World Trade and Global Economy Concepts

These flashcards cover key terms related to world trade, government leaders, globalization, and societal aspects, providing definitions to assist in understanding economic concepts.

Economic liberalization

The process of reducing state intervention in the economy, allowing for more free-market activity.

Free market

An economic system where prices and production are determined by unrestricted competition between privately owned businesses.

Asian Tigers

The economies of Hong Kong, Singapore, South Korea, and Taiwan, known for their rapid economic growth and development.

NAFTA

North American Free Trade Agreement, a treaty between the U.S., Canada, and Mexico to eliminate trade barriers.

Maquiladora

Factories in Mexico that import materials and equipment on a duty-free basis for assembly and then re-export the finished products.

Knowledge economy

An economy that is driven by the production and use of knowledge and information.

Multinational corporation

A company that operates in multiple countries but is headquartered in one.

Mercosur

A South American trade bloc that promotes free trade and the fluid movement of goods, people, and currency.

Association of Southeast Asian Nations (ASEAN)

A regional organization comprising ten Southeast Asian countries that promotes political and economic cooperation.

General Agreement on Tariffs and Trade (GATT)

A legal agreement between many countries to create a forum for negotiating trade agreements and a place for resolving trade disputes.

Protective tariff

A tax imposed on imported goods to protect domestic industries from foreign competition.

World Trade Organization (WTO)

An intergovernmental organization that regulates international trade and provides a framework for negotiating trade agreements.

Tiananmen Square

A historical site in Beijing known for the 1989 protests advocating for democratic reforms, which were met with government crackdown.

Nestlé

A Swiss multinational food and beverage company known for its wide range of products and global impact.

Ronald Reagan

The 40th President of the United States known for conservative economic policies and his role in ending the Cold War.

Margaret Thatcher

The first female Prime Minister of the United Kingdom, known for her strong conservative policies and opposition to socialism.

Deng Xiaoping

The Chinese leader who introduced economic reforms to move China toward a market economy.

Augusto Pinochet

The Chilean general and dictator known for his authoritarian regime and economic liberalization policies.

Microsoft

An American multinational technology corporation that develops, manufactures, and sells computer software, consumer electronics, and personal computers.

Google

An American multinational technology company specializing in Internet-related services and products, known for its search engine.

Mahindra & Mahindra

An Indian multinational conglomerate involved in various sectors including automotive, aerospace, and agribusiness.