Vocab Check 7.2 Flashcards
Mass Consumption
consumption of energy reasources for industrial output, consumption of mass-produced goods/ consumer products
Compare to Wallerstein’s World Systems Theory
Wallerstein= views country in terms of their place in the world system, is based on trade, shows fluidity between core, semi-periphary, and periphery, and can be applied to multiple scales of analysis
Rostow= views countrys in isolation, disregards trade, countries only move forward, country-level only
Compare to the Stages of the DTM
traditional society = stages 1 and 2, preconditions to take off = late stage 2- early stage 3, take off = stage 3, drive to maturity = stage 4, mass consumption = stage 5
Traditional Society (Rostow’s Stages)
agricultural based, barter system, what we would think of as subsistance agriculture
Preconditions to Take Off (Rostow’s Stages)
the country is gearing up to begin industrialization
Take-off (Rostow’s Stages)
industrial output takes up bigger share of labor force in stage 3
Drive to Maturity (Rostow’s Stages)
industrial production within the country reaches its prime
Dependancy Theory
underdevelopment is mainly caused by the peripheral position of affected countries in the world economy
Neocolonialsim
periphary countries are locked into trade monopolies with one country, creating a circumstance where the more pwerful country has a lot of influene over economic channels
Commodity Dependence
when a low-income country is dependant on the export of 1-3 commodities as a major share of export income
Spatial Variations in Development
just describe what you know about how population relates to development, just count this as 5
Complimentarity and Comparative Advantage (As a Basic for Trade)
Complimentarity: each offers something the other needs or wants
Comparative: when a country produces a good or service for a lower opprotunity cost than other countries
Nonliberal policies
economic policies that promote free market principles, such as deregulation, liberalization , and privatization
Free Trade Agreements
an agreement between two or more countries where the countries agree on certain obligations that affect trade in goods and services
Trade Organizations
an association of tradesmen, businessmen, or manufacturers in a particular trade or industry for the protection and advancement of their common interests.
European Union (Known the History)
economic alliance of major Western European nations that coordinate trade, immigration and labor policies, making its members one economic unit
World Trade Organization (Purpose)
a supranational organization that creates policies on global trading
Mercosur (Trading Bloc)
a regional trade bloc in South America that promotes economic integration among its member states
OPEC (Oil)
an intergovernmental organization of 13 oil-producing countries that aims to coordinate and unify the petroleum policies of its member states
Effect of Government Polocies on Economic Development, Includding Tariffs
changing the level and types of taxes, the extent and composition of spending, and the degree and form of borrowing