SYG2000 Chapter 10 Study Guide

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29 Terms

1
Global Stratification
The unequal distribution of resources among nations.
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2
Gross National Income (GNI)
The total domestic and foreign output claimed by residents of a country, including GDP plus net income from abroad.
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3
Purchasing Power Parity (PPP)
A method of measuring the relative purchasing power of different countries’ currencies over the same types of goods and services.
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4
High-Income Nations
Countries that are highly industrialized, technologically advanced, and have high standards of living, such as the United States, Germany, and Japan.
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5
Middle-Income Nations
Countries with developing economies that have moderate levels of industrialization and average standards of living, such as Brazil, China, and South Africa.
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6
Low-Income Nations
Countries that are least industrialized, often agrarian, and have low standards of living, including Afghanistan, Haiti, and Ethiopia.
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7
Absolute Poverty
A condition where household income is below a necessary level to maintain basic living standards, often defined by the World Bank as living on less than $1.90 a day.
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8
Relative Poverty
A condition where household income is a certain percentage below median incomes in a given location, more common in high-income nations.
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9
Feminization of Poverty
The phenomenon in which women represent disproportionate percentages of the world’s poor, caused by factors such as the wage gap and lack of access to education.
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10
Modernization Theory
A theory suggesting that low-income countries can improve their global economic standing through industrialization and other forms of economic growth.
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11
Dependency Theory
A theory that suggests global inequality is the result of the exploitation of peripheral and semi-peripheral nations by core nations.
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12
World Systems Theory
A theory that categorizes the world into core, semi-peripheral, and peripheral nations, emphasizing social and economic inequalities.
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13
Global Commodity Chains
Worldwide networks of production and distribution that highlight the interconnectedness of global economies and the role of multinational corporations.
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14

Capital Flight

The movement of capital from one nation to another, via jobs and resources

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15

Chattel slavery

A form of slavery in which one person owns another

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16

Core nations

Dominant capitalist countries

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17

Debt accumulation

The buildup of external debt, wherein countries borrow money from other nations to fund their expansion or growth goals

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18

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

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19

Deindustrialization

The loss of industrial production, usually to peripheral and semi-peripheral nations by core nations

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20

First world

A term from the Cold War era that is used to describe industrialized capitalist democracies

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21

Fourth world

Stigmatized minority groups who have no voice or representation on the world stage

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22

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

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23

Global inequality

The concentration of resources in core nations and in the hands of a wealthy minority

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24

Peripheral nations

Nations on the fringes of the global economy, dominated by core nations, with very little industrialization

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25

Second world

a term from the Cold War era that describes nations with moderate economies and standards of living

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26

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

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27

Subjective poverty

A state of poverty composed of many dimensions, subjectively present when one’s actual income does not meet one’s expectations

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28

Third world

A term from the Cold War era that refers to poor, unindustrialized countries

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29

Underground economy

An unregulated economy of labor and goods that operates outside of governance, regulatory systems, or human protections

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