Political and Economic Changes and Development - Key Concepts

Flashcards covering key terms and concepts related to political and economic changes and development.

Economic globalization

The increasing interdependence of world economies through trade, investment, and the movement of labor and capital.

Trade liberalization

The removal of barriers to trade, allowing for free flow of goods and services between countries.

Multinational corporation

A company that operates in multiple countries beyond its home country.

Special economic zones

Designated areas within a country that have different economic regulations to attract foreign investment.

Privatization

The process of transferring ownership of a business or public service from the government to private individuals or organizations.

Re-nationalization

The process of bringing previously privatized industries back under government control.

Foreign direct investment

Investment made by a company or individual in one country in business interests in another country.

Economic sanctions

Commercial and financial penalties applied by one or more countries against a targeted country.

International organizations

Organizations formed by countries to promote cooperation and collaboration on common issues.

International Monetary Fund (IMF)

An international organization that provides financial support and advice to member countries.

World Bank

An international financial institution that provides loans and grants to the governments of developing countries for the purpose of pursuing capital projects.

Structural adjustment programs

Economic policy reforms that countries must follow in order to qualify for new World Bank or IMF loans.

Tariffs

Taxes imposed on imported goods and services to protect domestic industries.

Subsidies

Financial assistance granted by the government to support a business or the economic sector.

Import Substitution Industrialization (ISI)

An economic policy that advocates replacing foreign imports with domestic production.

NAFTA (North American Free Trade Agreement)

A trade agreement between Canada, Mexico, and the United States aimed at eliminating trade barriers.

ECOWAS (Economic Community of West African States)

A regional political and economic union of fifteen countries located in West Africa.

European Union (EU)

A political and economic union of 27 European countries that are located primarily in Europe.

World Trade Organization (WTO)

An intergovernmental organization that regulates international trade.

Supranational organizations

Entities that transcend national boundaries and have authority over member states.

Gender equity policies

Policies aimed at achieving equal rights and opportunities for all genders.

Femicide

The gender-based killing of women, often rooted in misogyny.

Maquilladora zones

Manufacturing operations in Mexico that import materials and equipment on a duty-free and tariff-free basis.

Rentier states

Countries that derive a substantial portion of their revenue from the rent of their national resources to external clients.

Austerity cuts

Government policies aimed at reducing public sector spending.