Chapter 10 Review Flashcards
A historically less-developed country that has experienced significant economic growth and democratization
newly industrializing countries (NICs)
A country that lacks significant economic development or political institutionalization or both
less-developed countries (LDCs)
A single political authority that has under its sovereignty a large number of external regions or territories and different peoples
empire
A system in which a state extends its power to directly control territory, resources, and people beyond its borders
imperialism
An imperialist system of physically occupying a foreign territory using military force, businesses, or settlers
colonialism
An indirect form of imperialism in which powerful countries overly influence the economies of less-developed countries
neocolonialism
A mercantilist strategy for economic growth in which a country restricts imports in order to spur demand for locally produced goods
import substitution
A mercantilist strategy for economic growth in which a country seeks out technologies and develops industries focused specifically on the export market
export-oriented industrialization
A policy of economic liberalization adopted in exchange for financial support from liberal international organizations; typically includes privatizing state-run firms, ending subsidies, reducing tariff barriers, shrinking the size of the state, and welcoming foreign investment
structural-adjustment programs (or Washington Consensus)
A segment of the economy that is not regulated or taxed by the state
informal economy
A system in which small loans are channeled to the poor through borrowing groups whose members jointly take responsibility for repayment
microcredit
A loan system covering a broad spectrum, including credit, savings, insurance, and financial transfers
microfinance
