Industrialization and Development #2

Gender Empowerment Measure (GEM)

A measurement of gender equality that includes the proportion of seats held by women in national parliaments, the percentage of women in economic decision-making positions, and women's versus men's share of earned income.

Gender Parity

A way of documenting progress toward gender equality using measures such as relative access to education, average incomes for women versus men, and workforce participation.

Microloan

A very small loan to people with little income or collateral intended to help them establish or expand a small business.

Mercantilism

A theory of trade stating that each country strives to export more than it imports in order to accumulate wealth.

Protectionism

Trade rules that restrict imports in order to protect domestic industries.

Absolute Advantage

A country's ability to produce a good or service more efficiently than another country.

Comparative Advantage

A country's ability to produce one product much more efficiently than it can produce other products within its economy.

Complementary

A measure of how well one country's export profile matches another country's import profile.

Transnational Corporation (TNC)

A firm with the power to coordinate and control operations in more than one country, even if it does not own those operations.

Neoliberalism

A range of pro-market and anti-government positions on the economy, such as reducing government ownership and regulation and promoting privatization and market-based solutions.

The International Monetary Fund

International organization that seeks to foster global monetary cooperation, achieve financial stability, facilitate international trade, and promote sustainable economic growth.

World Bank

An international financial organization that provides funding and expertise to promote sustainable economic growth to developing countries.

World Trade Organization (WTO)

An international organization that regulates trade among 184 member states, providing a framework for negotiating trade agreements and resolving trade disputes.

Free-Trade Agreement

A treaty between two or more countries that reduces tariffs and promotes foreign investment.

Tariff

Tax on imported goods and services.

Customs Union

A free trade agreement among two or more member countries, combined with a single, common external trade policy for nonmembers.

Mercosur

Spanish acronym for the Southern Common Market, a South American customs union that includes Argentina, Brazil, Paraguay and Uruguay as full members.

OPEC (Organization for petroleum exporting countries)

An international trade agreement designed to regulate the output of oil.

Trade Embargo

An official ban on trade with a specific country or good.

Financial Market

Marketplace where financial instruments are traded; stock markets, bond markets, and foreign-exchange markets are all financial markets.

Debt Crisis

Occurs when a government's debts exceed its tax revenues to the point that it cannot meet its loan payments.

Import Substitution Industrialization (ISI)

An economic development policy intended to replace imported goods with domestically produced goods as a way to spur industrialization and reduce dependence on other countries.

Fordism

The economic and social arrangements based on the mass production of standardized goods, high labor union membership rates, stable and full-time manufacturing employment, and high factory wages that enable mass consumption.

Corporate Disinvestment

A process in which companies stop investing in factory construction, equipment, and improvement and begin selling off assets, such as machinery, buildings, and land.

Offshoring

The relocation of manufacturing and support services from one country to another.

Outsourcing

The transfer of part of a firm's internal operations to a third party.

Deindustrialization

The decline, and sometimes complete disappearance of employment in the manufacturing sector in the core's industrial centers.

Special Economic Zones (SEZ's)

Specific area within a country's borders where business and trade laws are different from those in the rest of the country

Export Processing Zones (EPZ's)

Industrial zone with special incentives to attract foreign investment to places where imported materials undergo processing or assembly before being re-exported

Free Trade Zones (FTZ's)

Specially designed duty-free areas that provide warehousing, storage, and distribution facilities for goods intended for trade or re-export

Post-Fordism

The shifts from manufacturing centers to spatially dispersed production sites, from standardized mass production to specialized batch production, and from a permanent workforce to temporary and contract workers

Just-in-time-manufacturing

The production of small batches of goods as needed by customer demand

High-technology industry

An industry that develops and uses the most advanced technologies available and has the highest levels of research and development

agglomeration economies

Occur when firms cluster spatially in order to take advantage of geographic concentrations of skilled labor and industry suppliers, specialized infrastructure, and ease of face-to-face contact with industry participants.

multiplier effects

The creation of new business and jobs in other industries as the result of investment in a different (base or basic) industry

growth pole

Geographically pinpointed center of economic activity organized around a designated industry, commonly in the high-tech sector

sustainable development

Development that meets present consumption needs without compromising the ability of future generations to meet their consumption needs

resource depletion

The consumption of natural resources faster than they can be replenished

point source pollution

any single identifiable source of pollution from which pollutants are discharged, such as a pipe, ditch, ship or factory smokestack

nonpoint source pollution

Contamination originating from multiple, diffuse sources

cogeneration

Producing two forms of energy from one fuel

carbon neutrality

Achieving zero CO2 releases through a combination of emissions reduction and carbon removal

carbon offsets

Processes that remove or sequester (store) carbon from the atmosphere to make up for CO2 emissions elsewhere

Ecotourism

Travel to natural areas of ecological value in support of conservation efforts and socially just economic development

UN Sustainable Development Goals (SDG's)

17 goals, examples: no poverty, zero hunger, good health and well being, quality education