GLST 201: Week 10 Trade (copy)

Keiretsu

Private Japanese conglomerates that receive considerable state support and subsidies to develop and are vertically integrated through the supply chain through subsidiaries.

Asian Tigers

A group of economies in East Asia characterized by rapid economic growth and export-oriented development: Singapore, Hong Kong, Taiwan, South Korea.

Export oriented development

Policy of expanded production of cheap competitive goods to export on the international market to increase foreign revenues.

Chaebol

A large family-owned business conglomerate in South Korea.

Outsourcing

The practice of subcontracting production or services to third-party companies in another country to reduce costs.

Glasnost

The policy or practice of more open consultative government and wider dissemination of information initiated under Mikhail Gorbachev.

Perestroika

Limited economic reforms under Gorbachev that allowed for some free-market consumer products and political reforms permitting limited public criticism of the Soviet government.

Kleptocracy

A system in which government officials and oligarchs are highly corrupt, using political power to expropriate the wealth of the country they govern.

Deng Xiaoping

Chinese leader who initiated opening and reform policies starting in 1978.

Import Substitutions

Economic policy of replacing foreign imports with domestic production through targeted protections of domestic industry.

Crony Capitalism

An economic system characterized by close, mutually advantageous relations between business and government officials.

Containerization

The use of standardized shipping containers to make loading and unloading easier.

Panamax

Cargo boats that meet the size standards required for passage through the Panama Canal.

Protectionism

Policies that shield a country's domestic industries from foreign competition by taxing imports.

Free Trade

A set of policies allowing unrestricted international and domestic trade without imposing regulations or taxes targeting specific origins and industries.

Free Trade Agreements

Agreements between two or more countries to reduce or eliminate import and export barriers.

Fair Trade

Trade arrangements designed to help producers in developing countries achieve sustainable and equitable trade relations.

North American Free Trade Agreement (NAFTA)

A free trade agreement in force between the US, Canada, and Mexico, established in 1994.

Trans-Pacific Partnership (TPP)

A proposed free trade agreement among several countries including the US, which collapsed after US withdrawal in 2017.

Transnational Corporation

An enterprise involved in international production and retail of goods or services, foreign investment, and income across more than one country.

Portfolio Investment

Purchase of stocks, bonds, or other financial assets without direct management or control of an enterprise.

Direct Investment

Acquisition of a corporation's assets through the purchase of property, a plant, or equipment.

Joint Venture

A business arrangement where two companies collaborate for a specific project.

Subsidiary

A company that is owned and controlled by another company.

Acquisition/Merger

The purchase or merger of one company with another.

Labor Unions

Organizations formed by workers to negotiate for better rights, including pay, safety, and working conditions.

Regulations

Government rules that regulate business conduct, including safety and labor requirements.

Deregulations

The process of removing regulations seen as hindrances to company profitability.

Economic Sovereignty

The belief that globalization has made countries vulnerable to disruption and that they should enable domestic production through protectionist measures.

Global Poverty

The number of people worldwide living on less than $1.90 a day.

Gini Coefficient

A statistical measure of income or wealth inequality within a nation.

Gender Pay Gap

The average pay difference between women and men, with women earning approximately $0.77 for every $1.00 earned by men.

Food Security

Having reliable access to sufficient quantities of affordable and nutritious food.

Malnutrition

Occurs when an organism has too few or too many nutrients, leading to health problems.

Undernutrition

A deficiency of calories or essential nutrients.

Micronutrition

The intake of vitamins and minerals essential for proper body functioning.

Overnutrition

A form of malnutrition where nutrient intake exceeds normal requirements.

World Health Organization (WHO)

An agency that provides essential food aid to improve global health.

Food and Agriculture Organization (FAO)

An organization aimed at boosting food production to combat hunger globally.

Food Aid Programs

Programs where wealthy countries provide surplus food to poorer nations.