.

Core Nations

Dominant capitalist countries that exploit peripheral countries for labor and raw materials.

Peripheral Nations

Countries with underdeveloped industry that are dependent on core countries for capital.

Semi-peripheral Nations

Countries that share characteristics of both core and periphery countries.

Market Integration

The interconnectivity of prices, goods, services, financial benefits, and investment opportunities across different locations forming one broader market.

Multinational Companies (MNCs)

Companies with assets and facilities in more than one country, featuring worldwide management and a single headquarter (e.g., McDonald's, Toyota).

Transnational Companies (TNCs)

Companies operating in more than one country without a single headquarter, allowing for deeper adaptation to local culture (e.g., Unilever, Shell).

Mercosur

Also known as Mercado Comun del Sur, established in 1991 to create a single market between Argentina, Bolivia, Brazil, Paraguay, and Uruguay.

AfCFTA

The African Continental Free Trade Area, which aims to enhance intra-African commerce and reduce trade barriers.

ASEAN

The Association of Southeast Asian Nations, consisting of 11 nations aiming to increase economic growth and cooperation.

GCC

The Gulf Cooperating Council, which advances a single market and customs union among Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and UAE.

Global Interstate System

The complex network of relationships, interactions, and institutional governance among sovereign states on a global scale.

State

An independent political entity with fixed geographic boundaries, a government, sovereignty, and a population.

Nation

A socio-cultural entity consisting of a group of people with a common language, history, culture, and geographic location.

Nationalism

A belief system establishing nations as the basis for a political system and promoting patriotism and its interests.

Internationalism

A desire for increased cooperation and solidarity between states and individuals focusing on the well-being of the global community.

Global Governance

The sum of laws, norms, policies, and institutions that define and mediate trans-border relations between citizens, cultures, and states.

International Law

A collection of rules and regulations that define the rights and obligations of states.

International Agreement

A treaty signed by a number of states that establishes global rules of conduct.

WHO

World Health Organization; a specialized agency of the UN that sets global health standards and coordinates cross-border health responses.