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Capital Flight
The movement of capital from one nation to another, via jobs and resources
Chattel slavery
A form of slavery in which one person owns another
Core nations
Dominant capitalist countries
Debt accumulation
The buildup of external debt, wherein countries borrow money from other nations to fund their expansion or growth goals
Debt bondage
The act of people pledging themselves as servants in exchange for money or passage, and are subsequently paid too little to regain their freedom
Deindustrialization
The loss of industrial production, usually to peripheral and semi-peripheral nations by core nations
First world
A term from the Cold War era that is used to describe industrialized capitalist democracies
Fourth world
Stigmatized minority groups who have no voice or representation on the world stage
GINI coefficient
A measure of income inequality between countries using a 100-point scale, in which 1 represents complete equality and 100 represents the highest possible inequality
Global inequality
The concentration of resources in core nations and in the hands of a wealthy minority
Peripheral nations
Nations on the fringes of the global economy, dominated by core nations, with very little industrialization
Second world
a term from the Cold War era that describes nations with moderate economies and standards of living
Semi-peripheral nations
In-between nations not powerful enough to dictate policy but acting as a major source of raw materials and an expanding middle class marketplace
Subjective poverty
A state of poverty composed of many dimensions, subjectively present when one’s actual income does not meet one’s expectations
Third world
A term from the Cold War era that refers to poor, unindustrialized countries
Underground economy
An unregulated economy of labor and goods that operates outside of governance, regulatory systems, or human protections