Globalization and Political Economy

A set of vocabulary flashcards covering key concepts and definitions related to globalization, economic systems, and political interactions.

Globalization

The onset of a borderless world where societies, cultures, politics, and economics are interconnected.

Economic Globalization

The increasing interdependence of world economies due to cross-border trade, international capital flow, and the global spread of technology.

Protectionism

Government policies that restrict international trade to protect domestic industries and jobs.

Trade Liberalization

The removal or reduction of trade barriers such as tariffs and quotas to promote free trade.

Transnational Corporations (TNCs)

Companies that operate in multiple countries and influence global economies.

Core Nations

Highly developed, industrialized nations that produce capital-intensive goods.

Semi-Periphery Nations

Industrialized nations that serve as a bridge between core and periphery economies.

Periphery Nations

Low-income countries that primarily export raw materials and are less industrialized.

Free Trade Area

Member countries remove trade barriers among themselves while keeping their policies for non-members.

Global Corporations

Major drivers of global economic integration that influence trade, culture, and consumer behavior.

Political Globalization

The spread of political ideas and norms worldwide that influence governance and international relations.

Internationalism

The principle of nations cooperating in various fields, including political, economic, and social.

Globalism

The belief in interconnectedness and the necessity for global unity in politics, economics, and culture.

Hegemonic Internationalism

International integration led by the dominance of one powerful nation over others.

Liberal Internationalism

Promotes international cooperation for peace, poverty eradication, and sustainable development.

Customs Union

Members remove trade barriers among themselves and apply a common external tariff to non-members.

Economic Union

The highest stage of integration, including a common currency and harmonized economic policies.

World Trade Organization (WTO)

Oversees global trade in goods and services, promoting trade liberalization and resolving disputes.

Bretton Woods Agreement (1944)

Established the U.S. dollar as the world's primary currency, replacing the gold standard.

General Agreement on Tariffs and Trade (GATT)

A treaty aimed at reducing trade barriers and promoting free trade, replaced by the WTO.

Non-Governmental Organizations (NGOs)

Organizations that operate independently of government influence to promote humanitarian efforts.

Laborers (Workers)

Individuals providing the human resources necessary for global industries.