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world systems theory
Wallerstein's theory of economic development that regards world history as moving through a series of socioeconomic systems, culminating in the modern world system by about the year 1900
dependency theory
The theory that the periphery is poor because it was economically dependent on the core in a disadvantageous relationship originally established under colonialism and imperialism
commodity dependence
Occurs when commodities account for more than 60 percent of the value of a country's total exports
gross national product (GNP)
The total value of all the goods and services made by a country's residents and businesses in a specific time period, regardless of the country or location in which they were made
gross domestic product (GDP)
The total value of all goods and services produced within a country over a specific period, regardless of the producer's national origin
gross national income (GNI)
The total income of a country's residents and businesses, including investment income, regardless of where it was earned, as well as money received from abroad such as foreign investment and development aid
GDP per capita
A country's GDP divided by its total population
purchasing power parity (PPP)
Measures how much a common "basket of goods" costs locally in the currency of each country being compared
Gender Inequality Index (GII)
A statistical measure of gender inequality that combines data on reproductive health, empowerment, and labor-market participation
Human Development Index (HDI)
A statistical measure of human achievement that combines data on life expectancy at birth, education levels, and GNI per capita (PPP) population.
informal sector
The part of any economy that is not officially recorded, monitored, or taxed by the government
formal sector
The part of the economy that is officially recorded with the government
income distribution
How a country's total GDP is distributed among the individuals in its population