Unit 5: Political and Economic Changes and Development (copy)

Globalization

The integration of economies, societies, and cultures across the world through the exchange of goods, services, ideas, and people.

Economic liberalization

The process of removing government regulations and restrictions on economic activities to promote free market principles.

Protectionism

The use of trade barriers such as tariffs and quotas to protect domestic industries from foreign competition.

Deregulation

The removal of government regulations and restrictions on businesses to promote competition and efficiency.

Fiscal Policy

The use of government spending and taxation to influence the economy.

Monetary Policy

The use of interest rates and money supply to influence the economy.

Cultural Homogenization

The spread of Western culture, leading to the loss of cultural diversity.

Environmental Degradation

The deterioration of the environment through the depletion of natural resources and pollution.

Job Losses

The outsourcing of jobs to countries with lower labor costs, leading to unemployment in developed countries.

International Cooperation

Collaborative efforts between governments to manage global market forces and their impacts.

Privatization

The transfer of ownership and control of state-owned enterprises to private individuals or companies.

Trade liberalization

The removal of trade barriers such as tariffs and quotas on imports and exports.

Financial liberalization

The removal of restrictions on the flow of capital and the liberalization of financial markets.

Multinational Corporations

Companies that operate in multiple countries, often complicating government regulation.

Demographic change

Changes in the size, structure, and distribution of a population over time.

Fertility rate

The number of children born to women of childbearing age, influencing population growth.

Mortality rate

The number of deaths in a population, affecting its growth dynamics.

Natural resources

Materials and substances that occur naturally in the environment and are used for economic gain.

Sustainability

Using resources in a way that meets present needs without compromising the ability of future generations to meet their own.