global challenges 2.1

Global North

Wealthy, developed countries with advanced infrastructure and economic stability.

Global South

Developing, lower-income countries with less access to resources and infrastructure.

International law

Legal principles governing the relations between nations, arising from treaties and customs.

Tariffs

Taxes on imports designed to protect domestic industries by increasing the cost of foreign goods.

Mercantilism

Economic policy prioritizing the accumulation of national wealth through exports over imports.

Neoliberal institutionalism

The theory that institutions help states cooperate by fostering trust and repeated interactions.

Prisoner’s Dilemma

A situation in which states fail to cooperate for fear of the other party not complying.

Universal jurisdiction

The principle that allows a country to prosecute individuals for serious crimes regardless of where they were committed.

Bretton Woods institutions

Organizations like the IMF and World Bank aimed at stabilizing the global economy post-WWII.

GATT

The General Agreement on Tariffs and Trade, which aimed to promote fair trade by reducing barriers.

National interest

The goals of a nation, such as security and economic gain, that guide international law compliance.

Economic realism

The view that emphasizes power dynamics and national interests in trade and finance.

Beijing Consensus

An economic model prioritizing state-led development and policy adaptability to local conditions.

Neoliberalism

A perspective emphasizing cooperation through institutions in an anarchic international system.

Economic control

Efforts by a state to manage trade and finance to enhance national power.

Institutional cooperation

The ability of countries to work together through formal agreements and organizations.

Anarchy in international relations

The absence of a central authority in global politics, leading to competition among states.

Trust-building in international relations

The process through which states develop confidence in each other's commitment to agreements.

Ronald Coase's Theorem

The idea that externalities can be resolved through negotiation, provided property rights are well-defined.

National treatment under GATT

A principle ensuring that foreign firms are treated equally to domestic firms in international trade.

Compliance with international law

The tendency of states to follow international legal norms when they align with national interests.