SOCI307 Structuring the Global Economy - Flashcards

Vocabulary flashcards based on lecture notes from May 13th, 2025, covering topics such as Bretton Woods institutions, multinational corporations, financialization, and global governance.

Autarky

A nation turning inward to become self-sufficient, a policy during the Great Depression.

Bretton Woods System

Meeting in 1944 that developed a new economic system of cooperation including currency exchange rates, the IMF, and eliminating trade restrictions.

International Monetary Fund (IMF)

Oversees currency exchange and was created as part of the Bretton Woods system.

World Bank

Provides long-term loans and grants to governments, originally focused on infrastructure programs but expanded to all areas of economic development.

Narmada Bachao Andolan

Movement formed to protest the damming of the Narmada River in India, which displaced hundreds of thousands of people.

Austerity

Conditions of economic restructuring imposed on borrowing nation-states by the IMF, often involving cuts to government spending.

Trade-related Intellectual Property Rights (TRIPS)

WTO agreement to protect the interests of those who create ideas.

Trade-Related Investment Measures (TRIMS)

WTO agreement on trade measures governments can impose on foreign firms.

Regional Trade Agreement (RTA)

A treaty between two or more states that defines rules of trade for member countries.

NAFTA/USMCA

A trade agreement between the US, Canada, and Mexico that came into effect in 1994 to eliminate barriers to trade and investment.

Emerging economies

Less "developed" countries whose newer industrialization is fueling their economic growth and political influence.

BRICS

Brazil, Russia, India, and China; represent emerging economies outside the traditional Western bloc.

OPEC

Organization of Petroleum Exporting Countries formed in 1960 to protect and increase the price of oil.

World Economic Forum

Annual meetings in Davos, Switzerland, where leaders of large corporations discuss entrepreneurship in the global interest.

Trade wars

Retaliatory policies (e.g., tariffs, quotas) between countries.

Multinational Corporations (MNCs)

Corporations that operate in two or more countries.

Corporate Social Responsibility (CSR)

Companies claim to address social/environmental concerns, often to deflect criticism without systemic change.

Greenwashing

Misleading branding of harmful practices.

Financialization

Increasing dominance of financial motives, markets, actors, and institutions.