The Contemporary World: Globalization and Global Market Integration – Vocabulary Flashcards

Vocabulary flashcards covering key terms and definitions from the notes on globalization, market integration, governance, and related concepts.

Globalization

The growing interdependence of the world's economies, cultures, and populations, produced by cross-border trade, technology, flows of investment, people, and information.

Neoliberalism

An economic framework promoting market deregulation, trade liberalization, privatization, and reduced government involvement in the economy.

Market liberalization

The process of reducing government restrictions to allow freer operation of markets.

Global market integration

The process of bringing markets together across countries to allow unrestricted movement of money, labor, goods, and services, enabled by trade deals, financial liberalization, and technology.

Leaderlessness

The idea that globalization is not controlled by any single actor or institution; no one is in charge.

Everyone gains from globalization

The claim that globalization broadens opportunities and living standards through trade, investment, technology, information flow, and market access.

Globalization contributes to democracy

The notion that economic growth associated with globalization supports the development and consolidation of democracy.

Market liberalization and global integration (Steger, 2014)

The assertion that reducing state barriers and promoting open markets are central to globalization.

Irreversible and inevitable (market globalization)

The view that market forces driven by technology propel globalization toward inevitable global integration.

No one controls globalization (leaderlessness)

The claim that no institution, government, or individual has ultimate authority over globalization.

Everyone gains from globalization (reiterated)

Globalization yields benefits such as expanded trade, investment, information flow, and growth.

Globalization contributes to democracy (Fukuyama)

Economic development resulting from globalization is positively correlated with democratic governance.

The Global Economy

The world economy shaped by long-distance trade, historical expansions, and the position of nations within a global system.

World-systems theory

A framework where a capitalist world economy creates a structured system of core, semi-periphery, and periphery states.

Core, semi-periphery, periphery

The three-tier structure in world-systems theory describing levels of economic power and development.

Macro/Meso/Micro levels (Gereffi)

A framework to analyze the global economy: Macro (international organizations and governments), Meso (nations and firms), Micro (consumers and activists).

World Bank

An international financial institution that funds development projects and influences macroeconomic policy.

IMF (International Monetary Fund)

An international organization providing financial stability and policy advice to member states.

WTO (World Trade Organization)

The global body that regulates international trade rules and dispute settlement.

ILO (International Labour Organization)

A UN agency focusing on labor standards and rights.

Adam Smith – division of labor

The practice of assigning workers to separate steps of production to increase efficiency.

Free trade agreements

Deals that reduce or remove trade barriers, promoting cross-border commerce.

Foreign Direct Investment (FDI)

Investment by an entity in a country other than its own that gives control or significant influence over operations.

Multinational Corporations (MNCs)

Transnational firms that invest in multiple countries and coordinate production and supply chains globally.

Emerging markets

Developing economies (e.g., China, India) that are becoming central players in international trade.

Trade integration

Reducing tariffs and quotas to enable freer trade among countries.

Financial integration

Linking financial markets so capital can move freely across borders.

Labor integration

Easier cross-border movement of workers and recognition of qualifications.

Technological integration

Development of digital networks and communications to enable cross-border business.

Disadvantages of international market integration

Issues such as economic disparities, financial vulnerability, loss of sovereignty, job displacement, environmental impact, cultural homogenization, market monopolization, and data/privacy risks.

Transnational actors

Non-state actors influencing global governance, including TNCs, INGOs, and IGOs.

Transnational corporations (TNCs)

Firms investing and operating in multiple countries with international supply chains.

International Nongovernmental Organizations ( INGOs)

NGOs operating across borders that provide aid, advocate rights, and monitor compliance.

Intergovernmental organizations (IGOs)

Organizations formed by states (e.g., UN, EU, ASEAN) to coordinate policy and norms.

Global governance

The system of rules, norms, and institutions (IGOs, INGOs, TNCs) shaping international cooperation beyond the confines of a single state.

Sovereign state

A political entity with defined territory, a population, and a government capable of exercising supreme authority.

Civilizing mission

Historical justification for colonization, claiming to bring civilization to others.

Berlin Congress (1878)

Conference that imposed protections on Christians in Ottoman territories, illustrating imperial civilizing justifications.

The Case of Civilization Against Hitler (1934)

A mock trial in Madison Square Garden declaring Hitlerism a crime against civilization.

Complementarity (ICC)

Principle that national courts should prosecute crimes unless they are unwilling or unable, allowing international tribunals to supplement them.

Hybrid courts

Courts that combine domestic and international elements to prosecute crimes when national courts are insufficient.

Multilevel global governance

Governance across local, national, regional, and global levels, with significant roles for non-state actors.

International law in globalization

The body of rules and norms that guides state behavior and global interactions amid increasing interconnectedness.