Global systems key terms Flashcards
What is a bilateral agreement?
An agreement on trade (or aid) that is negotiated between two countries or two groups of countries
Bilateral agreements can cover various areas including tariffs, trade quotas, and mutual economic cooperation.
Define ‘bottom up’ in the context of decision-making.
When local people are consulted and supported in making decisions to undertake projects or developments that meet one or more of their specific needs
This approach contrasts with ‘top down’ decision-making, which may disregard local input.
What are customs unions?
A trade bloc which allows free trade with no barriers between its member states but imposes a common external tariff to trading countries outside the bloc
An example of a customs union is the European Union (EU).
What is geopolitics?
The study of international relations, as influenced by geographical factors
It involves understanding the relationships between a country or group of countries and the rest of the world.
What is the Intergovernmental Panel on Climate Change (IPCC)?
The leading international body for the assessment of climate change, established by UNEP and WMO in 1988
Its aim is to provide a clear scientific view on the current state of knowledge in climate change and its potential impacts.
What is the role of the International Monetary Fund (IMF)?
An organisation that funds development in poorer countries using bank deposits from wealthier countries
It helps to facilitate the global financial system.
Define a multilateral agreement.
An agreement negotiated between more than two countries or groups of countries at the same time
Multilateral agreements can cover a wide range of issues, including trade, environmental standards, and military alliances.
What is outsourcing?
A cost-saving strategy used by companies who arrange for goods or services to be produced or provided by other companies, usually at a location where costs are lower
Outsourcing can involve both domestic and international arrangements.
Define ‘top down’ in decision-making.
When the decision to undertake projects or developments is made by a central authority such as government with little or no consultation with the local people whom it will affect
This approach can lead to projects that do not align with local needs.
What is the World Bank?
An organisation set up after World War II to promote investment globally and provides loans for countries who agree to conditions
The World Bank plays a significant role in facilitating the global financial system.
Fill in the blank: The _______ is the leading international body for the assessment of climate change.
Intergovernmental Panel on Climate Change (IPCC)
The IPCC’s reports are critical for informing global climate policy.
True or False: A customs union imposes tariffs on its member states.
False
A customs union allows free trade with no barriers between its member states.
