rapid transformation of the economy through the introduction of machines, new power sources, new chemical processes, in Europe & US (originated in Britain)
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texile
a fabric or cloth woven from the fibers of wool, cotton, or flax; products of home-based industry (worked in homes independently)
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early mechanization
craftsman invented spinners & looms, textile mills, one person operated multiple machines
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labor productivity
average amount of goods and services produced per unit of time
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New transportation
steel vessels steam engines & railroad systems
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fossil fueals
natural fuels derived from the fossilized remains of organisms (coal)
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crude oil
yellow-ish black liquid fossil fuel found in geologic deposits. efficient and transportable source of power, refined into petroleum products
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rural-to-urban migration
move to cities for work in factories
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urbanization
process of concentrating greater proportions of a population into cites, consequence of industrialization (growth of cities & transformation of small towns into booming cities)
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commercial farmer
raise crops & livestock to sell in marker at a profit
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capitalist class
employers, who owned the means of production and paid wages
people who depend on wage labor to purchase the necessities of everyday life
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wage labor
distinctive capitalism, socioeconomic relationship in which employer pays a worker to complete task , by day or by hour
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labor unions
associations of workers in particular industries created to collectively bargain with capitalists (formed bc higher classes wanted to keep costs low)
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mass production
machine manufacture of large quantities of identical products
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assembly line
system of manufacturing in which parts & procedures are added one step at a time thru sense of work stations until product is finished
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Berlin Conference of 1884
European governments gained control of distant lands for resources, partitioning of Africa
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mass consumption
the purchase of large amounts of mass produced goods by larger number of people
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international division of labor
labor of different countries & world regions play complementary roles in interdependent global economy
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economic sector
groupings of industries based on what is produced and the activates of the workforce
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primary sector
industries that extract natural resources from the environment (extractive industries) (logging, harvesting)
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secondary sector
process the raw materials extracted by primary industries, transforming them into finished usable forms (logs to lumber, fish to canned fish)
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“light industry”
furnature
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“heavy industry”
auto manufacturing
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tertiary sector
dedicated to providing services to businesses and consumers, including g movement and delivery of goods/resources (checkout clerks, college professors)
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quaternary sector
intellectual & informational services, innovation & invention, mostly scientific research & development leads to parenting of new procedures and goods
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quinary sector
highest level management decisions in the areas of business, government, education, science (global scale significance, CEO)
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base industry
industry of disproportionate economic importance, other industries & employment sectors depend on
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semi-periphery
composed of countries/regions whos economies have elements of both core & periphery, mediating politically & economically between core and peripheriey
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Factors that determine where factory/business will be located
1/3 value of world trade, manufacturing located near international airports
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shipping containers
standardized, stackable, intermodal metal boxes used to transport by rail, truck, or boat
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containerization
system of intermodal freight transport using shipping containers
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least-cost-theory
Alfred Webber’s theory that transportation costs & labor costs play strong role in determining the location of manufacturing facilities; facilities located at lowest cost spot
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location triangle
2 locations for materials and 1 location for market; based on distance and weight
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weight gaining market
product produced in heavier
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weight reducing market
material of product is heavier
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Rostow’s Stages of Economic Growth
all countries will inevitably progress in similar fashion through the same 5 development stages, ending in wealthy mass-consumption societies
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Traditional society (Rostow’s Stages of Economic Growth)
substence, barter, agriculture
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Transitional Stage (Rostow’s Stages of Economic Growth)
specialization, surpluses, infrastructure
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Take-Off (Rostow’s Stages of Economic Growth)
industrialization, investment, regional growth, political change
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Drive to maturity (Rostow’s Stages of Economic Growth)
diversification, innovation, less reliance on imports
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High Mass Consumption (Rostow’s Stages of Economic Growth)
consumer durable goods flourish, service sector becomes dominant
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world systems theory
world history moving thru a series of socioeconomic system, divides countries of the world into three groups based on political power, social standing, and economic and technological development
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core world regions
those that industrialized first, most advanced tech, highest level of consumption
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periphery
economies focused on agriculture & extraction, low lever of consumption
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dependency theory
periphery was poor because it wasn’t economically dependent on core in disadvantages relationship established under colonialism & imperialism
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“delink”
separate periphery from exploitatively trade relationships with core countries
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commodity dependence
commodities account for more than 60% of value of coutry’s total expencesco
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commodity
primary agricultural product or raw material that is bought, sold, traded (oil, gold, cobalt, coffee, cotton)
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Gross National Product (GNP)
measures total value of all goods & services made by a country’s residents and businesses in specific time period regardless of the location they were made
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Gross Domestic Product (GDP)
value of all good & services produced in a country over a specific period, regardless of producer’s national origin
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Gross National Income (GNI)
total income of a country’s residents and businesses, regardless of where it was earned (abroad, foreign aid/investment), total income rather than total value of goods & services produced
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GDP per capita
country’s GDP divided by its total population, countries produce more goods/services than others
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purchasing power party (PPP)
measures how much a common “basket of goods” costs locally in currency of each country being compared
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“basket of goods”
set of commonly purchased goods & services
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Gender Inequality Index (GII)
statistical measure of gender equality that combines date on reproductive heath, empowerment, and labor-market participation
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reproductive health
maternal mortality ratio & adolescents birth rates
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empowerment
proportion of parliamentary seats occupied by women & proportion of adult females & males aged 25+ with secondary education
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labor-market participation
economic status of women and is measured as the labor-force participation rates of female & male populations aged 15+
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Human Development Index (HDI)
statistical measure of human achievement that combines data on life expectancy of birth, education levels, and GNI per capita
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informal sector
part of any economy that is not officially recorded, monitored or taxed by the government
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formal sector
the part of economy officially recorded with the government
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income distribution
how a country’s total GDP is distributed among the individuals in its population
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heath care
recognized as a general measure of well being, family’s physical & mental health; measured as availability and affordibility
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renewable energy
wind, water, sun; decrease cost of importing fuels, establishment of renewable industry
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female education
parents believe sons will have higher incomes and will better help the family, invest their resources for education for boys
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delayed marriage
women bear fewer children in lifetime, education increase& expected from both genders
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women’s public life
assigned to private domestic spaces, now includes all public life
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men’s public life
primarily assigned to public spaces
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geographic mobility
one’s relative ability to move through space, measure of individual liberty and privilege
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Gender Empowerment Measure (GEM)
measurement of gender equality that includes the proportion of seats held by women in national parliaments, % of women in economic decision making positions; women’s vs men’s share of earned income
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gender parity
way of documenting progress toward gender equality using measures such as relative access to education, average incomes for women vs men, workforce participation
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“women’s work”
unpaid labor at home, responsible for domestic spaces, restricts women’s full participation in formal workforce, worse labor worse wageswage
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wage disparity
consequence of women’s earnings, wages lower than men even in the same job, women earn less regardless of what labor they do
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microcredit
a system of giving microloans to women
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microloans
very small loan to people with little income or collateral intended to help them establish or expand a small business
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mercantilism
theory where each country strives to export more than it imports in order to accumulate wealth
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protectionism
trade rules that restrict imports in order to protect domestic industries
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comparaitve advantage
country’s ability to produce a good or service more efficiently than another country, free movement of traded goods
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absolute advantage
country’s ability to produce one product much more efficiently than it can produce other products within its economy
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complementarity
measure of how well one country’s export profile matches another country’s import profile, high degree provides basis for successful trade
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transnational corporation (TNC)
firm with the power to coordinate and control operations in more than one country, even if it does not own those operations, dominant players in global trade
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competitive advantage
firm’s relative ability to out preform other TNCs in its industry
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China
leader in trade of goods
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USA
leader in commercial services
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United Nations (UN)
creates an international regulatory system to promote free trade
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international monetary fund (IMF)
seeks to foster global monetary cooperation, achieve financial stability, facilitate international trade
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World Bank
international financial institution that provides funding and expertise to promote sustainable economic growth in developing countries
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General Agreement on Tariffs and Trade (GATT)
series of international meetings to bring down trade barriers
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World Trade Organization (WTO)
regulates trade among 184 member states, providing a framework for negotiating agreements and resolving trade disputes
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free-trade agreements
a treaty between two or more countries that reduces tariffs and promotes foreign investment
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Tariffs (duties)
taxes on imported goods and services, percentage of total cost of the produce, including shipping, raising price of imported product
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United States-Mexico-Canada Agreement (USMCA)
eliminated some tariffs and trade barriers among 3 countries, increased international trade
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European Union (EU)
free trade agreement at core, all tariffs and nontariff trade barriers removed
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custom unions
free-trade agreements among 2+ member countries, combined with single common external trade policy for nonmembers
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Organization of the Petroleum Exporting Countries (OPEC)
international trade agreement designed to regulate the output of oil
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tariff war
government uses tariff to negotiate favorable trade agreements, targeted at specific countries & exports, opposite country retaliates with tariffs of its own
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trade embargo
official ban on trade with a specific country or of a specific good, period of heightened political conflict
Studied by 20 people
