Global Politics in an Age of Crisis

These flashcards cover key vocabulary related to global politics, interactions, trade theories, international law, human rights, and environmental politics as discussed in the lecture.

Cooperation

Two or more actors adopt policies that make at least one actor better off relative to the status quo without making others worse off.

Bargaining

A method where actors negotiate and make agreements over the distribution of costs and benefits, often viewed as zero-sum.

Positive-sum

A situation in which actors can cooperate to achieve collective goals and create additional value.

Zero-sum

A situation in which one party's gain is equivalent to another's loss, so the net change is zero.

Reciprocity

A principle where the threat of reciprocal punishment can reduce the temptation to cheat in cooperative interactions.

Iteration

Repeated interactions with the same partners, which can increase the probability of cooperation.

Absolute advantage

A situation where one country is more efficient than another at producing a particular product.

Comparative advantage

The ability of a country to produce a particular good at a lower opportunity cost than another country.

Foreign Direct Investment (FDI)

Investment in a foreign country via the acquisition of a local facility or establishment of a new facility, where the investor maintains control.

Common-pool resources

Natural resources that are not entirely owned or controlled, making them susceptible to overexploitation by individual users.

Tragedy of the Commons

A situation where individuals acting independently according to their self-interest deplete shared resources, leading to collective negative outcomes.

Hard law

International laws that are binding and enforceable, with precise obligations.

Soft law

International norms that are exhortatory and ambiguous, providing guidance but not mandatory enforcement.

International Monetary Fund (IMF)

An international organization that facilitates global monetary cooperation and financial stability, serving as a lender of last resort.

Human rights

Inherent rights that belong to all human beings, defined by acceptable government behavior towards its citizens.

Public goods

Goods that are non-excludable and non-rivalrous, where consumption by one individual does not reduce availability to others.

Collective action problems

Situations where individuals would benefit from cooperating but fail to do so due to conflicting interests.

Norm life cycle

The process through which ideas about appropriate behavior are introduced, spread, and internalized by a critical mass of actors.