INR2002 final (10-14) Flashcards
countries at a relatively low level of economic development
LCDs (less developed countries)
the worlds ______ regions are generally poor, and the worlds ______ regions are generally rich
tropical; temperate
basic structures necessary for social activity such as transportation and telecommunications networks, and power and water supply
infrastructure
raw materials and agricultural products, typically unprocessed or only slightly processed… products that LCDs mainly sold
primary products
a situation in which a market or industry is dominated by only a few firms
oligopoly
the relationship bw a counties export prices and its import prices
terms of trade
a set of policies with the goal of substituting local products for imports, mostly used by developing countries and consisting of trade barriers to encourage domestic manufacturing
ISI (import-substituting industrialization)
an alternative to ISI which was pursued by many east asian countries, where they encouraged manufacturing of goods for export, mostly to america
EOI (export-oriented industrialization)
an array of policy recommendations generally advocated by developed country economists and policy makers
- liberalization
- privatization
- openness to foreign investment
- restrictive monetary and fiscal policies
Washington Consensus
a coalition of developing countries in the UN formed in 1964 w 77 members that wants to seek changes to the international economic order to favor developing countries, now has over 130 members
Group of 77
organizations of producers who cooperate to restrict the supply and raise the price of their products
commodity cartels
a body of rules which binds states and other agents in world politics in their relations with one another and is considered to have the status of law
international law
develops slowly, over time, as states recognize practices as appropriate and correct
customary international law
the degree to which states are legally bound by an international rule.
High _______ rules must be performed in good faith and if breached, required reparations to the injured party
obligation
- the degree to which international legal obligations are fully specified.
- narrow the scope for reasonable interpretation
precision
the degree to which third parties which third parties, such as courts, arbitrators, or mediators are given authority to implement interpret and apply international legal rules; to resolve dispute over rules and make additional rules
delegation
standards of behavior for actors with given identity defined in terms of rights and obligations. they also define what actions are “right” or appropriate under particular circumstances
norms