SS 10-1 Unit 3 Economic Globalization and Sustainable Prosperity

Bretton Woods Agreement

International financial agreement signed shortly before the end of World War II that created the World Bank and the International Monetary Fund

World Bank

A specialized agency of the United Nations that makes loans to countries for economic development, trade promotion, and debt consolidation. Its formal name is the International Bank for Reconstruction and Development. The country must meet specific criteria

International Monetary Fund (IMF)

an international organization that acts as a lender of last resort, providing loans to troubled nations, and also works to promote trade through financial cooperation

trade liberalization (free trade)

2 or more countries reducing trade barriers (tax, tariffs, subsidies, etc) so that goods and services can be traded around the world more easily

Tariff

A government tax on imports or exports

World Trade Organization (WTO)

a trade organization that replaced the old General Agreement on Tariffs and Trade (GATT)

European Union (EU)

the world's largest common market, composed of 28 European nations

subsidy

A government payment that supports a business or market

Containerization

The transporting of goods in standard-sized shipping containers.

subsidiary

a company that is completely controlled by another company

Deregulation

The lifting of government restrictions on business, industry, and professional activities.

Privitization

when the government sells its industries to individuals or private companies

Crown Corporation

Businesses and industries owned by the Canadian government.

Economic Nationalism

an emphasis on domestic control and protection of the economy

surface mining

Removing soil, subsoil, and other strata and then extracting a mineral deposit found fairly close to the earth's surface.

sustainable development

Development that meets the needs of the present without compromising the ability of future generations to meet their own needs.

Exclusive Economic Zone

an area of coastal water and seabed within a certain distance of a country's coastline, to which the country claims exclusive rights for fishing, drilling, and other economic activities.

Stewardship

Looking after something so it can be passed on to the next generation

Agribusiness

agriculture conducted on commercial principles, especially using advanced technology.

exchange rate

The measure of how much one currency is worth in relation to another.

Heavily Indebted Poor Countries (HIPCs)

nations facing unsustainable debt burdens, but have tried to reform according to the IMF

free trade

international trade free of government interference

Trading Blocs or Trade Agreement

These organizations allow free trade with member nations. NAFTA(Canada, US, Mexico) European Union or EU (countries in Europe) ASEAN(Association of South Eastern Asian Nations)

General Agreement on Tariffs and Trade (GATT)

a 1948 agreement that established an international forum for negotiating mutual reductions in trade restrictions

Consumer Activism

The practice of making a political or social statement with one's buying power

ethics

the principles of right and wrong that guide an individual in making decisions

clear-cutting

cutting all the trees in an area down at once

Ecological Ethics

the ethical view that nonhuman parts of the environment deserve to be preserved for their own sake, regardless of whether this benefits human beings

Transnational Corporation

A company that conducts research, operates factories, and sells products in many countries, not just where its headquarters or shareholders are located.

genetically modified

An organism whose genetic material has been altered through some genetic engineering technology or technique.

Pandemic

an epidemic that is geographically widespread

Boycott

A refusal to buy or use goods and services.

petition

A formal message requesting something that is submitted to an authority

ethical

Having to do with morals, values, right and wrong

Privatization

To change from government or public ownership or control to private ownership or control.

knowledge economy

a society no longer based primarily on the production of material goods but instead on the production of knowledge

sweatshop

A shop or factory where workers work long hours at low wages under unhealthy conditions

Gross Domestic Product (GDP)

A measurement of the total goods and services produced within a country.

HDI (Human Development Index)

a measure of a country's standard of living, including health and education

ecological footprint

the impact of a person or community on the environment, expressed as the amount of land required to sustain their use of natural resources.

Protectionism

the theory or practice of shielding a country's domestic industries from foreign competition by taxing imports.

Gross product index

monetary measure of the value of all the final goods and services produced in a period of time, often annually