Globalization and International Institutions (Lecture Notes)

Vocabulary flashcards covering key terms, concepts, and institutions related to globalization from the lecture notes.

Globalization

Socioeconomic reform process that removes barriers to trade, investment, information technology, culture, and politics to foster economic growth and interdependence.

Emerging economies

Countries reforming toward open trade and markets, driving growth and becoming major players in the global economy.

South-South trade

Trade among developing countries; post-2008 growth driven by increasing South-South exchanges.

Decoupling

Emerging economies growing independently of advanced economies, reducing dependency on traditional powers.

Multipolar world

A global order with several major powers (e.g., US, EU, Japan, China, India, Brazil) influencing outcomes rather than one dominant power.

IMF

International Monetary Fund; established at Bretton Woods in 1944; aims for global financial stability, monetary cooperation, exchange-rate stability, and trade growth; provides loans, policy advice, risk monitoring, and technical assistance.

World Bank

World Bank group founded in 1944 to support reconstruction and poverty reduction through development finance and standards; comprises multiple arms and programs.

WTO

World Trade Organization; evolved from GATT (1948–1995); 164 members; negotiates trade agreements, settles disputes, and reviews policies to promote fair competition and freer trade.

Doha Round

Doha Development Round (2001–present) of WTO negotiations; negotiations slowed/stalled due to disputes, especially over agricultural subsidies.

Institutional structure

Rules and organizations that support markets, enforce property rights and contracts, and promote competition; require transparency in politics.

Good governance

Principles of transparency, competence, and accountability in government; cited example: Singapore as a model.

Property rights

Legal rights to use, benefit from, and transfer resources; critical for investor confidence; often weaker in state-controlled economies.

Anticorruption

Efforts to reduce corruption, which raises costs and undermines trust; high-integrity economies (Nordics, Singapore) rank highest.

Information Technology (IT)

Digital era transforming living, work, learning, and social interaction; includes AI, big data, cloud computing, remote work, e-commerce, and online banking.

Leapfrogging

Developing countries skipping intermediate stages (e.g., landlines) and adopting advanced technologies like mobile internet (e.g., M-Pesa in Kenya).

Digital divide

Perceived gap between those with access to ICT and those without; often viewed as narrowing as technology becomes cheaper; leaders in internet use include China and India.

Globalization controversy

Criticisms include job losses, wage stagnation, exploitation of cheap labor, and environmental damage; counterarguments emphasize lower prices, job creation, and CSR.

Winners of globalization

Countries and groups that gain from openness, e.g., China (poverty reduction), India (large middle class), Brazil, Indonesia, and parts of Africa with growth.

Losers of globalization

Countries lacking freedoms, transparency, or rule of law (e.g., Myanmar, North Korea, parts of Africa & Central Asia) facing negative outcomes.

Making globalization work for all

Strategies to balance benefits: retraining/displaced-worker programs, structural reforms in education/healthcare/inclusion, and WTO enforcement of fair wages and labor standards.

Sustainable development

Development that meets present needs without compromising the ability of future generations to meet theirs.