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Global Issues


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economists define as the output of goods and services in relation to the number of work hours used to produce them.
Liberal Economics
supply and demand, free trade, and laissez faire government, Adam Smith. Formulated in the late eighteenth century. ultimate goal is industrialization
make up the difference between the farmers cost of growing the product and the world market price
Security Council
Charged with maintaining international peace and security. (US, UK, FR, RUS, CHina) all permanent members with ultimate veto power. 10 other members.
Gross National Income (GNI)
represents the total value of all goods and services a country's economy has produced in a given year, including international transactions.
required by the IMF to obtain a loan. Countries must open domestic markets to foreign imports. -increase exports -privatize - reduce government budget deficits by spending less on social programs. *Must adopt Liberal economic policies
4 reasons of underdevelopment
1. Dual Economy 2.Low Productivity 3. Insufficient Capital 4. Few Human reasources
Participatory Development
1. development projects are designed to meet basic needs. 2. people who benefit from these projects must participate by making decisions, as well as provide labor to help maintain. 3. locally available resources and technology that don;t cause harm must be used.
countries create laws to keep foreign businesses from being able to compete in their country.
Hard Currency
legitimate money that can be easily recognized and converted
International Court of Justice
15 judges
is defined as the one institution in a society that has a legitimate claim to exercising decisive authority over its population
International system
the organizations and processes that people use to interact across state borders
Dual Economy
is an economy with a small modern elite and a majority living in poverty
Primary Commodities
(Cash Crops) When referring to cash crops because they are traded unprocessed and in their natural state.
A world comprising of many central powers
a feeling of loyalty to ones country
Economics of scale
the price of the product decreases as they create more.
something a government achieves when its people believe it is justified, its laws are obeyed, and that its rule conforms to commonly accepted values.
Capital Flight
when a corrupt leader takes international aid and GNI and places it into a personal account offshore
colonial countries gain their political independence but continue to be economically dependent on the country.
(1944) PRovides members loans to restore international confidence in a country's currency. Initially created to help Europe after WWII
How international analysts described the period of the Cold war(US Vs USSR)
Physical Capital
infrastructure, including things like factories, farms, roads, railroads, telephones, banks, and machinery.
Dependency theory
(Brazilian) the opposite of a liberal economy. Believes that free trade is in the best interest of the businesses in the industrial world, no the developing countries. -limit imports -subsidize exports- redistribute some income -no cash crops.
meaning people produce enough to live on and very little more.
an individuals identification with an ethnic group based on several shared characteristics (language, religion, history)
refers to the finances plus the facilities needed to produce wealth
Labor intensive Technology
using human, animal, wind, and hydro power instead of modern technology.
United Nations
IGO created to deal with international politics through multilateral diplomacy on a consistent basis. (General Assembly, Security council, Justice Court, Social)
Bilateral diplomacy
states dealing one on one with each other
Comparative Advantage
a country has a comparative advantage when it can produce a good or service at a lower price.
General Assembly
determines the budget, selects the secretary general with the SC, and debates any topic within the scope of the UN charter. Decisions are NON BINDING
World Development Report
a book of comprehensive economic statistics published annually by the world bank.
the emphasis on production of a good with a comparative advantage in the global market
Financial capital
bank deposits, earnings from int. trade, and money.
New International Economic Order (NIEO)
42 developing countries were admitted into the UN general assembly, making it a 3:1 ratio between them and developed nations. 2/3 vote is needed to pass anything
World Bank
(1944) New Hampshire, 50 developed countries created and international bank for the recunstruction and development designed to provides loans to countries whose projects were approved, originally created to help Euro recover from WWII
World Trade Organizations
WTO's were assigned the task of lowering tariffs and other barriers to international trade.
Most-favored-Nation sates
a mechanism devised to increase more trade. An agreement between two states lowering their tariffs with each other to match the lowest that each charged any other trading partner on a specific category or product.
multilateral diplomacy
more than two states working with each other, most usually through IGO's
(Grameen Bank in Bangladesh-Muhammad Yunis) enables entrepreneurs too poor to qualify for traditional bank loans to borrow small amounts to initiate or build up their own businesses
is an economic process that enables an increasing number of people to produce enough wealth to support an acceptable quality of life.
the process of increasing interconnectedness between societies around the world
designed to stabilize the international economy and ensure economic growth

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