Topic 1 - Key terms Flashcards
Globalisation
The social, economic and environmental factors that change and connect our world
Interdependence
When two or more countries rely on each other through economic, political and environmental methods
FDI
(foreign direct investment) when a person, company or group spends money in another country to generate a profit
Neo-liberalism
the idea that the economy should be run with little state intervention, includes privatisation of some industries, removing trade barriers and cutting government spending
Carbon footprint
Calculates the emissions as a result of human activity
Terms of trade
cost of goods a country has to import compared to the price of goods they export
Ethical investment
investing in areas seen as socially responsible eg avoiding companies that sustain environmental harm
Free trade areas
Countries abolish tariffs and quotas between themselves but maintain restrictions on products outside of the area or bloc
Custom unionas
Members put tariffs on products outside of the group
Common markets
like custom unions but also allow free movement of labour and capital
Economic unions
Members do all of the above but also adopt common policies in areas like agriculture and transport
TNC
Transnational cooperation, companies that operate in more than one country
Global governance
The movement towards political cooperation between transnational actors, aimed at negotiating responses to problems that affect more than one state or region
UNESCO
WEF
IPCC
UNSC
UNESCO: United nations educational, scientific and cultural organisation
WEF: World economic forum
IPCC: UN intergovernmental panel on climate change
UNSC: United nations security council
IGO
NGO
Intergovernmental organisation
Non-governmental organisation
Veto
Power of a party to prohibit or reject a decision made by another within a governmental construct
Norms
The values, traditions and customs that govern individuals’ behaviour in society
Laws
Obligatory statements that often protect the rights and beliefs of those under them
The jurisdictional gap
Gap between increasing need of governance in areas and the lack of authority with the jurisdiction (power) to take action
The incentive gap
Gap between need for international cooperation and motivation to undertake it
The participation gap
Gap between government’s power to take action for international cooperation and the civil society groups who can barely influence decision
Global commons
elements of the planet that are a share responsibility and represent a common pool of resources - both actual and potential
