Industrial and Economic Development Patterns and Processes

Vocabulary flashcards focusing on key concepts from industrial and economic development patterns and processes.

Industrialization

A process in which a country undergoes significant technological transformation, making agriculture and production easier through automation and machinery.

Industrial Revolution

The period of rapid technological expansion beginning in England, characterized by the transition to powered, special-purpose machinery, factories, and mass production.

Urbanization

The movement of people from rural areas to urban centers in search of greater economic opportunities.

Colonialism

The practice of acquiring political control over another country, occupying it with settlers, and exploiting it economically.

Wallerstein's World System Theory

A theory that categorizes countries into core, semi-periphery, and periphery based on their economic production and exploitation relationships.

Gross Domestic Product (GDP)

The total value of goods and services produced within a country’s borders in a specific time period.

Human Development Index (HDI)

A composite index measuring average life expectancy, education levels, and per capita income to assess a country's development.

Neoliberal policies

Economic policies promoting free trade and lowering trade barriers, often implemented through agreements like NAFTA and overseen by organizations such as the WTO.

Microfinance

The provision of financial services like small loans to individuals in low-income segments of society, allowing them to start or expand small businesses.

Sustainable development

Development that meets present needs without compromising the ability of future generations to meet their own needs, often involving environmental protection measures.