Global Systems & Governance: All Quizlets Flashcards

1
Q

Capital

A

Money that is invested. It is spent on something to produce an income or increased profit from it

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2
Q

Economies of scale

A

The cost advantages that result from the larger size, output or scale of an operation as savings are made by spreading the costs or rationalising operations

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3
Q

Financial deregulation

A

A process undertaken by governments where they relaxed rules about what banks were allowed to do. Banks could charge more for their services and invest in a greater range of businesses. Barriers to capital coming into and out of a country were also removed. Removal of rules to increase competition

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4
Q

FDI

A

Foreign Direct Investment is where a person, company or other group spends money in another country.

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5
Q

Globalisation

A

The process of the world’s economies, political systems and cultures becoming more strongly connected to each other

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6
Q

Global systems

A

The global-scale economic, social and political structures that are created when humans interact with each other across national borders on a global scale.

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7
Q

Outsourcing

A

When a company pays another company to do work that in the past would have been done in house e.g call centres

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8
Q

Services

A

Economic activities that aren’t based around producing any material goods e.g banking

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9
Q

Tariff

A

A tax or duty on imports or exports

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10
Q

Trade agreement

A

Set of rules that cover trade between countries who make an agreement.

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11
Q

Bilateral trade agreement

A

A trade agreement between 2 countries

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12
Q

Multilateral trade agreement

A

A trade agreement between several countries.

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13
Q

Trade blocs

A

Associations between different countries that promote and manage trade

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14
Q

Transnational corporations

A

Companies that operate in more than one country

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15
Q

Bilateral aid

A

Assistance given by a government directly to the government of another country

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16
Q

Deregulation

A

The removal of regulations (rules) or restrictions in a particular industry. Businesses can operate internationally more easily and it increase competition.

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17
Q

Global institution

A

A large, important organisation that operates across the world.
For example, the International Monetary Fund and World Bank govern the global financial system.

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18
Q

Interdependence

A

When 2 or more things rely (are dependent) on each other.

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19
Q

Interest

A

Money paid regularly at a particular rate for the use of money lent.

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20
Q

Loan

A

Money that is borrowed.

21
Q

Neo-liberalism

A

A political approach that involves less government control of the economy. It involves removal of trade barriers, privatisation and cuts in government spending. It has increased free trade.

22
Q

Privatisation

A

The transfer of an industry, or service from public to private ownership and control.

23
Q

Remittance

A

A sum of money that is transferred to another person or party. This could be from migrants from peripheral regions living in core regions sending money back.

24
Q

Reparation

A

The sending of money back to one’s own country.

25
Q

Sovereignty

A

The right of a country to govern itself.

26
Q

Trade surplus

A

A situation in which the value of goods that a country exports (sells to other countries) is more than the value of goods it imports (buys from other countries).

27
Q

Trade deficit

A

A situation in which the value of goods that a country imports (buys from other countries) is more than the value of goods it exports (sells to other countries).

28
Q

Access to markets

A

how easy it is for countries and companies to trade within the international market.

29
Q

Barrier to trade

A

Government-imposed restraint on the flow of international goods and services.

30
Q

Ethical investment

A

When the choice on whether to invest capital is based on the activities of the firm or organisation they are putting money in.

31
Q

Fair trade

A

A social movement, looking at helping producers achieve better trading conditions and to promote sustainability.

32
Q

Free trade

A

When international trade is left to its natural course. It involves removing barriers to trade.

33
Q

Global marketing

A

Using one strategy to promote and sell a product to customers all over the world. The world is treated as one market.

34
Q

Glocalisation

A

The process in which transnational corporations adapt what they offer their customers depending on where in the world they work, or at least market (advertise) it differently.

35
Q

Horizontal integration

A

When a company merges with or takes over another company in the same stage of production.

36
Q

Protectionism

A

When countries limit trade to shield their industries from foreign competition.

37
Q

Quota

A

A restriction on the number of a product that can be imported

38
Q

Special and Differential Treatment (SDT) agreements

A

Arrangements put in place by the World Trade Organisation (WTO) to let the poorest countries get around paying tariffs to richer countries which gives them greater market access.

39
Q

Special Economic Zones (SEZs)

A

Areas within a country that have different trade and investment rules to the rest of the country.

40
Q

Trade

A

The exchange of capital, goods and services between countries. These are known as imports and exports.

41
Q

Vertical integration

A

When a company either owns or controls multiple stages in the supply chain.

42
Q

Global governance

A

The rules and organisations used to manage issues that affect the whole world.

43
Q

Institution

A

Political and legal organisations. They pass and enforce laws. 3 examples: United Nations, World Trade Organisation and Intergovernmental Panel on Climate Change.

44
Q

Law

A

Established through international agreements. They are legally binding e.g. human rights, labour standards, trade regulations.

45
Q

Non Governmental Organisation (NGO)

A

Organisation that operates independently of any government and with a common interest.

46
Q

Norm

A

Accepted standards of behaviour - usually negative consequences if not followed. E.g., right to freedom of speech.

47
Q

United Nations

A

An international organisation founded in 1945 made up of 193 member states whose aim is to promote international peace and co-operation.

48
Q

Sustainable Development Goals (SDGs)

A

New UN goals from 2015 to end poverty, protect the planet and ensure all people enjoy peace and prosperity. The 17 goals build on the Millennium Development Goals with new areas such as climate change.