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| shared interest with economic exchanges. Create a maximum of total wealth by achieving optimal efficiency. Goal is to create favorable balance of trade. |
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| shares belief with realism that each state should protect its own interests at expense of others. Belief that outcome of economic negotiations matters for military power. |
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| the principle that says states should speciailize in trading goods that they produce with the greatest relative efficiency and the lowest relative cost (relative to other goods produced by the same state) |
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| a duty tax levied on certain types of imports (usually as a percentage of their value) as they enter a country. |
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| trade barriers that restrict imports, but not in usual form of a tariff. i.e. Imports can be limited by quota |
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| the protection of domestic industries against international competition, by trade tariffs and other means. |
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| a free trade zone encompassing the US, Canada, and Mexico since 1994 |
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| the value of a states' exports relative to its imports |
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| An organization begun in 1995 that expanded the goods and created monitoring and enforcement mechanisms. global, multilateral IGO that promotes, monitors, and adjudicates international trade. Shapes the overall expectations and practices of states regarding international trade. |
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| Most-favored Nation status |
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| a principle by which one state, by granting another state MFN status, promises to give it the same treatment given to the first state's most-favored trading partner |
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| Generalized System of Preferences |
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| a mechanism by which some industrialized states began in the 1970s to give tariff concessions to thirs world states on certain imports; an exception to the most-favored nation principle. |
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| An association of producers or consumers (or both) of a certain product, formed for the purpose of manipulating its price on the world market. |
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| Intellectual property rights |
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| the legal protection of the original works of inventors, authors, creators, and performers under patent, copyright, and trademark law. Such rights become a contentious area of trade negotiations in the 1990s |
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| a zone in which there are no tariffs or other restructions; in principle free trade was a key aspect of Britain's policy after 1846 and of US policy after 1945. |
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| Centrally planned economy |
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Definition
| an economy in which political authorities set prices and decide on quotas for production and consumption of each commodity according to a long-term plan. |
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| economies such as those in the industrial west that contain both some government control and some private ownership |
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| a political and economic situation in which two states are simultaneously dependent on each other for their well-being. The degree of interdepenence is sometimes designated in terms of sensitivity or vulnerability. |
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| the rate at which one state's currency can be exchanged for the currency of another state. Since 1973, the international monetary system has depended mainly on floating rather than fixed exchange rates. |
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| the guarantee that the holder of a particular currency can exchange it for another currency. Some states' currencies are non-convertible. |
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| an extremely rapid, uncontrolled rise in prices. |
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| money that can be readily converted to leading world currencies |
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| hard currency stockpiles kept by states. |
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| the official rates of exchange for currencies set by governments; not a domainant mechanism in the international monetary system since 1973. |
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| the rates determined by global currency markets in which private investors and governments alike buy and sell currencies |
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| a system of occasional multinational government interventions in currency markets to manage otherwise free-floating currency rates |
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| a unilateral move to reduce the value of a currency by changing a fixed of official exchange rate |
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| the interest rate charged by governments when they lend money to private banks. The discount rate is set by countries' central banks |
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| an intergovernmental organization that coordinates international currency exchange, the balance of international payments, and national accounts. Along with the World Bank, it is a pillar of the international financial system |
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| Formally the International Bank for Reconstruction and Development, an organization that was established in 1944 as a source of loans to help reconstruct the European economies. Later the main borrowers were third world countries and, in the 1990s the EU ones |
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| a transfer of money by a foreign worker to his or her home country |
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| a summary of all the flows of money into and out of a country. It includes three types of international transactions; the current account (including the merchandise trade balance), flows of capital, and changes in reserves. |
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| the principles accumulated by British economist John Maynard Keynes, used successfully in the Great Depression of the 1930s, including the view that governments should sometimes use deficit spending to stimulate economic growth |
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| a government's decisions about spending and taxation, and one of the two major tools of macroeconomic policy making. |
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| a government's decisions about printing and circulating money, and one of the two major tools of macroeconomic policy making. |
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| the amount a government owes in debt as a result of deficit spending. |
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| (multination corporations) a company based in one state (home country) with affiliated branches of subsidiaries operating in other states (host country) |
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| Foreign direct investment |
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| the acquisition by residents of one country of the control over a new or existing business in another country. |
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| the state in which a foreign multinational corporation operates. |
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| the state where a multinational corporation has its headquarters. |
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| International integration |
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| the process by which supranational institutions come to replace national ones; the gradual shifting upward of some sovereignty from the state to the regional or global structures. |
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| larger institutions and groupings such as the EU to which state authority or national identity is subordinated. |
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| two or more states share the same currency |
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| a situation in which low expectations of interstate violence permits high degree of political cooperation. (ie. NATO members) |
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| a treaty signed in the Dutch city of Maastricht and ratified in 1992; commits the EU to monetary union (Euro) and to common foreign policy. |
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| the gap in access to information technologies between rich and poor people, and between the global north and south |
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| a term critical of US dominance of the emerging global culture. |
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| a collective goods problem that is created when common environmental assets are depleted or degraded through the failure of states to cooperate effectively. One solution is to "enclose" the commons, international regimes can also be a solution |
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| an expression of a need by decision-makers to anticipate harm before it occurs. |
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| a slow, long term rise in the average world temperature caused by the emission of greenhouse gases produced by the burning of fossil fuels (oil, coal, natural gas) |
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| UN Environment Program (UNEP) |
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Definition
| a program that monitors environmental conditions and among other activities, works with the World Market Meteorological Organizations to measure changes in the global climate. |
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| An agreement on protection of the ozone layer in which states pledged to reduce and then eliminate use of chlorfluorocarbons (CFCs). It is the most successful environment treaty to date. |
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| the world's poorest regions - the global south - where most people live; also called underdeveloped countries or developing countries |
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| a shift of population from the countryside to the cities that typically accompanies economic development and is augmented by displacement of peasants from subsistence farming. |
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| people fleeting their countries to find refuge from war, natural disaster, or political persecution. International law distinguishes them from migrants. |
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| The World system (periphery, semi-periphery, and core) |
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Definition
| a view of the world in terms of regional class divisions, with industrialized countries as the core, poorest countries as periphery, and other areas (newly indsutrilized) as the semi-periphery. |
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| the acquisition of colonies by conquest or otherwise. Lenin's theory of imperialism argues that European capitalists were investing in colonies where they could earn big profits, and then using part of those profits to buy off portions of the working class at home. |
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| withdraw from a colony, leaving it independent. |
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| the continuation, in a former colony, or colonial exploitation without formal political control. |
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| a marxist-oriented theory that explains the lack of capital accumulation in the third world as a result of the interplay between domestic class relations and the forces of foreign capital |
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| Newly industrialized countries (NICs) |
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Definition
| third world states that have achieved self-sustaining capital accumulation. The most successful are the four tigers of East Asia: S. Korea, Taiwan, HK, and Singapore |
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| a strategy of developing local industries, often conducted behind protectionist barriers, to produce items that a country had been importing. |
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| an economic development strategy that seeks to develop industries capable of competing in specific niches in the world economy. |
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| the use of very small loans to small groups of individuals, often women, to stimulate economic development. |
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| a sector of the economy that isn't taxed or monitored by the government |
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| poor countries loss of skilled workers to rich countries |
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| the ratio of an index of a country's export prices to an index of its import prices. |
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| a constant drain on whatever surplus is generated by investment money due to the payments a country must make on loans |
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| a reworking of the terms on which a loan will be repaid; frequently negotiated by third world debtor governments in order to avoid default |
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| an agreement to loan IMF funds on the condition that certain government policies are adopted. Dozens of agreements with the IMF in the past two decades. |
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| organized by poor people to gain some power over their situation and meet their basic needs - not by seizing control of the state in a revolution but by means that are more direct, more local, and less violent. |
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| seek to maintain the value of the state's currency by limiting the amount of money printed. Can effect the economy by releasing or hoarding money. |
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| main international treaty on global warming, which entered into effect in 2005 and mandates cuts in carbon emissions in 2008-2012. Almost all the world's major countries, except US, are participants. |
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