Untitled Flashcards Set

Mercantilism

An economic theory that emphasizes the role of the state in managing the economy and promoting exports over imports to accumulate national wealth.

Peace of Westphalia

A series of treaties that ended the Thirty Years' War in 1648, marking the beginning of the modern state system and the concept of sovereignty.

Sovereignty

The authority of a state to govern itself or another state without external interference.

Hegemony

Dominance of one group over others, often seen in the context of international relations.

Pax Britannica

A period of relative peace in Europe and the world under British hegemony from 1815 to 1914.

Gold Standard

A monetary system where a country's currency has a value directly linked to gold, facilitating international trade.

Treaty of Versailles

The 1919 agreement that officially ended World War I and imposed heavy reparations on Germany.

League of Nations

An international organization formed after World War I aimed at maintaining peace, which ultimately failed.

Bretton Woods system

The economic system established in 1944 that set up rules for commercial and financial relations among the world's major industrial states.

Warsaw Pact

A military alliance of communist nations in Eastern Europe, created in response to NATO in 1955.

Decolonization

The process by which colonies gained independence from colonial powers during the mid-20th century.

Rationality

The assumption that individuals make decisions based on a process of reasoned choice.

Anarchy

In international relations, the absence of a central authority leading to a self-help system among states.

Cooperation

The process by which states or actors work together to achieve common goals.

Bargaining

A negotiation process through which two or more parties seek to come to an agreement.

Public goods

Goods that are non-excludable and non-rivalrous, meaning that one person's use does not reduce availability to others.

Collective action problem

A situation arising in a group where individual members' incentives lead to suboptimal collective outcomes.

Free riding

The tendency of individuals to benefit from resources, goods, or services without paying for them.

Iteration

The repeated interaction among the same actors in which cooperation can build upon previous encounters.

Linkage

The connection of cooperation on one issue to cooperation on others, facilitating broader negotiations.

Outside options

Alternative choices that a party has outside of the current negotiation framework.

Agenda setting

The process of determining the priority or relevance of issues to be addressed or discussed.

Institutions

Established laws, practices, and organizations that structure social or political relations.

Actors

Individuals or entities, such as states or organizations, that engage in political activities and interactions.