test 1 and 2

Time-Space Compression

The phenomenon where technological advancements reduce the perceived distances between people and places.

Interdependence

A mutual reliance among nations or economies where actions in one area directly affect others.

Globalization (Condition)

A state of global interconnectedness across economic, cultural, political, and environmental domains.

Globalization (Process)

The ongoing integration and interaction among people, companies, and governments worldwide.

Globalization (Ideology)

A perspective that promotes globalization as beneficial or inevitable.

Globality

A social condition characterized by tight global interconnections that transcend traditional boundaries.

Global Imaginary

A shared sense of belonging to a global community, driven by increasing interconnectedness.

Steger’s Definition of Globalization

The intensification of worldwide social relations and interactions linking distant localities.

Pre-modern Globalization

A historical period exemplified by the Silk Road and ancient empires.

Early Modern Globalization

The period 1500–1800 marked by European colonialism.

Modern Globalization

The period 1800–1945 characterized by industrialization and global trade.

Contemporary Globalization

The post-1945 era of international systems shaped by globalization.

Bretton Woods Conference

A 1944 meeting establishing post-WWII global financial institutions, including the IMF and World Bank.

International Monetary Fund (IMF)

A global financial institution providing monetary cooperation and loans to countries.

World Bank (WB/IBRD)

Focused on long-term economic development and poverty reduction through loans.

General Agreement on Tariffs and Trade (GATT)

A multilateral agreement aimed at reducing trade barriers, which evolved into the WTO.

World Trade Organization (WTO)

A global institution regulating international trade to ensure predictability and free trade.

Structural Adjustment Programs (SAPs)

Economic policies imposed by the IMF and World Bank as loan conditions.

Washington Consensus

A set of market-oriented economic policies recommended for developing countries.

Transnational Corporations (TNCs/MNCs)

Large companies operating across multiple countries influencing global trade.

Absolute Advantage

The ability of a country to produce a good more efficiently than others.

Comparative Advantage

A country's ability to produce goods at a lower opportunity cost than others.

Free Trade

Trade without tariffs or quotas, promoting economic efficiency and growth.

Mercantilism

An economic theory advocating for wealth accumulation through exports and import restrictions.

Distributional Effects of Trade

The unequal impact of trade on different groups leading to winners and losers.

Hard Currency

Stable, widely traded currencies, such as USD or Euro.

Soft Currency

Less stable currencies with limited tradeability.

Fixed Exchange Rates

Currency value pegged to another currency or gold.

Floating Exchange Rates

Currency value determined by market forces.

Foreign Direct Investment (FDI)

Investments in physical assets or businesses in another country.

Portfolio Investment

Investments in securities in foreign countries without direct control over operations.

Remittances

Money sent by migrants to their home countries.

Global Poverty

The condition of lacking basic needs due to insufficient income.

Global Inequality

Disparities in wealth and resources between countries and within populations.

Human Development Index (HDI)

A composite index measuring life expectancy, education, and income.

Sen’s ‘Missing Women’ Argument

Observation of significant gender imbalance in parts of Asia due to neglect.

Wade’s 1:3:2 World

A model dividing the global population into tiers of wealth.

Treaty of Westphalia

Established state sovereignty, ending the Thirty Years’ War in Europe.

Nation

A group of people sharing culture, history, or identity.

State

A political entity governing over a territory.

Nation-State

A sovereign state whose boundaries coincide with a particular nation.

Hyperglobalizers

Advocates who believe globalization erodes national boundaries.

Skeptics

Those who argue that nation-states remain dominant despite globalization.

Global Civil Society

Non-state actors addressing global issues across borders.

Civic Nationalism

Based on shared citizenship and values.

Ethnic Nationalism

Rooted in common ancestry and culture.

Universal Declaration of Human Rights

A foundational document affirming universal human rights.

International Criminal Court (ICC)

Prosecutes individuals for war crimes, genocide, and crimes against humanity.