thecntmprry2 Flashcards
refers to various systems with scope beyond the merely international. It is used by political scientists, such as Joseph Nye, to describe “attempts to understand all the interconnections of the modern world—and to highlight patterns that underlie them.”
Globalism
rather than trade have become the driving force of the world economy.
Capital movements
has become a source of generating employment.
Production
The ——- dominated the scene. Individual economies play a subordinating role.
world economy
The 75-year struggle between ——- and ——- is largely over.
capitalism and socialism
A ———– relies on households and firms to allocate resources. Consumers decide what goods they desire, and firms determine how much is made.
people have the option to buy according to their choice and budget.
North America, Western Europe, and Japan
market allocation system
In a —————-, the country or nation has broad powers to serve the public interest on what is appropriate based on their judgment. These powers include deciding which products to make and hot to make them
Consumers are free to spend their money on what is available but government planners make decisions about what is produced, and therefore, what is available.
China, the former Soviet Union, and India. Cuba stands as one of the last bastions of this approach
command allocation system
———– stems on the principle that there is no “pure market or command allocation systems among the world’s economies.
It means all market systems have a command sector and all command systems have a market sector which means they are mixed.
Hong Kong and Singapore are ranked first and second in terms of economic freedom; Cuba, Laos, and North Korea are ranked lowest under repressed category.
Mixed allocation
The World Bank has developed a four-category system of classification that uses per capita (GNP) as a base.
WORLD BANK FOUR-CATEGORY SYSTEM
have a GNP per capita of less than $766.
Concentration in Africa south of the Sahara
Low-income countries
are known collectively as less-developed countries (LDCs). This is to indicate a contrast with developing (upper-middle-income) countries and developed (high-income) countries.
GNP per capita between $766 and $3,035.
Belarus, Indonesia, and Turkey
have a major competitive advantage in mature, standardized, labor-intensive industries such as toy-making and textiles
Low-middle income countries
These countries are also known as industrializing or developing countries with GNP per capita ranging from $3,036 to $9,385.
, the percentage of population engaged in agriculture drops sharply as people move to the industrial sector and the degree of urbanization increases.
Malaysia, Brazil, Chile, Hungary,
UPPER-MIDDLE-INCOME COUNTRIES
Upper middle-income countries that achieve highest rates of economic growth are sometimes referred to collectively as
newly industrializing economies (NIEs)
are also known as advanced, developed, industrialized, or post-industrial countries.
They have GNP per capita above $9,386. Reached their present income levels through a process of sustained economic growth.
The United States, Sweden, Japan, United Kingdom,
High-income countries
Among the high-income countries,——————————————— are known as the Group of Seven (G-7)
the United States, Japan, Germany, France, Britain, Canada, and Italy
