Global Inequality Flashcards
Absolute Poverty:
The state where one is barely able, or unable, to afford basic necessities.
Capital Flight:
The movement of capital from one nation to another, via jobs and resources.
Chattel Slavery:
A form of slavery in which one person owns another.
Core Nations:
Dominant capitalist countries.
Debt Accumulation:
The buildup of external debt, wherein countries borrow money from other nations to fund their expansion or growth goals.
Debt Bondage:
The act of people pledging themselves as servants in exchange for money for passage, and are subsequently paid too little to regain their freedom.
Deindustrialization:
The loss of industrial production, usually to peripheral and semi-peripheral nations where the costs are lower.
Dependency Theory:
A theory which states that global inequity is due to the exploitation of peripheral and semi-peripheral nations by core nations.
First World:
A term from the Cold War era that is used to describe industrialized capitalist democracies.
Fourth World:
A term that describes stigmatized minority groups who have no voice or representation on the world stage.
GINI Coefficient:
A measure of income inequality between countries using a one-hundred point scale, in which one represents complete equality and one-hundred represents the highest possible inequality.
Global Feminization Of Poverty:
A pattern that occurs when women bear a disproportionate percentage of the burden of poverty.
Global Inequality:
The concentration of resources in core nations and in the hands of a wealthy minority.
Global Stratification:
The unequal distribution of resources between countries.
Gross National Income:
The income of a nation calculated based on goods and services produced, plus income earned by citizens and corporations headquartered in that country.
Modernization Theory:
A theory that low-income countries can improve their global economic standing by industrialization of infrastructure and a shift in cultural attitudes towards work.
Peripheral Nations:
Nations on the fringes of the global economy, dominated by core nations, with very little industrialization.
Relative Poverty:
The state of poverty where one is unable to live the lifestyle of the average person in the country.
Second World:
A term from the Cold War era that describes nations with moderate economies and standards of living.
Semi-Peripheral Nations:
In-between nations, not powerful enough to dictate policy but acting as a major source of raw materials and an expanding middle-class marketplace.
Subjective Poverty:
A state of poverty composed of many dimensions, subjectively present when one’s actual income does not meet one’s expectations.
Third World:
A term from the Cold War era that refers to poor, unindustrialized countries.
Underground Economy:
An unregulated economy of labor and goods that operates outside of governance, regulatory systems, or human protections.
