Globalization and Foreign Policy Flashcards

Flashcards related to Globalization and Foreign Policy, including key terms and concepts discussed in the lecture.

Foreign Policy

A government's strategy in dealing with other nations.

Free Trade

Trade without tariffs, quotas, or other restrictions.

Globalization

Growing interdependence of the world’s economies, cultures, and populations.

Nationalism

Loyalty and devotion to a nation, especially to the exclusion or detriment of the interests of other nations.

Patriotism

Devotion to and vigorous support for one's country.

Protectionism

Policies that restrict trade to help domestic industries.

Comparative Advantage

An economy's ability to produce a particular good or service at a lower opportunity cost than its trading partners.

Brain Drain

Loss of highly-skilled workers from one country to another.

Commodity

A raw material or basic agricultural product that can be bought and sold worldwide, e.g. copper or coffee.

Multinational Corporation

A company that operates in multiple countries.

Offshoring

The practice of moving a company's operations to another country in order to take advantage of lower labor costs and taxes.

Foreign Aid

Money, services, or physical goods a country sends to another to help it

Diplomacy

Political pressure as a tool of foreign policy.

Isolationism

a policy of remaining apart from the affairs or interests of other groups, especially the political affairs of other countries.

Engagement

Getting engaged in like battle or sum

Idealism

the practice of forming or pursuing ideals, especially unrealistically.

Realism

a way of thinking and acting based on facts and what is possible

Unilateralism

any doctrine or agenda that supports one-sided action

Multilateralism

a collective action coordinated between at least three actors

United Nations

Created after World War II with the goal of promoting world peace.

General Assembly

193 Member Nations (1 nation = 1 vote) and passes resolutions which have moral force in the UN.

Security Council

15 nations, including 5 permanent members (US, UK, France, China, Russia), and only it can authorize the use of military force.

Veto Power

The 5 permanent members of the UN Security Council have this power.

NATO

Created in the aftermath of World War II as a mutual defense treaty.

Article 5

Mutual Defense Treaty that has only been invoked once.

European Union

Goal: Peace and cooperation in Europe.

World Trade Organization

Aims to make trade smoother between countries by helping countries negotiate trade deals and resolve disputes.

Hamas

Political and military movement for Palestinian nationalism.

Zionism

Belief in a Jewish homeland (in Israel/Palestine).

Allies

Including the U.S., U.K., Soviet Union, and China during WWII.

Axis Powers

Germany, Italy, and Japan during WWII.

The Holocaust

The Nazi regime orchestrated this, leading to the systematic genocide of six million Jews and millions of other victims.

Cold War

Ideological tension between the capitalist West, led by the United States, and the communist East, led by the Soviet Union.

Arms Race

The Cold War saw indirect conflicts, or proxy wars, in regions like Korea, Vietnam, and Afghanistan, where the superpowers supported opposing sides.

Berlin Wall

Europe was divided into Western democracies and Eastern communist states, symbolized by the Iron Curtain and the Berlin Wall during the Cold War.

Mercantilism

Economic system/belief where wealth is static; emphasizes increasing exports and decreasing imports.

Trade Deficits

Importing more goods and services than exporting.

Production Possibilities Frontier

A graph that shows all the different combinations of output of two goods that can be produced using available resources and technology.

Gross Domestic Product (GDP)

The total value of all goods and services produced within a country during a year, typically measured in dollars.

GDP per capita

Total GDP / Population of the country

Human Development Index

Wealth vs Quality of Life which includes Health: Life Expectancy, Infant Mortality,Education Levels and Standard of Living : Per Capita Income

Gini Coefficient

Measures income inequality on a scale from 0-1; larger numbers indicate increased inequality.

Nominal GDP

GDP not adjusted for inflation.

Real GDP

GDP adjusted for inflation.

Foreign Aid

Money, services, or physical goods a country sends to another to help it.

Humanitarian Aid

Type of Foreign Aid used to solve immediate needs (disasters relief, war, famine).

Development Aid

Type of Foreign Aid used for long term needs.

Military Aid

Type of Foreign Aid.

Economic reform

Shift from central planning to market-oriented policies.

Undergraduate

Students pursuing a bachelor's degree.

Graduate

Students pursuing advanced degrees such as master's or doctorate

Tuition

Fee for college instruction.

Financial Aid

Money to help cover college costs.

Need-Based Aid

Aid based on financial need.

Merit-Based Aid

Aid based on achievements.

Endowments

A special fund whereby the gift amount or principal is invested and a portion of the income earned on the principal is spent as directed by the agreement.

Wealth

Assets (Land, Property, Stocks, Savings)

Income

Salary, Wages, Revenue

Socioeconomic Status

A way of describing people based on their education, income, and type of job

Progressive Tax

Tax rate you increases as your income rises

Flat Tax

A single tax rate applied to all taxpayers regardless of income

Regressive Tax

A tax that takes a larger percentage of income from low-income groups than from high-income groups.

Capital gains

Profits gained from the sale of capital assets

Estate Tax

taxation of property held by an individual at the time of their death (tax on inheritance)

Racial Covenants

Agreements that prohibit the purchase, lease, or occupation of a piece of property by a particular group of people.

Redlining

A discriminatory practice in which financial services (mortgages) are withheld from neighborhoods that have significant numbers of racial and ethnic minorities.

Gentrification

A process of urban development where a neighborhood develops rapidly, changing from low to high value.

Racism

Discrimination and prejudice based on race.

Individual Racism

An individual's racist assumptions, beliefs or behaviors.

Systemic Racism

Racist policies and practices entrenched in economic, social, and political systems.

Hate Crime

A crime motivated by bias against race, color, religion, national origin, sexual orientation, gender, gender identity, or disability.

Inflation rate

The rate of increase in prices over a given period of time.

Sustainability

Meeting the needs of today without compromising the needs of future generations.

Tragedy of the Commons

A situation in which individuals with access to a public resource (also called a common) act in their own interest and, in doing so, ultimately deplete the resource.

Externalities

A cost or benefit of an economic activity that affects other parties without this being reflected in the cost of the goods or services.

Natural Capital

The stock of natural resources (e.g., air, water, soil) that provide benefits to people.

Carbon Footprint

The total amount of greenhouse gasses, especially carbon dioxide, that are emitted directly or indirectly by an individual, organization, event, or product.

Circular Economy

An economic system that minimizes waste and makes the most of resources through recycling, reusing, and reducing.

Market Failure

Inefficient distribution of goods and services in the free market.

Rule making

Common Types of Regulation

Inspections

Common Types of Regulation

Taxation

Common Types of Regulation

Chevron Doctrine

If law is unclear the court defers the interpretation to the agency who enforces the law.

Cap and Trade

Governments cap amount of carbon emissions and Companies that are under the cap trade excess allowances.

Industrialization

The process of economic and social transformation marked by the widespread adoption of industrial methods of production.

Muckraker

A journalist who exposes and publicizes social, economic, and political issues, often involving corruption or injustice.

Fiscal Policy

The government's ability to raise taxes and spend the money it raises to influence the economy.

Monetary policy

Actions taken by the central bank to influence the availability and cost of money in the economy.

Federal Reserve (Fed)

The central banking system in the United States responsible for managing the currency, monetary policy, and economic stability.

Interest Rates

The cost of borrowing money or the return on investment, often set by the Federal Reserve.

Mortgage

A loan typically for a house or buying property.

Mortgage

A loan typically for a house or property buying property

Bond

A fixed-income investment that represents a loan made by an investor to a borrower, usually corporate or governmental (an I.O.U)

Default

Failure to meet loan obligations, resulting in financial breach

Credit Score

A prediction of how likely you are to pay a loan back on time

Great Depression

Severe worldwide economic depression in the 1930s.

Deflation

Reduction of the general level of prices in an economy

Social Darwinism

Survival of the fittest—the idea that certain people become powerful in society because they are innately better

Laissez-faire economics

Government should not regulate the economy

Progressive Era Amendments

16th: Income Tax, 17th: U.S. Senators were chosen by popular vote, 18th: Prohibition , 19th: Women's Suffrage