🌍Case Study - Somalia Flashcards
BRIC
An acronym used to identify Brazil, Russia, India and China as countries whose economy has advanced rapidly since the 1990s
Diaspora
A large group of people with a similar heritage or homeland who have moved and settled in places all over the world
Leakages
Refers to a loss of income from an economic system. It most usually refers to the profits sent back to their base country by transnational corporations.
MINT
Mexico, Indonesia, Nigeria, and Turkey. These countries are often grouped together due to their large populations, rapidly growing economies, and increasing global importance.
Profit repatriation
Profit made by TNCs being taken back to their home-country headquarters. Sometimes called an economic leakage.
Remittance
Transfers of money made my foreign workers to family in their home country. (second most important source of income for developing countries, even above international aid).
NGO
Non-governmental organisation e.g. Water Aid
De-regulation
Reduction or elimination of government power in a particular industry, usually enacted to create more competition within the industry
How many Somalians rely on remittances to meet their basic needs
40%
What % of remittances account for all investment in the country
80%
Why did US banks and UK withdraw remittance services
. Fears money was going to the terrorist group Al-Shabaab
. Little government regulation
. Lack of anti money laundering laws
What is the annual total of remittances
1.3 billion. More than all foreign aid and investment combined
What does the loss of remittances mean for Somalian children
. Can’t afford educationa nd may turn to crime
How many of the richest people are as wealthy as half the world’s population
92
1% have more __ than __% combined
Wealth than 99%
