GS&GG - Key Terms Flashcards
Actors
Players on the world stage that participate in the global governance, exercise power, make decisions, solve problems and improve lives
Agrotechnologies
The application of modern technologies, such as irrigation technologies to agriculture
Antarctic convergence
A natural boundary in the Southern Ocean which loops all the way around the Antarctic continent and separates cold north-flowing waters from the warmer waters of the subantarctic
Banana republic
A country whose economy is dependent on one or few commodities, often leading to a politically unstable state
Bandwidth throttling
The deliberate slowing of internet service by an internet service provider (ISP)
Bilateral
Between two parties
Bioprospecting
The process of discovery and commercialisation of new products based on biological resources
Colonialism
The policy or practise of a power in extending control over weaker nations or peoples
Comparative advantage
When a country specialises in producing only those goods that can be produced efficiently and at the lowest opportunity cost
Council of the European Union
Represents the government of member countries and promotes/defends national interests. The government ministers share power over the EU budget and legislation with the European Parliament
De-skilling
When traditional skills and crafts may be lost when production technology replaces manpower
Doha Development Round
The trade-negotiation round of the WTO that began in 2001 (also known as the Doha Round or the Doha Development Agenda)
Domain
A territory or activity over which control is exercised
Domestic monopoly
When a single firm controls a large proportion of the domestic market (>25%). Therefore domestic prices are kept high due to less competition
Dutch disease
Negative consequences as a result of large increases in a countries income. It is usually associated with the discovery of natural resources (e.g. oil) or high levels of FDI
Economies of scale
The ability to reduce costs proportionately by increasing the scale of production
Empowerment
To give power or authority to someone > fuller participation of women
European Commission
An executive body that is responsible for proposing and implementing EU laws, monitoring treaties and the day-to-day running of the EU > members appointed by national governments
European Council
Sets up the EU’s overall political direction and priorities > heads of state or government of EU member countries
European Parliament
Represents 500 million EU citizens > directly elected by them. Adopts laws proposed by the commission. Power over EU budget with the Council of the European Union
Fair trade
A value-based organisation and trademark that aims to tackle injustices of the globalised economy.
- farmers guaranteed minimum price
- premium for reinvestment
- fair terms of trade
Flexibility of production
A method of production that is sufficiently flexible to be able to respond to both planned and unplanned changes, e.g. strike action or natural disaster
FDI
Investment by a company (TNCs) based in one country into a company based in another country. Acquire control to have significant influence over the foreign company
G8 + 5
A group that meets annually to discuss economic development (Canada, France, Germany, Italy, Japan, Russia, UK, USA + China, India, Brazil, Mexico and South Africa)
G20
An inter-governmental organisation which comprises 19 individual countries plus the EU > developed and developing countries
Global Commons
Those parts of the planet that fall outside national jurisdiction and to which all nations have access
Global Governance
An international process of consensus-forming which generates guidelines and agreements ‘governing’ the actions of those same players
Global product
A product that is marketed and branded throughout the world e.g. Coca-Cola
Glocalisation
A combination of the words globalisation and localisation. Developed and distributed globally but adapted to meet the local market
Horizontal integration
Involves improving links between firms in the same stage of production > TNC acquires competitors and uses common structures in the hope of cost saving
Incentive gap
The gap between the need for international cooperation and the motivation to undertake it
International Monetary Fund (IMF)
Standardises global financial relations and aims to promote global monetary and exchange stability by monitoring the global economy and encouraging the growth of international trade
International Whaling Commission (IWC)
A voluntary organisation set up to monitor and conserve global whale shocks and oversee the whaling industry
Jurisdiction gap
Gap between the increasing need for global governance and a lack of authority with the power to take action
Loss leaders
Goods that supermarkets sell so cheaply that no profit is made in order to use them as an incentive to lure in shoppers
Marine Protected Areas (MPAs)
Marine areas where certain activities are limited or prohibited in order to meet specific conservation, habitat protection or fisheries management protection
Marine reserves
Fully protected areas > provide highest levels of protection to all elements of the ocean ecosystem
Member countries of the EU
Implement laws passed by the EU > commission ensures the laws are properly applied and implemented
Monopoly
Single company or group controls most of the market > little choice and competition
Non-Governmental Organisation (NGOs)
A non-profit organisation created by a private organisation or people not participating in government
Organisation of Petroleum Exporting Countries (OPEC)
An organisation or cartel that follows a common approach to the sale of oil
Organisation for Economic Cooperation and Development (OECD)
Gloabl ‘think tank’ for the worlds richest 35 countries to promote economic and social prosperity
Over-specialisation
When the focus of production is on only one or two products
> lack of flexibility and ability to diversify
Participation gap
Refers to the fact that international cooperation remains primarily the affair of governments
Primary products
Goods made of natural raw material (not manufactured)
Product dumping
Product exported at a price that is lower in the foreign market than the price charged domestically
Purchasing power
Amount consumers can buy with their money. More trade = higher purchasing power
Single-product economy
A country that relies on one, or a very small number, of products (usually raw materials) for its export earnings
Sovereignty
Power or authority countries have to govern themselves
Spreading of locational risks
Spreading of risks by investing in different geographical locations
Status quo
‘Existing state of affairs’ or to keep social or political matters the same
Tariff
A tax that is paid on goods coming into or going out of a country
Terms of trade
The value of a country’s exports relative to that of its imports
Trade bloc
Set of countries trade freely without barriers. Countries outside the bloc pay a set tariff
Trade liberalisation
Also known as free trade that involves removing barriers (trade duties or customs). The fewer the barriers, the greater volume of trade
Trade protectionism
The use of barriers (import tariffs or customs) in order to increase the price of imports (protect domestic production)
Transatlantic Trade and Investment Partnership (TTIP)
A new trade deal (negotiated by the US and EU) with the aim of liberalising ‘one third of global trade’
Transnational companies (TNCs)
Corporations or companies that operate in at least two countries
United Nations Environment Programme (UNEP)
Leading global environmental programme
> sets environmental agenda
> promote coherent implementation of the environmental dimension of sustainable development
Vertical Integration
An industry where one company either owns or controls multiple stages in the production and distribution chain
World Bank
Promotes investment globally and provides loans for countries under certain conditions
World Trade Organisation (WTO)
A global organisation that deals with the rules of trade between nations
