International Economics and Trade Concepts

Flashcards covering key concepts related to international economics and trade.

IMF and World Bank Location

Washington D.C.

National Economy Services

Includes sectors such as banking, financing, telecommunication, and tourism.

Smoot-Hawley Tariff Act

US legislation that started the tariff wars and retaliatory tariffs of the 1940s.

Fiscal Discipline

Principle of balancing the budget and avoiding a high budget deficit.

Shock Therapy

Rapid implementation of economic reforms by the IMF in Eastern Block and post-Soviet countries.

GATT

Precursor treaty to the World Trade Organization.

WTO Membership Number

266 members.

Largest Foreign Direct Investment Recipient

United States.

Currency Manipulation

Accusation against China for keeping its national currency undervalued.

Housing/Mortgage Crisis

The sector crisis that led to the Great Recession in 2008.

Human Development Index Indicator

Per capita GDP is used to gauge the standard of living.

Health Dimension of HDI

Measured by life expectancy at birth.

Access to Potable Water

Important measure of water quality in less developed countries.

Microcredit

Alternative form of credit accessible in less developed countries despite limited bank credit.

One Dollar a Day Documentary Location

Based in Guatemala.

R2P (Responsibility to Protect)

Principle used for US and NATO intervention in Bosnian genocide.

Hobbes' Description of Life Without State

Solitary, poor, nasty, brutish, or short.

Security Focus of Traditional Realism vs. Human Security

Traditional realism focuses on the security of the state, while human security focuses on the individual.

Examples of Emerging Economies

Mexico, Brazil, India, South Africa, Turkey, Malaysia, Indonesia, etc.

Current Trade Agreement Between Canada, Mexico, and US

United States-Mexico-Canada Agreement.