The Contemporary World — Globalization and Philippines Context

Vocabulary flashcards covering globalization concepts, theories, government structure, and economic terms from the lecture notes.

Globalization

The process of increasing interconnectedness and interdependence of economies, politics, and cultures across borders, occurring at economic, political, and social levels and often uneven in impact.

Economic globalization

Flow of goods, capital, and services across borders; integration of national economies into a global market.

Political globalization

Diffusion of policies and membership in international organizations; spread of political institutions and norms.

Social globalization

Flow of knowledge, information, and people across borders; cross-border social contacts and networks.

World-Systems Theory

A framework dividing the world into core, semi-periphery, and periphery to explain global inequality through a world-system of economic exchange.

Modernization Theory

Development follows a linear path toward modern, industrial economies often aligned with Western models.

Dependency Theory

Underdevelopment is caused by a country’s dependence on core nations for capital and trade, creating unequal relationships.

Shrinking globe

Manfred Steger’s idea that rapid communication and travel make the world feel smaller and more interconnected.

Core

In World-Systems Theory, the most developed economies that control capital and high-value production.

Semi-periphery

Countries with intermediate development that both exploit peripheries and benefit from core regions.

Periphery

Least developed economies dependent on core nations for capital, technology, and markets.

Import

A good or service brought into a country from abroad.

Export

A good or service sold to another country.

Trade deficit

When a country imports more than it exports.

Trade surplus

When a country exports more than it imports.

Tariff

A tax on imported goods to raise revenue or protect domestic industries.

Quota

A fixed limit on the quantity of a good that can be imported.

Free trade

Trade with minimal or no tariffs, quotas, or barriers between nations.

Foreign exchange rate

The value of one country’s currency in terms of another’s.

Globalization winners

Groups that benefit, notably corporations with higher profits and consumers with lower prices.

Globalization losers

Groups that are disadvantaged, including high-wage workers displaced by offshoring and low-wage foreign workers.

Constitution

The framework providing separation of powers and the basic law of a country.

Legislative

The branch that makes laws; in the Philippines, Congress, including Senate and House of Representatives.

Senate

The upper chamber of the legislative branch in many countries, including the Philippines.

House of Representatives

The lower chamber of the legislative branch in the Philippines.

Congress

The national legislative body composed of the Senate and the House of Representatives.

Executive

The branch that carries out laws; headed by the President (and Vice President in many systems).

President

The head of the executive branch and national leader responsible for implementing laws.

Vice President

The second-in-command in the executive branch; may preside over the Senate or assume the presidency.

Judicial

The branch that interprets laws; includes the Supreme Court and lower courts.

Supreme Court

The highest court in a country, responsible for constitutional interpretation and major judicial decisions.

Cabinet

Advisers to the President and heads of executive departments.

Global Competitiveness Index (GCI)

A ranking by IMD measuring a country’s economic performance, government efficiency, infrastructure, and other factors.