Social Studies 10-1 Unit 3: Economic, Environmental, and Sustainable Globalization

A set of vocabulary flashcards covering key terms and concepts from the lecture on Economic, Environmental, and Sustainable Globalization.

Globalization

The process of world and its citizen becoming increasingly interdependent

Economic globalization

The process of expanding world trade networks.

Sustainable prosperity

balancing economic, social, and environmental factors to ensure a high quality of life for people today and in the future, all within the ecological limits of a finite planet.

Bretton Woods

A 1944 conference that established a new international monetary order with fixed exchange rates and created key institutions like the IMF and World Bank.

Keynes

A theory that advocates for increased government expenditures and lower taxes to stimulate demand and pull the global economy out of a recession.

Hayek

An economist known for his defense of free-market capitalism and critique of socialism.

Friedman

An economist known for his advocacy of monetarism and free markets.

Trade liberalization

The reduction or elimination of trade barriers to encourage free trade between countries.

Pros of trade liberalization

Increased economic growth, consumer access to a wider range of products, and greater competition.

Cons of trade liberalization

Potential job losses in certain sectors, increased competition for domestic industries, and environmental degradation.

Crown corporations

State-owned enterprises that operate in commercial markets on behalf of the government.

Deregulation

The removal or simplification of government rules controlling how businesses can operate.

Privatization

The transfer of ownership of a business from the government to private individuals or organizations.

Nationalization

The process by which a government takes control of a private industry or asset.

Foreign investment

Investment made by a company or individual in one country in business interests in another country.

Knowledge economy

An economy driven by the generation and exploitation of knowledge and information.

International organizations

Organizations that operate across international boundaries to address global issues.

GATT

General Agreement on Tariffs and Trade, a multilateral agreement aimed at promoting international trade by reducing trade barriers.

WTO

World Trade Organization, an intergovernmental organization that regulates international trade.

NAFTA/CUSMA

North American Free Trade Agreement/United States-Mexico-Canada Agreement, trade agreements among the US, Canada, and Mexico.

G7/G8

Group of seven/eight major advanced economies that meet to discuss economic policy.

EU

European Union, a political and economic union of member states located in Europe.

IMF

International Monetary Fund, an organization working to foster global monetary cooperation and financial stability.

Trading Blocs

Groups of countries that have formed an agreement to reduce tariffs and other trade barriers among themselves.

Transnational Corporations

Large companies that operate in multiple countries across the globe.

Outsourcing

The practice of obtaining goods or services from an outside supplier to reduce costs.

Environmental concerns

Issues related to the protection and preservation of the environment, often exacerbated by globalization.

Stewardship

The responsible management of resources and the environment.

Spirituality

A broad concept encompassing a sense of connection to something bigger than oneself, which can drive environmental consciousness.