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| International Monetary Fund (IMF): an international organisation financed largely by industrialised countries that provides funds (often with strict policy conditions) to countries with debt or balance of payments difficulties. Set up under the Bretton Woods agreement |
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| Association of South East Asian Nations; a political and economic group of countries formed in 1967 which now has 10 members including Brunei, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam. |
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The BRICS grouping – Brazil, Russia, India and China and South Africa (added 2010) – has become a shorthand for the rise of emerging markets in the global economy. And after a rather stellar decade (2000-2009), the BRICS mainly had a good crisis from which they are now rapidly exiting.
Significance: Goldman Sachs reckons that China may well become the world’s largest economy before 2030. Collectively, the Bric economies could well surpass output in the Group of Seven wealthy nations – which have dominated the management of the global economy – by 2032. |
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| Doha Development Round or Doha Development Agenda (DDA) is the current trade-negotiation round of the World Trade Organization (WTO) which commenced in November 2001. Its objective is to lower trade barriers around the world, which will help facilitate the increase of global trade. As of 2008, talks have stalled over a divide on major issues, such as agriculture, industrial tariffs and non-tariff barriers, services, and trade remedies.[1] The most significant differences are between developed nations led by the European Union (EU), the United States (USA), and Japan and the major developing countries led and represented mainly by India, Brazil, China, South Korea, and South Africa |
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| Trans-Pacific Partnership (TPP) |
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| The TPP is a proposed free trade agreement under negotiation (as of August 2013). It is a trading bloc formed by Australia, Brunei, Chile, Canada, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States, and Vietnam and is responsible for 30% of global trade. |
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| A group of countries, usually with the same economic system, who have an official trading agreement with each other. A group of countries or people who have been united together for a particular political purpose. |
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| The belief that your country should not be involved in the affairs of other countries |
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| hegemonic stability theory (HST) |
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| is a theory of international relations. Rooted in research from the fields of political science, economics, and history, HST indicates that the international system is more likely to remain stable when a single nation-state is the dominant world power, or hegemon.[1] Thus, the fall of an existing hegemon or the state of no hegemon diminishes the stability of international system. When a hegemon exercises leadership, either through diplomacy, coercion, or persuasion, it is actually deploying its "preponderance of power." or hegemony |
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| The use of tariff and non-tariff restrictions on imports to protect domestic producers from foreign competition. |
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| is a socio-economic and political ideology or inquiry based on a materialist interpretation of historical development, a dialectical view of social transformation, an analysis of class-relations and conflict within society. Marxist methodology informs an economic and sociopolitical enquiry applying to the analysis and critique of the development of capitalism and the role of class struggle in systemic economic change |
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| The economic system favoured in much of Europe from the 16th to the early 18th centuries, emphasising the control of prices, wages and interest rates in order to ensure a trade surplus and an increase in gold reserves, which was seen as the main source of economic and political power. Gradually replaced by the classical economics propounded by economist Adam Smith. |
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| is an economic philosophy that emerged among European liberal scholars in the 1930s (Friedman, Hayek) attempting to trace a so-called ‘Third’ or ‘Middle Way’ between the conflicting philosophies of classical liberalism and collectivist central planning. The impetus for this development arose from a desire to avoid repeating the economic failures of the early 1930s which conventional wisdom of the time tended to blame on unfettered capitalism, and a simultaneous concern with avoiding the inhumanity of National Socialism |
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| is a political philosophy and ideology belonging to liberalism in which primary emphasis is placed on securing the freedom of the individual by limiting the power of the government. The philosophy emerged as a response to the Industrial Revolution and urbanization in the 19th century in Europe and the United States |
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| is a political philosophy or ideology founded on ideas of liberty and equality. Liberals espouse a wide array of views depending on their understanding of these principles, but generally they support ideas such as free and fair elections, civil rights, freedom of the press, freedom of religion, free trade, and private property |
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is an unequal human and territorial relationship, usually in the form of an empire, based on ideas of superiority and practices of dominance, and involving the extension of authority and control of one state or people over another.
It is often considered in a negative light, as merely the exploitation of native people in order to enrich a small handful. |
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| was a period of colonial expansion—and its accompanying ideologies—by the European powers, the United States and the Empire of Japan during the late 19th and early 20th centuries. By some accounts, it began as early as 1830, and may have lasted until the Second World War (1939–45). The period is distinguished by an unprecedented pursuit of overseas territorial acquisitions. |
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| The system by which a society gets its wealth through industry. The social or economic system built on manufacturing industries. wealth=power=security=survival |
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| Acting in the presence of a plurilateral agreement - a multi-national legal or trade agreement between countries. In economic jargon, it is an agreement between more than two countries, but not a great many, which would be multilateral agreement. |
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| is multiple countries working in concert on a given issue. Multilateralism was defined by Miles Kahler as “international governance of the ‘many,’” and its central principle was “opposition [of] bilateral discriminatory arrangements that were believed to enhance the leverage of the powerful over the weak and to increase international conflict.” In 1990, Robert Keohane defined multilateralism as “the practice of coordinating national policies in groups of three or more states." |
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| consists of the political, economic, or cultural relations between two sovereign states. It is in contrast to unilateralism or multilateralism, which refers to the conduct of diplomacy by a single state or multiple states, respectively. |
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| is any doctrine or agenda that supports one-sided action. Such action may be in disregard for other parties, or as an expression of a commitment toward a direction which other parties may find agreeable. |
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| The idea that a country's economy will perform best if its industries are protected from competition, for example by taxes on imported goods. it is a body of policies that emphasize domestic control of the economy, labor, and capital formation, even if this requires the imposition of tariffs and other restrictions on the movement of labor, goods and capital. |
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| is the notion (developed by Prebisch/Singer, 1949) that resources flow from a "periphery" of poor and underdeveloped states to a "core" of wealthy states, enriching the latter at the expense of the former. It is a central contention of dependency theory that poor states are impoverished and rich ones enriched by the way poor states are integrated into the "world system". |
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| A system of production and trade based on property and wealth being owned by private business and ordinary people, rather than the state |
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| is usually described as an economic system in which commercial (i.e. for-profit) economic activity is undertaken by the state, with management and organization of the means of production in a capitalist manner, including the system of wage labor and centralized management |
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| is an economic environment in which transactions between private parties are free from government restrictions, tariffs, and subsidies, with only enough regulations to protect property rights |
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constitutes integration of national economies into the international economy through trade, foreign direct investment (by corps. and multinationals), short-term capital flows, international flows of workers and humanity, and flows of technology -Bhagwait
free movement of goods, services, labor & capital, thereby creating a single market in inputs and outputs; and full national treatment for foreign investors (and nationals working abroad) so that, economically speaking, there are no foreigners.- Wolf |
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| is an economic relationship in which each member state is mutually dependent on the others. This concept differs from a dependence relationship, where some members are dependent and some are not. |
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| is an economic system characterised by social ownership of the means of production and co-operative management of the economy. "Social ownership" may refer to cooperative enterprises, common ownership, state ownership, citizen ownership of equity, or any combination of these |
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| is a revolutionary socialist movement to create a classless, moneyless, and stateless social order structured upon common ownership of the means of production, as well as a social, political and economic ideology that aims at the establishment of this social order |
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| International organisation, created under the Bretton Woods agreement, that focuses on providing financial aid to developing countries, normally targeting public works and other essential capital or social projects |
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| is a Free Trade Agreement (FTA) scheme of the 10 ASEAN Member States and its FTA Partners (Australia, China, India, Japan, Korea and New Zealand) to be concluded by the end of 2015 includes more than 3 billion people, has a combined GDP of about $17 trillion, and accounts for about 40 percent of world trade. |
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| a political ideology combining the scientific socialist concepts theorized by Karl Marx and Friedrich Engels, collectively known as Marxism, with the theoretical expansions developed by Vladimir Lenin, collectively known as Leninism, which consist of anti-imperialism, democratic centralism, and the necessity of a vanguard party of class conscious cadres to coordinate the social revolution and the construction of socialism. |
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The term Washington Consensus was coined in 1989 by English economist John Williamson to describe a set of 10 relatively specific economic policy prescriptions (based on neoliberalism) that he considered constituted the "standard" reform package promoted for crisis-wracked developing countries by Washington, D.C.–based institutions such as the International Monetary Fund (IMF), World Bank, and the US Treasury Department.
involved a largely unilateral process of trade reform (trade liberalization), by which countries would lower their non-tariff (especially) and tariff barriers to imports, while increasing the share of exports in their GDP
by increasing tax reform, deregulation, property rights, trade liberalization. |
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| Term applied to a strong belief in the ability of laissez-faire or free market economy views or policies to solve economic and social problems, i.e. Washington Consensus involved market fundamentalism or neoliberalism |
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