Remaking the Global Economy - GGR326H1S Lecture Notes

A collection of vocabulary flashcards based on key concepts from the lecture notes on the global economy.

State

Geographical space within which a resident population is organized.

Nation

A large group of people sharing common culture, values, and lived experiences, not necessarily defined by territory.

Nation-State

A territory where the population shares the same cultural attributes and values.

Varieties of Capitalism

Different approaches to capitalism characterized by specific key characteristics and jurisdictions.

Neo-Liberal Market Capitalism

An economic system where a premium is placed on the market and the individual, typically seen in countries like the US and UK.

Social-Market Capitalism

An economic system characterized by collaboration between different actors in the system, especially evident in Germany and Scandinavian countries.

Developmental Capitalism

An economic system where the state plays a central role with explicit social and industrial strategies, seen in Japan, South Korea, and Taiwan.

Authoritarian Capitalism

An economic system that combines a highly centralized political system with a capitalist market, with a strong role for central planning, as seen in China and Russia.

Fiscal Policy

A type of macroeconomic policy that involves government spending and taxation.

Monetary Policy

A macroeconomic policy that manages the money supply and interest rates.

Porter's Diamond

A framework for analyzing the competitive advantage of nations based on four determinants: factor conditions, demand conditions, related and supporting industries, and firm strategy, structure, and rivalry.

Regional Trade Agreements (RTAs)

Agreements between countries to promote trade, which can take various forms such as free trade areas and customs unions.

Special Economic Zones (SEZs)

Designated areas within a country that possess special economic regulations that differ from other areas, aiming to attract foreign investment.

Foreign Direct Investment (FDI)

Investment made by a company or individual in one country in business interests located in another country.

Tariffs

Taxes imposed on imported goods to protect domestic industries and raise revenue.

Non-tariff barriers

Restrictions other than tariffs that countries use to control the amount of trade across their borders.

Labour Market Policies

Policies aimed at improving the functioning of the labour market and increasing employment.