AP World History 9.4 Flashcards

World Trade

The exchange of goods and services across international borders, significantly increasing since the late 20th century.

economic liberalization

The process of reducing government restrictions on trade and economy to promote market freedom and growth.

free market

An economic system where prices and production are dictated by supply and demand with minimal government intervention.

Asian Tigers

Economies of Hong Kong, Singapore, South Korea, and Taiwan known for rapid industrialization and high growth rates in the late 20th century.

NAFTA

A trade agreement between the U.S., Canada, and Mexico established in 1994 to remove trade barriers and promote economic integration.

maquiladora

Factories in Mexico that import materials for assembly and export finished products, often associated with reduced labor costs.

Mercosur

A South American trade bloc established to promote regional integration and trade among member countries.

Association of Southeast Asian Nations (ASEAN)

A regional organization that promotes political and economic cooperation among Southeast Asian nations.

General Agreement on Tariffs and Trade (GATT)

An international treaty aimed at reducing trade barriers and promoting global trade, succeeded by the WTO.

protective tariff

A tax imposed on imported goods to protect domestic industries from foreign competition.

World Trade Organization (WTO)

An international organization established to regulate international trade, ensuring trade flows smoothly and predictably.

Leaders

Individuals, such as Ronald Reagan and Margaret Thatcher, who implemented free-market policies promoting economic growth.

Deng Xiaoping

Chinese leader who initiated economic reforms in the late 20th century promoting market-oriented policies.

Augusto Pinochet

Chilean dictator whose regime implemented free-market reforms but was notorious for human rights abuses.

Society

The structure and dynamics of a community or demographic, often affected by political and economic changes.

China

A country that moved towards a market economy under Deng Xiaoping in the late 20th century.

Tiananmen Square

Site of 1989 protests in Beijing advocating for political reform, violently suppressed by the government.

Globalization

Expansion of global interconnectedness in trade, communication, and cultural exchange since the late 20th century.

knowledge economy

An economic system where growth is driven by the production and management of knowledge and information.

multinational corporation

A company that operates in multiple countries, often taking advantage of global markets and labor costs.

Microsoft

An American multinational technology company known for software products, including the Windows operating system.

Google

A multinational technology corporation specializing in Internet-related products and services, including search engines.

Mahindra & Mahindra

An Indian multinational corporation involved in various industries, recognized for socially responsible practices.

Nestlé

A multinational food and beverage company criticized for ethical practices but also engaged in sustainable initiatives