Key Terms - Superpowers 1 Flashcards
Capital
assets, goods or finance that can be used for economic activity
Capitalism
an economic and political system in which trade and industry are controlled by private owners for profit, rather than by the state.
Capitalist society
a culture based on an economic system of enterprise and private ownership of all parts of the system with minimal interference from governments so that economic conditions are competitive
Deregulated financial market
the removal or reduction of rules governing financial transactions
Deregulation
the reduction or elimination of government control or support over a part of the economy (business and industry), especially removing barriers to competition.
Deregulation of capital market
the removal or reduction of rules governing investments in business and other assets.
Development
the process by which a country evolves over time for the better in terms of economic, social and political and sustainable change.
Economic centre of gravity
the main location of the majority of economic activity, usually on a world wide scale, and at this scale the centre has shifted towards East Asia.
Economic restructuring
the gradual change from a manufacturing to a service sector economy following deindustrialisation.
Economic sanctions
commercial and financial support for a country is withdrawn or blocked by a country or group of countries because of infringement of international laws or agreements; this may include trade barriers, tariffs, and restrictions on financial transactions. Individuals may also be targeted
Failed state
a country in which government has lost control of one or more national functions, such as law and order, economy; or demographic recognition
Foreign policy
a government strategy for dealing with the government leaders of another country.
Free trade
trade that is not controlled by taxes, tariffs or regulations.
Globalisation
the growing interdependence of countries worldwide through increasing volume and variety of cross-border transactions in goods and services, freer international capital flows, and more rapid wide-spread diffusion of technology.
Human capital
the manual and intellectual skills, knowledge, understanding and experience of people creates a resource that can be reused.
indirect control
a subtle way of exercising power such as through trade or cultural influences
inequalities
economic and social differences between people that have and those that lack, creating situations regarded as unfair.
Interdependence
the strong links between two or more countries which create a situation where they become dependent on each other.
International agreement
a written or oral form of a treaty but dealing with a narrower range of matters than a full treaty, particularly used for technical or administration matters.
International law
the legal rules that have been established by treaty and recognised by countries as binding in their international behaviour and relations.
Labour
the workforce in any economic sector.
low-tax regime
a state that sets lower rates of taxation than the norm, often to attract investment
nation state
a sovereign state that derives its legitimacy from representing a particular people; a people with cultural identity, often derived from a common history or dominant historical narrative
national identity
the identity that results from a common background based on historical and modern culture, symbolisms and feelings of belonging.
Nationalism
Identifying with and developing a sense of belong to nation through ties to cultural symbols such as, flag, sport, food, drinks and clothing.
Patent
the exclusive right given to an inventor or company to use or sell an invention for a period of time, this is important.
Privatisation
the transfer of business or industrial ownership from government to private enterprises.
