Chapter 10 Vocabulary (Textbook) Flashcards
colonialism
An imperialist system in which a foreign territory is physically occupied, using military force, businesses, or settlers
developing countries
Lower and middle income countries
empire
A single political authority that has under its sovereignty a large number of external regions or territories and different peoples
export-oriented industrialization
A mercantilist strategy for economic growth in which a country seeks out technologies and develops industries focused specifically on the export market
imperialism
A system in which a state extends its power to directly control territory, resources, and people beyond its resources
import substitution
A mercantilist strategy for economic growth in which a country restricts imports in order to spur demand for locally produced goods
middle income trap
Historically less-developed countries that have experienced significant economic growth and democratization
microcredit
A system in which small loans are channeled to the poor through borrowing groups whose members jointly take responsibility for repayment
lower income countries
Countries that lack significant economic development or political institutionalization or bith; also know as less-developed countries (LDCs)
middle income countries
Historically less-developed that have experienced significant economic growth and democratization
neocolonialism
A set of policies championed by Thatcher’s Conservative government in the 1980s, aimed at diminishing the role of the state in the economy
neoliberalism/structural-adjustment programs/Washington Consensus
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
