Future of Globalization

These flashcards focus on key vocabulary related to globalization and its impacts, especially regarding economic theories and political movements.

Globalization

The spread of activities and ideas across the globe.

Economic Globalization

Increasing integration of national economies through the movement of goods, services, and money across borders.

Tragedy of the Commons

A situation where individual users of a shared resource act according to their own self-interest, leading to depletion of that resource.

Anarchy (in international relations)

A condition where there is no central authority governing the behavior of states.

Populism

A broad array of political movements that claim to speak on behalf of 'the people' in opposition to corrupt elites.

Stolper-Samuelson Theorem

A theory stating that free trade raises the income of those who own the locally abundant factor and reduces the income of those who own the locally scarce factor.

Economic Dislocation

The disruption of the economy that leads to unemployment or loss of income due to globalization.

Trade Adjustment Assistance (TAA)

A U.S. federal program designed to help workers displaced by trade through financial assistance and job training.

Protectionism

The economic policy of restraining trade between countries through tariffs, quotas, and other regulations.

Backlash

A strong adverse reaction to a change or recent events, such as the backlash against globalization seen in populist movements.