Unit 9 Globalization- Economy

Economic Liberalization

Reduction of government restrictions on the economy; encouraged global trade and investment.

World Bank

Provides loans for development; supports economic growth in Global South.

World Trade Organization (WTO)

Oversees global trade rules; reduces tariffs, promotes economic globalization.

North American Free Trade Agreement (NAFTA)

the trade agreement creating the free trade area between Mexico, Canada, and the United States.

Association of Southeast Asian Nations (ASEAN)

Regional trade bloc; fosters economic and political cooperation in Southeast Asia.

Southeast Asia Treaty Organization (SEATO)

Cold War alliance to contain communism; had little lasting impact.

General Agreement on Tariffs and Trade (GATT)

Precursor to WTO; reduced trade barriers, expanding global economy.

European Union (EU)

europeans nations formed after World War II to promote cooperation and integration, and now encompassing common policies on trade, migration, and more

International Monetary Fund (IMF)

Lends to struggling economies; criticized for austerity policies.

G20

Forum of major economies; addresses financial crises, trade policies, climate issues.

Government Subsidies

State financial aid to industries; supports domestic production, sometimes distorts markets.

Austerity Measures

Budget cuts to reduce debt; often harm social services and growth.

Mercosur

South American trade bloc; promotes regional economic integration and trade.

Ronald Reagan

U.S. president; championed free markets, deregulation, and neoliberal economic policies.

Protective Tariffs

Taxes on imports; shield domestic industries, but can trigger trade wars.

Trade War

Economic conflict; nations impose tariffs, disrupting global supply chains.

Margaret Thatcher

UK prime minister; privatized industries, reduced government spending, embraced free markets.

Economic Liberalism

Advocates minimal government intervention in markets; drives globalization.

Free Markets

Unregulated trade; fosters innovation but can increase inequality.

Augusto Pinochet

Chilean dictator; imposed neoliberal reforms with U.S. support, but violated human rights.

Deng Xiaoping

Opened China’s economy; led to rapid industrialization, global trade expansion.

Belt and Road Initiative

China's infrastructure plan; expands global trade, increases Chinese influence.

Asian Tigers

Rapidly industrializing economies (Taiwan, South Korea, Hong Kong, Singapore); embraced globalization.

Consumer Culture

Global marketing, mass consumption; spread through media and advertising.

Global Brands

Companies like McDonald’s, Nike; symbolize globalization, cultural homogenization.

Online Commerce

Digital trade expansion; transformed consumer habits, supply chains.

Child Labor

Common in Global South factories; globalization increased exploitation concerns. minors

Sweatshop Labor

Poor working conditions, low wages; criticized in fast fashion industry.

Human Trafficking

Exploitation for labor/sex; worsened by economic inequality, weak enforcement.

Debt Relief

Cancellation of poor nations' debts; helps economic stability, reduces poverty.

Debt Restructuring

Changing debt terms; used to avoid economic crises.