Chapter 16

Question 1

structural adjustment

Answer 1

controversial series of economic and social reforms promoted by the imf and world bank to promote economic development and through minimizing the role of the state in societies and liberalizing markets

Question 2

fair trade

Answer 2

A political-economic concept
premised on a belief in the need for international market regulation in the interests
of poorer southern nations to combat the historical legacy of colonialism,
dependency, and underdevelopment, focus on two
issues: the development and expansion of interventionist mechanisms to ensure fair
prices and living standards for farmers and workers in the Global South and the
elimination of “unfair” protectionist policies in the North.

Question 3

free trade

Answer 3

A political-economic concept premised on the belief
that the removal of barriers to trade and the limitation of state intervention would
provide the greatest social gains for all countries involved, is supported on the grounds that state regulation of the market
is inherently inefficient and wasteful while an unregulated market operates as an
efficient “hidden hand” that responds accurately to undistorted market signals of
supply and demand.

Question 4

fair trade network

Answer 4

network that connects small farmers, workers, and craftspeople in the South with organizations and consumers in the north through a system of fair trade rules and principles (democratic organization, no child labor, environmental sustainability, minimum guaranteed price, and social premiums paid to producer communities