ibrahim's flashcards

Globalization

• Definition: The growing connection between countries through trade, communication, and culture.

• Why Important: It affects almost every part of life, including jobs, technology, and even food. It allows businesses and people to interact across borders, but it also creates challenges like job loss and cultural change.

• Example: Companies like Apple design products in the U.S., manufacture them in China, and sell them worldwide. This shows how different parts of the world are linked through business and production.

Anthropocene & Capitalocene

• Anthropocene: A time period when human activity has had a major effect on Earth’s environment and climate.

• Capitalocene: A way of looking at the Anthropocene that blames capitalism for environmental destruction.

• Why Important: These terms help explain how human actions, especially industries and economic systems, have changed the planet. They help scientists and policymakers think about ways to slow down climate change.

• Example: Factories polluting the air and deforestation destroying wildlife show how economic growth can harm the environment.

Colonialism, Imperialism & Empire

• Colonialism: When a country takes control over another area, often using its resources and people for profit.

• Imperialism: A larger idea that includes colonialism but also includes political and economic influence over weaker countries.

• Empire: A group of territories controlled by one ruler or government.

• Why Important: These practices created long-lasting economic and political effects, often leading to inequality and conflict. Many modern global issues, like poverty and political instability, can be traced back to colonial rule.

• Example: The British Empire controlled India for nearly 200 years, using its resources to benefit Britain while limiting Indian industries. This still affects India’s economy today.

Neocolonialism & Uneven Development

• Neocolonialism: When powerful countries influence weaker ones through economics and politics instead of direct military control.

• Uneven Development: The idea that some countries or regions grow richer and more advanced while others stay poor.

• Why Important: These explain why rich countries stay powerful while poorer countries struggle to develop. Instead of direct rule, wealthy nations use trade and debt to keep control.

• Example: The World Bank and IMF give loans to developing countries, but these often come with strict rules that make it hard for them to grow independently.

Dependency Theory & World Systems Theory

• Dependency Theory: The idea that poor countries stay poor because rich countries keep them dependent through trade and investment.

• World Systems Theory: A way of looking at the world as divided into three parts: rich "core" countries, developing "semi-periphery" countries, and poor "periphery" countries. Wealth moves from the poor to the rich.

• Why Important: These theories explain global inequality and show why some countries struggle to escape poverty. They challenge the idea that all nations can develop the same way.

• Example: Many African countries export raw materials to Europe and the U.S., but they have to buy expensive finished products in return, keeping them dependent.

Nation-state, Sovereignty & Nationalism

• Nation-state: A country with defined borders and a shared national identity.

• Sovereignty: A country’s right to control itself without outside interference.

• Nationalism: Strong pride in one’s nation, sometimes leading to the belief that it is superior to others.

• Why Important: These ideas shape global politics, wars, and international relations. Nationalism can bring people together but also cause conflicts.

• Example: Brexit happened because many people in the UK wanted to make their own laws without interference from the European Union.

Frontier & Peace of Westphalia

• Frontier: A border area where different groups or nations meet, often leading to conflict or expansion.

• Peace of Westphalia: A 1648 treaty that created the modern idea of independent countries with set borders.

• Why Important: It established the idea that countries should not interfere in each other’s affairs, shaping today’s world politics.

• Example: Before the Peace of Westphalia, European countries fought over territory constantly. Afterward, they agreed to respect each other’s borders.

Capitalism, Enlightenment & Cartesian Revolution

• Capitalism: An economic system where private individuals own businesses and try to make a profit.

• Enlightenment: A time in history when people began focusing on reason, science, and human rights.

• Cartesian Revolution: A shift toward logical thinking, based on the ideas of René Descartes, who argued that reason should guide knowledge.

• Why Important: These ideas influenced modern economies, governments, and scientific thinking. Capitalism became the dominant economic system, while Enlightenment ideas led to democracy and human rights movements.

• Example: The U.S. Constitution was influenced by Enlightenment thinkers who believed in individual rights and freedom.

Cheapening & Real Abstraction

• Cheapening: Lowering the cost of goods, often by paying workers less or using cheaper materials.

• Real Abstraction: How economic ideas like money and value shape people’s behavior and society.

• Why Important: These concepts explain how capitalism works by making goods cheaper and influencing how people think about work and money.

• Example: Fast fashion companies pay low wages to workers in poor countries to sell cheap clothing in the U.S. and Europe.

Dualism, Ontology & Epistemology

• Dualism: The idea that two opposite forces (like mind and body) exist separately.

• Ontology: The study of what things exist and what they mean.

• Epistemology: The study of how people know things and what counts as knowledge.

• Why Important: These ideas shape philosophy, science, and debates about truth and reality.

• Example: The debate between religion and science is often about epistemology—how we know what is true.

Proletarianization, Privatization & Commons

• Proletarianization: The process where people lose control of their work and have to sell their labor.

• Privatization: When public goods or services are sold to private businesses.

• Commons: Shared resources that everyone can use, like land or water.

• Why Important: These explain how capitalism changes the way people work and who controls resources.

• Example: When water supplies are privatized, people may have to pay high prices for a basic need.

Financialization

• Definition: The growing power of financial markets and banks over the economy.

• Why Important: It shifts economic power from businesses that produce goods to banks and investors, sometimes creating economic crises.

• Example: The 2008 financial crisis happened because banks took too many risks, leading to a global recession.

Bretton Woods, International Monetary Fund (IMF), & World Bank

• Bretton Woods: A 1944 meeting where world leaders created a global financial system to stabilize economies after WWII.

• IMF: An organization that helps countries stabilize their economies by giving short-term loans and advice.

• World Bank: An institution that gives long-term loans to help developing countries build infrastructure.

• Why Important: These institutions shape global finance by supporting (or controlling) economies through loans and policies.

• Example: The IMF and World Bank often lend money to struggling nations, but their loans come with strict rules (conditionalities) that can limit a country’s control over its economy.

Multilateral & Bilateral

• Multilateral: Agreements or trade deals between multiple countries.

• Bilateral: Agreements or trade deals between just two countries.

• Why Important: They determine how nations interact economically and politically.

• Example: The United States-Mexico-Canada Agreement (USMCA) is a bilateral trade agreement between the U.S. and Canada but part of a multilateral North American trade system.

Conditionalities

• Definition: Rules and conditions attached to loans from institutions like the IMF or World Bank.

• Why Important: They can force borrowing countries to cut public services or change policies in ways that may not benefit their citizens.

• Example: Greece had to reduce government spending on healthcare and pensions to receive bailout money from the IMF.

Modernization Theory & Third World

• Modernization Theory: The idea that poorer countries should follow the development path of richer nations to succeed.

• Third World: A Cold War-era term for developing countries, often used to describe poorer nations.

• Why Important: These ideas shape global development efforts, but critics say they ignore local histories and inequalities.

• Example: Many African nations followed Western economic policies, but instead of thriving, they faced debt and instability.

Development Project & Globalization Project

• Development Project: Post-WWII efforts to help poorer countries modernize through industrialization and economic growth.

• Globalization Project: A shift toward global free-market policies that emphasize privatization and trade liberalization.

• Why Important: These projects show how global policies have changed over time, affecting how countries develop.

• Example: The shift from government-led industrialization to free-market policies in Latin America during the 1980s.

Development Paradox

• Definition: The idea that economic growth doesn’t always improve people’s lives and can sometimes make inequality worse.

• Why Important: Challenges the belief that economic development automatically leads to better living conditions.

• Example: India’s economy has grown rapidly, but millions still live in poverty without access to clean water or healthcare.

G-77 & G-20

• G-77: A group of developing nations that work together to push for fairer global trade policies.

• G-20: A group of the world’s largest economies that meets to discuss economic policies.

• Why Important: These groups show how different countries try to influence global economic policies.

• Example: The G-77 argues for debt relief and fair trade, while the G-20 makes major financial decisions that affect global markets.

Debt (Crisis), Neoliberalism & Washington Consensus

• Debt (Crisis): When countries owe too much money and struggle to pay it back.

• Neoliberalism: An economic approach that favors free markets, privatization, and reduced government spending.

• Washington Consensus: A set of policies that encourage free markets and privatization, often pushed by the IMF and World Bank.

• Why Important: These policies have led to economic growth in some places but increased inequality and debt in others.

• Example: Latin American countries in the 1980s adopted neoliberal policies but faced economic instability and poverty.

Structural Adjustment

• Definition: Economic policies required by the IMF or World Bank in exchange for loans, often involving cutting government services.

• Why Important: These policies often harm the poor by reducing social programs.

• Example: Many African countries had to cut public education and healthcare to meet IMF loan requirements.

Tariffs

• Definition: Taxes on imported goods.

• Why Important: They protect local industries but can also lead to trade wars.

• Example: The U.S. imposed tariffs on Chinese goods, leading China to respond with its own tariffs.

Transnational/Multinational Corporations & Outsourcing

• Transnational/Multinational Corporations: Companies that operate in multiple countries.

• Outsourcing: When companies move jobs or production to other countries to reduce costs.

• Why Important: These practices affect labor markets, wages, and economies worldwide.

• Example: Apple designs products in the U.S. but manufactures them in China to save money.

Labor & Race to the Bottom

• Labor: The work people do to produce goods and services.

• Race to the Bottom: When companies lower wages and working conditions to stay competitive.

• Why Important: Explains how globalization affects workers, often leading to job loss or poor working conditions.

• Example: Many clothing brands move factories to countries with lower wages to cut costs.

Fordism

• Definition: A system of mass production with high wages and standardized products, developed by Henry Ford.

• Why Important: It shaped industrial economies and labor relations.

• Example: The assembly line revolutionized car production and made vehicles affordable for many people.

World Trade Organization (WTO) & General Agreement on Trade & Tariffs (GATT)

• WTO: An organization that regulates international trade and resolves trade disputes.

• GATT: A 1947 agreement that set rules for international trade and reduced tariffs.

• Why Important: They promote free trade but have also been criticized for favoring richer countries.

• Example: The WTO has been involved in disputes over agricultural subsidies that hurt farmers in developing countries.

Efficiency & Inequality

• Efficiency: Maximizing productivity with the least waste.

• Inequality: The uneven distribution of wealth and opportunities.

• Why Important: Economic policies often focus on efficiency, but this can increase inequality.

• Example: Factories that automate production may be more efficient but also eliminate jobs.

Intellectual Property

• Definition: Legal rights over inventions, music, books, and other creative works.

• Why Important: Protects innovation but can limit access to important technology and medicine.

• Example: Pharmaceutical companies hold patents on life-saving drugs, making them too expensive for many people in developing countries.