Global Economy Vocabulary Flashcards

20 vocabulary flashcards derived from the lecture notes on the global economy, World-Systems Theory, and key actors.

Global economy

The complex and evolving network of interconnected markets, trade, and financial flows that produces, distributes, and consumes goods and services worldwide.

Interconnected markets

Markets in different countries that are linked through trade and financial flows within the global economy.

Production

The process of making goods and services within the global economy.

Distribution

The process of delivering goods and services to consumers across borders.

Consumption

The use or purchase of goods and services by individuals and firms worldwide.

World-System Theory

A theory by Immanuel Wallerstein that explains the global economy as a system of core, semi-periphery, and periphery countries.

Immanuel Wallerstein

Sociologist who created World-Systems Theory in the 1970s.

Core countries

The most industrialized and economically developed nations with significant influence on global economics and politics.

Semi-periphery countries

Nations between core and periphery with some industrialization; act as a buffer in the global economy.

Periphery countries

The least developed nations, often dependent on core economies and with limited influence in the global economy.

International Monetary Fund (IMF)

An international organization that promotes global financial stability, provides financial assistance, and advises on economic policies.

Multilateral Development Banks (MDBs)

International financial institutions that provide grants, guarantees, credits, and low-cost loans to borrowing member countries for development.

Transnational Corporations (TNCs)

Enterprises that operate across multiple countries, engaging in international production, trade, and investment.

Global Civil Society

Nongovernmental groups and networks of activists and citizens that influence global issues.

Amnesty International

A global NGO focused on human rights.

Greenpeace

An environmental NGO advocating for global ecological protection.

International Labour Organization (ILO)

A UN agency that promotes decent work and labor rights worldwide.

Emerging markets

Developing economies experiencing rapid growth and increasing influence in the global economy.

Sustainable development

Development that emphasizes environmental sustainability and social equity to shape the future of the global economy.

International cooperation

Collaborative efforts among nations to address shared economic challenges and promote prosperity.