AP world #23 - The Global Economy

european union

stability after WWII political and economic union of European nations

economic liberalization

reduction of govt. intervention in an economy to promote free market principles

world bank

internatl. financial institution to provide loans/grants/assistance to developing nations, 1944

world trade organization (WTO)

internatl. organization regulating/facilitating global trade, tends to favor buisnesses rather than individuals

• enforce agreements

• reduce tariffs

• settle disputes w/ member nations

north atlanta free trade agreement (NAFTA)

US, Canada, Mexico creating worlds largest free trade zones by eliminating tariffs

association of southeast asian nations (ASEAN)

regional org. promoting political/economic/security cooperation among SE Asian countries.

general agreement of tariffs and trade (GATT)

post WWII treaty aimed to promote global econ rev and free trade by reducing tariffs/trade barriers, og WTO, making sure there isnt exploitations

international monetary fund (IMF)

global org to stabilize lesser developed countries to:

• ensure financial stability

• promote internatl. trade

• reduce poverty

• short term loans

g20

internatl. forum bringing 19 mjr industrialized/emerging economies, EU, and AU to coordinate global econ policies.

government subsidies

financial support provided by govt to a business /people to help with finanical needs

austerity measures

econ policies by govts to reduce public spending, increase taxes, both, save money

mercosur

south american trade bloc to boost economic integration and free trade.

ronald reagan

US conservative president, accelerated end of cold war through militia spending and stuff

reaganomics

President ___ econ policies including:

• tax cuts

• deregulation

• reduced domestic spending

protective tariffs

tax on imported goods, making foreign products more expensive than local alternatives.

trade war

econ conflict where countries retaliate against one another by raising taxes on imported goods.

margaret thatcher

1st female prime minister in UK (iron lady) anti communist stand and free market policies.

economic liberalism

belief in free markets and minimal govt intervention in econ.

free markets

econ system based on supply/demand with barely any govt. intervention.

augusto pinochet

chilean military dictator, brutal human right abuses, implemented free market “neoliberal” econ policies.

deng xiaoping

china leader 1970-1990, shifted china from communist to socialist market econ. Introduced free market reforms, modern econ, etc.

road and belt initiative

“new silk road”, massive global development strategy in china to connect asia w/ african and europe through infrastructure projects (railways, ports, highways, etc)

Asian tigers

Hong kong, singapore, south korea and taiwan, achieved rapid industrialization and high growth rates in 1960-1990

multinational corporations

large company headquartered in a country that produces/sells goods in other nations

nestle

worlds largest food/beverage company, swiss based (dairy/coffee/water)

nissan

japanese automobile manufacturer became global brand.

nike

american multiantl. corp, global athletic apparel

apple

american technology company founded by steve jobs designing and selling consumer electronics.

starbucks

americsn coffee company, largest coffeehouse chain

consumer culture

global brands

online commerce

child labor

sweatshop labour

human trafficking

sexual exploitation and slavery

debt relief

actions to allievieate money from other nations

debt restructuring

strategy to move debt around, negotiate loans, to avoid bankruptcy

brexit

british exit from the EU

world fair trade organization

response to WTO, global community verifying that organizations prioritize environment, people, etc IDK