ibrahim's flashcards

Globalization

The growing connection between countries through trade, communication, and culture.

Anthropocene

A time period when human activity has had a major effect on Earth’s environment and climate.

Capitalocene

A way of looking at the Anthropocene that blames capitalism for environmental destruction.

Colonialism

When a country takes control over another area, often using its resources and people for profit.

Imperialism

A larger idea that includes colonialism but also includes political and economic influence over weaker countries.

Neocolonialism

When powerful countries influence weaker ones through economics and politics instead of direct military control.

Dependency Theory

The idea that poor countries stay poor because rich countries keep them dependent through trade and investment.

World Systems Theory

A way of looking at the world as divided into core, semi-periphery, and periphery countries.

Nation-state

A country with defined borders and a shared national identity.

Sovereignty

A country’s right to control itself without outside interference.

Nationalism

Strong pride in one’s nation, sometimes leading to the belief that it is superior to others.

Frontier

A border area where different groups or nations meet, often leading to conflict or expansion.

Peace of Westphalia

A 1648 treaty that created the modern idea of independent countries with set borders.

Capitalism

An economic system where private individuals own businesses and try to make a profit.

Enlightenment

A time in history when people began focusing on reason, science, and human rights.

Cartesian Revolution

A shift toward logical thinking based on the ideas of René Descartes.

Cheapening

Lowering the cost of goods, often by paying workers less or using cheaper materials.

Real Abstraction

How economic ideas like money and value shape people’s behavior and society.

Dualism

The idea that two opposite forces exist separately.

Ontology

The study of what things exist and what they mean.

Epistemology

The study of how people know things and what counts as knowledge.

Proletarianization

The process where people lose control of their work and have to sell their labor.

Privatization

When public goods or services are sold to private businesses.

Commons

Shared resources that everyone can use, like land or water.

Financialization

The growing power of financial markets and banks over the economy.

Bretton Woods

A 1944 meeting where world leaders created a global financial system to stabilize economies after WWII.

International Monetary Fund (IMF)

An organization that helps countries stabilize their economies by giving short-term loans and advice.

World Bank

An institution that gives long-term loans to help developing countries build infrastructure.

Multilateral

Agreements or trade deals between multiple countries.

Bilateral

Agreements or trade deals between just two countries.

Conditionalities

Rules and conditions attached to loans from institutions like the IMF or World Bank.

Modernization Theory

The idea that poorer countries should follow the development path of richer nations to succeed.

Third World

A Cold War-era term for developing countries, often used to describe poorer nations.

Development Project

Post-WWII efforts to help poorer countries modernize through industrialization and economic growth.

Globalization Project

A shift toward global free-market policies that emphasize privatization and trade liberalization.

Development Paradox

The idea that economic growth doesn’t always improve people’s lives and can sometimes make inequality worse.

G-77

A group of developing nations that work together to push for fairer global trade policies.

G-20

A group of the world’s largest economies that meets to discuss economic policies.

Debt (Crisis)

When countries owe too much money and struggle to pay it back.

Neoliberalism

An economic approach that favors free markets, privatization, and reduced government spending.

Washington Consensus

A set of policies that encourage free markets and privatization, often pushed by the IMF and World Bank.

Structural Adjustment

Economic policies required by the IMF or World Bank in exchange for loans, often involving cutting government services.

Tariffs

Taxes on imported goods.

Transnational/Multinational Corporations

Companies that operate in multiple countries.

Outsourcing

When companies move jobs or production to other countries to reduce costs.

Labor

The work people do to produce goods and services.

Race to the Bottom

When companies lower wages and working conditions to stay competitive.

Fordism

A system of mass production with high wages and standardized products, developed by Henry Ford.

World Trade Organization (WTO)

An organization that regulates international trade and resolves trade disputes.

General Agreement on Trade & Tariffs (GATT)

A 1947 agreement that set rules for international trade and reduced tariffs.

Efficiency

Maximizing productivity with the least waste.

Inequality

The uneven distribution of wealth and opportunities.

Intellectual Property

Legal rights over inventions, music, books, and other creative works.