Global Economic History - Key Vocabulary

Flashcards for Global Economic History Lecture 1, focusing on vocabulary terms and definitions.

Global North

Generally rich countries in the West, now also including East Asia.

Global South

Countries in Africa and parts of Asia, often characterized by lower wealth.

Economic Globalization

The increasing interdependence of world economies due to growing cross-border trade, international capital flow, and the mobility of people and technology.

Ripple Effects

Economic problems in one region of the globalized world economy affecting other regions.

Great Divergence

The discrepancy in economic growth between the West and the Rest, roughly after 1820.

Industrial Revolution

A period of significant technological advancement, especially in Great Britain around 1750, leading to mechanization of production and increased productivity.

Purchasing Power Parity (PPP)

Rates of currency conversion that equalize the purchasing power of different currencies by eliminating the differences in price levels between countries.

Early Modern Globalization

The period between 1500 and 1800, heavily dependent upon colonialism and maritime shipping, and involved the trade in commodities as well as the slave trade.

Neoliberal Globalization

A different stage of globalization that started after 1980 based on deregulation and global systems of lowering trade obstacles.

De-globalization

A period where trade restrictions across the world increased, such as the period between the two World Wars.

Eurocentrism

An attitude/beliefs that frame Europe as the primary engine of world history, the bearer of universal values, and the model of progress.

Maddison Database

Database of GDP data for various countries created by Angus Maddison. Expressed in GDP per capita in 2011 $ PPP.

Gross Domestic Product (GDP)

The monetary value of all final goods and services produced within a country or region in a specific time period.