9.4 Economics in the Global Age Flashcards
Free markets
Economic systems based on supply and demand with as little governmental involvement as possible.
Economic liberalization
When a country relaxes restrictions on trade, allowing it to participate in the global economy.
In the early 1980’s, this woman was the prime minister of the U.K. and an ally of Ronald Reagan’s market-oriented economic policies
Margaret Thatcher
In 1973, this U.S. backed Chilean politician took power by a military coup
Augusto Pinochet
Augusto Pinochet, guided by U.S. economists, moved Chile’s economy from state control to this
A free market economy
What were the two big problems with Chile’s new, free market economy
- Nothing was done to address widespread poverty
- Reforms were enacted with violence and repression
Deng Xiaoping
Chinese leader who moved China toward economic growth by backing away from China’s committment to economic growth
In 1989, what happened in Tianamen Square in Bejing?
A large, peaceful student-led demonstration was broken up by force with tanks and guns. Hundreds died.
Knowledge Economy
A knowledge economy creates, distrubutes and uses knowedge and information
What four countries made up The Asian Tigers?
Taiwan
South Korea
Singapore
Hong Kong
NAFTA
The North American Free Trade Agreement - an agrement between Mexico, the U.S. and Canada for tariff-free trade.
Maquiladoras
Factories in Mexico that use low-wage Mexican labor
Protective tariffs
taxes on foreign imports
WTO
The World Trade Organization - formed to regulate global trade amoung its members. Members of the WTO represent about 90 percent of global trade.
Multinational Corporation
A business that is legally incorporated in one country but does business in others.
