Chaps 8 & 9

Question 0

Colonialism

Answer 0

One country takes over another and administers it with a local bureaucracy

Question 1

Bilateral

Answer 1

Relationships between TWO states

Question 2

Bureaucracy

Answer 2

System of government in which most of the important decisions are made by state officials rather than by electric representatives

Question 3

Metropole

Answer 3

“Mother city” or center of an empire

Question 4

Mercantilism

Answer 4

An economic policy that combines free enterprise and government

Question 5

Protectionism

Answer 5

A policy of blocking or restricting trade from other countries to protect domestic business

Question 6

Beggar-thy-neighbor

Answer 6

An economic policy that stresses trade protectionism and causes other countries to bear at the cost of efforts at securing prosperity at home

Question 7

Industrial revolution

Answer 7

Transition of many states from an agricultural economic system to one based on industry. factories replaced farms

Question 8

Hyperinflation

Answer 8

Situation where a currency loses it’s value very quickly. Most of it’s value can be lost I. A year, month or even day

Question 9

Trade war

Answer 9

When many or all states engage in protectionism. Try to block imports & promote exports, since all countries do this little international trade occurs

Question 10

Comparative advantage

Answer 10

Being more efficient at producing a good or service relative to another good or service. Countries benefit by specializing in the products they produce most efficiently and trading for others

Question 11

Absolute advantage

Answer 11

When a country is more efficient at producing a single good than another country

Question 12

Breton Woods System

Answer 12

Established by US & other countries after WWII to promote capitalism, free trade and policy coordination

Question 13

World Bank

Answer 13

Bretton Woods org created in 1945 that provides loans and grants to countries for long term development

Question 14

General Agreement on Tariffs and Trade

Answer 14

Replaced by WTO, org of countries that agreed to work together to reduce trade barriers and promote free trade

Question 15

Most-Favored Nation

Answer 15

Preferential trade status that members of the GATT gave to other members

Question 16

Great society program

Answer 16

Aka War on Poverty, large increase on social spending in US during Johnson administration

Question 17

Non tariff barrier

Answer 17

Requirement that foreign goods must meet that is specifically designed to block or obstruct those goods or services from sale in that market

Question 18

Devalue

Answer 18

Situation when currency loses its value compared to other currencies

Question 19

Centrally planned (or command) economy

Answer 19

Economy run by the gov rather than private citizens. Svt unn/NK

Question 20

Liberal capitalism

Answer 20

Philosophy of complete or near complete free markets and no gov regulation in the economy. Minimal government involvement

Question 21

Globalization

Answer 21

Increasing integration of global society through the spread of technology, foreign trade, transportation, cultural exchange, political institutions & social connections

Question 22

Islamists

Answer 22

Extreme fundamentalist Muslims

Question 23

Fair trade

Answer 23

Concept that producer should be laid a fair price for their products

Question 24

NAFTA

Answer 24

Canada, Mex & US. Reduced barriers to trade between the 3 countries and resulted in significant increase in trade of goods and services between the 3

Question 25

Eurozone

Answer 25

Portion of the EU that uses the euro rather than a national currency

Question 26

Supranational org

Answer 26

Institution, org or law that is over other states. (Ie: EU)

Question 27

Liquidity crisis

Answer 27

Situation when a gov runs out of cash and is unable to make minimum payments on its debt

Question 28

Subprime loans

Answer 28

Loans given by banks to private citizens that would be considered to have a high likelihood of default.

Question 29

Economic statecraft

Answer 29

Use of economic means to secure political ends

Question 30

Economic sanction

Answer 30

Cessation of some or all economic change between 2 countries

Question 31

Fissile material

Answer 31

Nuclear material used to make atomic weapons

Question 32

Import and export sanctions

Answer 32

When one country reduces or stops buying/selling products from/to another country

Question 33

Aid sanction

Answer 33

Cutting off aid to a country in order to change it’s behavior

Question 34

Financial sanction

Answer 34

Freezing of a country’s financial assets held in another country

Question 35

Third party sanction

Answer 35

Sanction levied against a third party state to keep that state from doing business with the primary target of the sanctions

Question 36

International Atomic Energy Agency

Answer 36

Independent IGO that reports to the UN and UNSC concerning the peaceful use of atomic energy, nuclear proliferation and safeguards

Question 37

Arms embargo

Answer 37

Not selling weapons to a country

Question 38

Org for Economic Cooperation and Developmet

Answer 38

34 member states that promote liberal economic and political reforms

Question 39

Millennium Development Goals

Answer 39

Eight goals established by the UN in 2000 to foster development on a sustainable and equal manner

Question 40

Organization of American States

Answer 40

International org composed of states in the N and S Am states

Question 41

African Union

Answer 41

Org in Africa devoted to representing the interests of African states

Question 42

Fungible

Answer 42

Ability to use one type of power for multiple purposes

Question 43

4 pillars of the universal declaration of human rights

Answer 43

Dignity, liberty, equality, brotherhood