Key Definitions Flashcards
assets
items which have economic value and may generate income in the future
Association of Southeast Asian Nations (ASEAN)
a group of ten Southeast Asian nations which was formed to encourage greater cooperation and economic growth between them
austerity
the policy of reducing government spending and debt
Australia, New Zealand, and United States Security Treaty (ANZUS)
a 1951 security agreement that binds Australia, New Zealand and the USA to co-operate on military matters in the Pacific and the beyond
bi-polar
two poles or centres
bi-polar world
where there are two main superpowers with opposing ideas and ideologies e.g. the USA and USSR during the Cold War
BRICs
the collective term for Brazil, Russia, India and China (and latterly South Africa) which were predicted to show rapid economic growth
colonialism
where an external nation takes direct control of a territory, often by force, occupying it with settlers and exploiting it economically
consumer goods
items that are bought by the people who use them, rather than bought in order to be turned into something else
culture
the ideas, beliefs, customs and social behaviour of a group or society
dependency theory
argues that developing countries remain dependent on wealthier nations, and that their reliance on developed economies is the cause of their poverty
economic restructuring
the shift in employment from the primary and secondary sectors into tertiary and quaternary
European Union (EU)
a political and economic association of 27 member states whose principle is that economic strength insures against poverty, and that adopts a policy of convergence to reduce inequalities between its richest and poorest members. It also extends influence into environmental and social concerns
foreign policy
the strategies that a government puts in place to deal with other countries
G8
a group of 8 countries (Canada, France, Germany, Italy, Japan, Russia, UK and USA) which meets annually to discuss economic development
G20
an inter-governmental organisation which comprises 19 individual countries plus the EU. It brings together developed and developing countries to discuss key economic issues
geo-strategic location theory
a theory developed by Halford John Mackinder which argued that whoever controlled Europe and Asia (the world’s biggest landmass) would control the world
geopolitics
the influence of geography (both human and physical) on politics, especially international relations
global reach
the extent of the geographical distance that is influenced by a product or activity
hard power
the expression of a country’s will or influence through coercive measures, including economic sanctions and military force or threat
heartland
the area of land which Halford John Mackinder believed to be pivotal for controlling the world
hegemon
a country or state that is dominant over others e.g could the United States lose out to another global hegemon, China?
intellectual property rights
the right to protect a person or company’s artistic works or inventions, without them being copied by somebody else
Intergovernmental Panel on Climate Change (IPCC)
a group whose members represent over 120 countries which monitors publications and assembles evidence, enabling UN members to understand the risks created by climate change, and its impacts
the International Court of Justice (ICJ)
the judicial branch of the UN, which settles disputes between UN member countries and advises on international law
international governmental organisation (IGO)
an organisation involving several countries working together in issues of common interests
International Monetary Fund (IMF)
a global organisation whose primary role is to maintain international financial stability
Islamist uprisings
acts of resistance and revolt, carried out by Islamic groups
modernisation theory
a theory that believed that poverty was a trap; traditional family values in poorer countries held economies back; and that capitalism was the solution to poverty
multi-power
several poles or centres
multi-power world
where there are several powers and emerging powers competing for power and global influence
nationalise
when a company is transferred from private ownership to ownership or control by the state
neo-colonialism
describes how even though less-developed countries may no longer be directly ruled militarily, they are still controlled indirectly through economic, political and cultural means
North American Free Trade Agreement (NAFTA)
a trade bloc consisting of the USA, Canada and Mexico
North Atlantic Treaty Organisation (NATO)
an alliance which uses political consultation and military means to protect its 28 member states
OECD
the Organisation for Economic Cooperation and Development - a global “think tank” for 35 of the world’s wealthiest nations which aims to promote policies to improve economic and social prosperity
Paris Agreement
the first legally binding global climate deal, adopted by 195 countries at the UN’s Paris Climate Conference (COP21) in December 2015
patent
the granting of the exclusive right of ownership and possession of intellectual property by a state to an inventor for a fixed period of time
proxy war
a war instigated by a major power that is not always directly involved in the fighting
soft power
the power that arises from a country’s political and economic influence, moral authority and cultural attractiveness
sub-prime lending
the lending by banks to low-income earners with insecure jobs, who could never normally afford mortgages
superpower
a country characterised by its extensive ability to exert influence or project power on a global scale. Ability to be influential anywhere in the world
Trade-Related Aspects of Intellectual Property Rights (TRIPS)
an agreement which requires all WTO members to protect and enforce their intellectual property rights
uni-polar
one pole or centre
uni-polar world
one country dominates e.g. the USA currently or the British Empire during colonial times
uni-polar world
one country dominates e.g. the USA currently or the British Empire during colonial times
the UN Security Council
the part of the UN which is ultimately responsible for preventing conflict. It has 15 members at any one time, but the 5 permanent members - USA, UK, France, China and Russia - can veto any resolution
vicious cycle
a cycle by which a situation continues to worsen or remain poor
virtuous cycle
a cycle by which a situation continues to improve or remain beneficial
Wallerstein’s world systems theory
a theory which claims that core regions drive the world economy and that peripheral areas (distant from the core and lacking capital) rely on core regions to exploit their raw materials. Therefore, unequal trade develops between them
World Bank
a global organisation which uses bank deposits placed by the world’s wealthiest countries to provide loans for development in other countries
World Trade Organisation (WTO)
a global organisation which looks at the rules for how countries trade with each other
