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ITS exam pt 3

Terms in this set (31)

1. WW1
2. Great Depression
3. Maybe WW2?? idk
The crisis of the 30 years of crisis
Ended the concert of Europe, partial decolonization, self determination(right to rule yourself), League of Nations(didn't have US or Russia)
WW1
Growth slows, but is still positive
Recession
Negative growth
Depression
Gov should play a thoughtful role, get small when economy is good, get big when it's bad
Kenyism
Everyone ought to live a better life than they do now
Developmentalism
Individual rights, private property, limited gov, free markets, democracy, collective security, rule OF the people
Wilsonian liberalism
One party, centralized/command economy, rule FOR the people
International socialism
Rules of war
Geneva convention
People, ideas, things, and money can move faster than before, more than ever, "compression of space and time", "the intensification and multiplication of locational interactions"
Globalization
All the payments going into and out of a country
Balance of payments
Too much money chasing the same amount of goods
Inflation
Everyone's currency is pegged to a single currency, used the US dollar, which was pegged to gold, was meant to stop protectionism and encourage trade
Reference currency
Benefited US banks and made trade with the US the easiest of all trade since they could both use the dollar
How to everyone pegging their currency to the dollar help the US
60%
____% of global GDP is internationally traded
Isolationism, self sufficient, manufacture and grow your own stuff
Autarky
Trade, buy something from someone else if they do it better and cheaper than you can
Interdependence
...
Africa map
Treaty between 2 nations
Bilateral agreement
Treaty between many nations
Multilateral agreement
1. Preferred trade partners
2. Free trade area
3. Economic unions
3 degrees of trade integration
Reduction in tariffs between a few countries
Preferred trade partners
Reduction in tariffs and possibly the free movement of labor and capitol in an area
Free trade area
1. Common market
2. Customs union
3. Monetary union
Not exclusively 1, can be all 3 at the same time
3 types of economic unions
Goods will move freely between the members
Common market
All the countries agree to have the same customs on each others goods, also have a single common tariff on goods coming from outside the union.
Customs union
Share the same currency(like the euro)
Monetary union
The best and complete use of supply
Efficiency
Individuals, can own property
Corporations are recognized as ___
Registered in one country but does business in others as well
Multinational corporation
Registered in multiple countries, advantageous because they can avoid tariffs
Transnational corporation
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