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Terms in this set (33)
features of the system which in crude world markets, the countries, local firms and multinational corporations that trade and invest within them, shaped by layers, rules, norms, laws, organizations and habits.
Bretton Woods Organization
organizations that are dedicated to bringing countries and people closer together. To link their values and interests together. Currency stability, Development and trade.
colonization of the americas, south asia, africa. power matters most. period of mercantilism. Spanish and portugese drove colonization as zero-sum game. This is a competitive era. Approach to economics is autarchic.
a particular approach to money and power. Goes hand and hand with colonial expansion of Europeans around the world. Fits realist paradigm
There is one winner and one loser. Winning entails one of the players winning more than the other.
"Pax Britannica" Britain is rising to the most powerful power. Another hegemon-challenger situation. The British had territorial holdings all over the world. Mid 1700's is the beginning of industrialization and Britain was the leader. Organizing principle of this period is radically different than that from before it. The Spanish and the Portuguese were most important naval power during mercantilism period, now the British rule naval power at this time. Who controls "the seas"? The most important global power. British had different economic approach. Industrialization presented many different opportunities. British wanted more openness to get a more open market to sell stuff but also to get more natural resources.
emphasized that economic relations should be free from the state, that not all economic activity is mean to benefit the state and the state should organize all economic activity. The lack of this releases the potential of all states to be global actors in the economy. These things can all happen in a free economic society.
says the state does have a role. The state has a role as a provider as an organizer, a provider a regulator and a decider. In a free market economy, the state provides the ground work for economic relations to happen.
Positive Sum Game
so if we all collaborate, everyone wins. The focus therefore is not on how you see other as competitors but it is how you see how you are doing compared to last year..etc. (absolute gains approach) So a state will not rank its success on a hierarchical scale.
Further increased interconnections - Bretton Woods institutions (world seems even smaller) and technological changes. Foundations of the Open System that Bretton Woods created. More openness and freer trade
International Monetary Fund (IMF)
created in order to create currency stability in countries around the world. characterized by member countries that contribute money to the fund, so if a country has a crisis, then the IMF can give that country money and advice. The IMF is not unproblematic. They mandate changes (structural readjustment)
World Bank (WB)
Created for reconstruction and development to facilitate private investment and reconstruction in Europe. The bank was also charged with assisting development in other countries, a mandate that later became the main reason for its existence
became forum for negotiations on trade liberalization, the removal or reduction of barriers to free trade. The world trade organization (WTO) replaces this as a result of agreements forged by last round of GATT talks
this directed massive financial aid to Europe and permitted the US to set conditions on it
Bretton Woods institutions were used this in order to facilitate collective goods. Collective goods A result that benefits more than one of the groups. So all that participate can benefit from it.
Process of economic growth growth in per capita income, and the fundamental changes in economic structure that generate that growth
More than the rise or fall of national incomes
Create environment in which people can develop their full potential and lead productive, creative lives in accord with their needs and interests
People are the real wealth of nations. Development should be about expanding choices people have to lead lives that they value.
More than economic growth (means of enlarging people 's choices )
1st World Countries
Advanced Industrial States (AIS)
2nd World Countries
3rd World Countries
Lesser Developed Countries (LDCs)
4th World countries
Least Developed of the Lesser Developed (LLDCs) Countries
interact with the world to benefit national development
is the notion 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.
Gross Domestic Product (GDP)
The sum of all economic activity that takes place within a country
The notion that it is possible to improve the lives of people. Basically, it is about increasing the number of choices people have. These might include living a long and healthy life, access to education, and a better standard of living.
System operating in the absence of any central government. It does not imply chaos but, in realist theory, the absence of political authority.
Nuclear Proliferation Treaty
The Treaty on the Non-Proliferation of Nuclear Weapons, commonly known as the Non-Proliferation Treaty or NPT, is an international treaty whose objective is to prevent the spread of nuclear weapons and weapons technology, to promote cooperation in the peaceful uses of nuclear energy, and to further the goal of achieving nuclear disarmament and general and complete disarmament. This is the solution to Nuclear Proliferation.
the use of violence and intimidation in the pursuit of political aims.
World Trade Organization
is the international body dealing with the rules of trade between nations. Its goal is to supervise and expand international trade, monitor national trade policies, and provide technical assistance to developing nations.
The common belief in the field of International Development that when given the opportunity, girls and women are more effective at lifting themselves and their families out of poverty, thereby having a multiplier effect within their villages, cities, and nations.
one which uses the people in a given district as the basis for a political or economic movement. Grassroots movements and organizations utilize collective action from the local level to effect change at the local, regional, national, or international level. Grassroots movements are associated with bottom-up, rather than top-down decision making, and are sometimes considered more natural or spontaneous than more traditional power structures.
Barber's Jihad Vs. McWorld
Barber focuses on tribalism vs. globalism. Says that democracies and the west will eventually take over world. He focuses on globalization and decreasing nationalism, all which favor the west.
Huntington's Clash of Civilizations
Huntington focuses on cultural differences and says that, differences in cultures will eventually lead to conflict. He says that cultural differences trump similarities in ideologies.
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