Social Studies 10 - Unit Three: Economic Globalization and Sustainable Prosperity Terms

Capitalism

an economic system that advocates free trade, competition as a means of achieving prosperity

Privatization

the sale of government owned industries and services to private businesses

Exploitation

the action of treating someone unfairly in order to benefit from their work

Contemporary

something that is in present day times

Sustainable prosperity

all citizens are able to have their needs met, in a manner that can be maintained by future generations

Outsourcing

the practice of hiring a party outside a country to perform services or create goods; normally different countries specialize in different things then outsource to one another

Bretton Woods Conference

a gathering of 44 allied nations where an agreement would be made to establish a system of rules, institutions, and procedures for the postwar economy; also a new international monetary system

International monetary fund

a group used to stabilize exchange rates. does so by lending money to nations who are poor and have devalued currencies.

World Bank

a group meant to help long term development and reduce poverty in poor countries

North America Free Trade Agreement (NAFTA)

a treaty signed by Canada, Mexico, and USA; primary goal was to establish a free-trade zone to eliminate tariffs and other trade barriers

Tarriffs

a tax or duty to be paid on a particular class of imports or exports

Taxes

a charge, usually of money, imposed by authority to add to goods, services, incomes, and business profits

Isolationism

a policy of remaining apart from the affairs or interests of other groups, especially the political affairs of other countries

Sanctions

a threatened penalty for disobeying a law or rule

United Nations

an intergovernmental organization with the primary goal of maintaining international peace and security

International Agreement

any legally binding written agreement between two or more countries/states that are governed by international law

International Organization

a group formed by countries to work together on common goals, such as peace, health, or trade

Transnational Corporation

a large company that operates in multiple countries

Refugee

a person who leaves their home country to escape war, violence, or danger

Climate Change

long-term changes in Earth’s weather patterns, often caused by human activities

Critical

very important or serious; can also mean expressing disapproval or careful analysis

Foreign Investment

money from one country is used to start or grow businesses in another country

Trade Liberalization

reducing rules or taxes on trade between countries to make it easier to buy and sell goods

Free Trade

trade between nations with little to no taxes, limits, or rules

Fair Trade

a system of trading that aims to give better prices and working conditions to producers in developing countries

European Imperialism

when European countries took control of lands in Africa, Asia, and the Americas to build empires, often using force

Media

refers to the various communication channels that are used to convey information

Transportation technologies

refers to how new vehicles, systems, and innovations in movement impact people’s daily live, urban environments, and social interactions