Social 10-IB related issue 2

alternative energy sources

refers to renewable or natural energy sources such as solar, wind, tidal, nuclear, hydro

capitalism

a economic system that advocates free trade, competition, and choice as a means of achieving prosperity

communism

a economic and political system whose purpose is to eliminate social distinctions. everyone would work for the benefit of all and would receive help as they need it

consensus

general agreement

containerization

transporting goods in standard-size shipping containers

ecological footprint

the area of the earth’s surface needed to sustain the level of resources a person uses and the waste they create

e-commerce

commercial transactions conducted electronically on the internet (amazon, eBay, etsy)

economic depression

a period of time of low economic activity accompanied with high levels of unemployment

economic globalization

the spread of trade, transportation, and communication systems around the world in the interests or promoting worldwide commerce (trade agreements, export and import of goods)

European Union

an international organization comprising of 27 European countries, and governing common economic, social, and security policies

foreign investment

the purchase of land, assets, factories in one country by individuals or companies in another country. Buying a coltan farm to make cell phones.

free trade

the trade that occurs when two or more countries eliminate tariffs and taxes and the goods and services they trade with one another

GATT/WTO

the GATT was created in 1947 where some countries agreed to continue the conversation on worldwide economic stability. It led to countries agreeing to eliminate tariffs it led to countries agreeing to eliminate tariffs and other trade barriers and quotas between themselves. The name changed to WTO in 1955 and has a huge influence on trade between countries.

global climate change

small but steady changes in average temperatures around the world

Great Depression

during the 1990s, a period of extreme economic depression, affected the entire world and most countries closed their economies to others to protect themselves

HDI (Human Development Index)

how long a country’s people live, how much school enrolment a country has, and the country’s GDP

GDP (Gross Domestic Product)

total annual value of what’s produced in a nation

GNH (gross national happiness)

does a country preserve and promote cultural values, promote equitable growth, preserve the environment and establish good government (leading to happier citizens) (look at happiness of countries worldwide)

IMF (International Monetary Fund)

it works to achieve sustainable growth and prosperity for all of its 191 member countries. It does so by supporting economic policies that promote financial stability and monetary cooperation. It has three goals: furthering international monetary cooperation, encouraging the expansion of trade and economic growth, and discouraging policies that would harm prosperity.

knowledge economy

business and individuals who use research, education, new ideas and information technologies for practical purposes

environmental treaties

kyoto protocol- an international treaty signed in 1997 that aimed to reduce greenhouse gas emissions that contribute to global warming, called for reducing emission in 41 countries and the EU

Paris agreement- its central aim is to strengthen the global response to the threat of climate change by keeping a global rise in this century below 2 degrees, hopes to limit temperate rise below 1.5

Copenhagen accord- a agreement to limit global warming below 2 degrees, countries pledged 100 billion annually by 2020, to help developing nations

outsourcing

reducing costs by using suppliers of products and services in countries where labour is cheaper and government regulation is less strict

privatization

selling a public service/company by government, such as electricity delivery or healthcare to a private company

sanctions

a economic penalty used to pressure government to carry out certain actions or follow certain rules

tariff

taxes imposed by one country on goods imported from another country

sustainability

the degree to which the earth is able to provide the resources necessary to meet people’s needs

stewardship

accepting responsibility for ensuring that the earth’s resources remain sustainable

flag of convenience

a flag thrown by ships when they are registered in a country that is not the country of their owner

sustainable prosperity

practicing stewardship of the environment and resources so that future generations are able to achieve prosperity

sustainable development

development that meets people’s needs in the present without compromising the ability of future generations to meet their needs

standard of living

the degree of wealth and material comfort made available to a person or community

subsidy

a sum of money granted by the government or a public body to assist an industry or business so that the price of a commodity or service may remain low or competitive

trade liberalization

making trade more free, REMOVING tariffs, quotas or any other barrier that makes trade more challenging, but can hurt local industries

Bretton woods conference

conference held in Hampshire 1944, delegates from over 44 countries were trying to figure out a way to avoid another Great Depression and another global conflict

John Maynard Keynes

promoted that unrestricted capitalism was a bad thing-led to the Great Depression and eventually WW2, governments should play a role in economy of a country, when people lose their jobs in recession, the government should et up programs to help them get back to work

Friedrich Hayek

disagreed with Keynes on the role of government in the economy, governments should not be involved-capitalism is good, competition is good and will lead to economic prosperity

World bank

head of the bank is appointed by the US government and is owned the its members, which provide its funds. wanted to lend money to war torn countries to rebuild, speed up economic progress and industrialization in countries. It now wants to increase growth and reduce poverty in developing countries, fund specific infrastructure projects.

free trade agreements

NAFT- an agreement signed by Canada, Mexico, and the United States that created a trilateral trade bloc in North America.

CUSMA- trade agreement between Canada, the United States, and Mexico that replaced the North American Free Trade Agreement (NAFTA) on July 1, 2020. incorporates new provisions to address current trade challenges and continuing to promote opportunities for North Americans.

USCMA- same thing as CUSMA but this is the name in the United states

T-MEC- same thing but the name used in Mexico

nationalization

the transfer of a major branch of industry or commerce rom private to state-ownership or control

United Nations

an international organization founded in 1945 after the Second World War by 51 countries committed to maintaining international peace and security, developing friendly relations among nations and promoting social progress, better living standards and human rights

milton friedman

a highly influential American economist, is best known for his advocacy of the free market capitalism and contributions to monetarism

tar/oil sands

a mixture of sand, clay, water and bitumen, a sticky thick form of oil that must be processed to turn into fuel, important economic revenue, generating jobs and contributing to oil markets but their extraction comes with environmental costs. Canada is the largest producerand accounts for the vast majority of global oil sands production

world war 1 and 2 contributors to economic globalization

ww1- led to the establishment of new international trade relationships and institutions such as the United Nations, countries sought new markets for reconstruction and recovery, increasing global trade ties

ww2- accelerated the development of international institutions like the IMF and World Bank, facilitated global economic trade and stability, led to the Bretton woods conference and then GATT