The Global Future (Kegley and Raymond) Flashcards
This deck was created by combining two or more decks
Absolute gains
Conditions in which all participants in exchanges become better off.
Hypotheses
Conjectural statements that describe the relationship between an independent variable (the presumed clause) and a dependent variable (the effect).
Theory
A set of interrelated propositions that explains an observed regularity.
Collective security
A security regime based on the principle that an act of aggression by any state will be met by a collective response from the rest.
Behavioralism
An approach to the study of world politics that emphasizes the application of the scientific method.
International regime
A set of principles, norms, and rules governing behavior within a specified issue area.
Zero-sum game
A situation in which what one side wins, the other side loses.
Norms
Generalized standards of behavior that embody collective expectations about appropriate conduct.
Complex interdependence
A model of world politics based on the assumptions that states are not the only important actors, security is not the dominant national goal, and military force is not the only significant instrument of foreign policy.
Relative gains
A measure of how much one side in an agreement benefits in comparison with the other’s side.
Power
The ability to make someone continue a course of action, change what he or she is doing, or refrain from acting.
Low politics
The category of global issues related to the economic, social, and environmental aspects of relations between governments and people.
High politics
The category of global issues related to military and security aspects of relations between governments and people.
Consequentialism
An approach to evaluating moral choices on the basis of the results of the actions taken.
Self-help
The principle that in anarchy actors must rely on themselves.
Moral hazard
A situation in which international institutions create incentives for states to behave recklessly.
Transnational relations
Interactions across state boundaries that involve at least one actor that is not the agent of a government or intergovernmental organization.
Nontariff barriers
Governmental restrictions not involving a tax or duty that increase the cost of importing goods into a country.
Tariffs
Taxes imposed by governments on imported goods.
Global village
A popular image used to describe the growth of awareness that all people share a common fate, stemming from a view that the world is an integrates and interdependent whole.
Trade integration
Economic globalization measures by the extent to which world trade by the extent to which world trade volume grows faster than the world combined gross domestic product.
Globalization of production
A manufacturing process in which finished foods are assembled from components produces in multiple countries.
Strategic corporate alliances
Cooperation between MNCs and foreign companies in the same industry, driven by the movement of MNC manufacturing overseas.
Globalization of finance
The increasing transnationalization of national markets through the worldwide integration of capital flows.
Arbitrage
The selling of one currency (or product) and purchase of another to make a profit on the changing exchange rates; traders (“arbitrages”) help to keep states’ currencies in balance through their speculative efforts to buy large quantities of devalued currencies and sell them in countries where they are valued more highly
Agenda setting
The ability to influence which issues receive attention from governments and international organizations by giving them publicity.
Digital divide
The division between those states that have a high proportion of Internet users and hosts, and those that do not.
Globalization
A set of processes that are widening, deepening, and accelerating the interconnectedness among societies.
Exchange rate
The rate at which one state’s currency is exchanged for another state’s currency in the global marketplace.
Hegemonic stability theory
A school of thought that argues free trade and economic order depend on the existence of an overwhelmingly powerful state willing and able to open and organize world markets.
International monetary system
The financial procedures governing the exchange and conversion of national currencies so that they can be bought and sold for one another to calculate the value of currencies and credits when capital is transferred across borders through trade, investment, and loans.
Nondiscrimination
A principle for trade that proclaims that goods produced at home and abroad are to be treated the same for import and export agreements.
Regional currency union
The pooling if sovereignty to create a common currency (such as the EU’s euro) and
single monetary system for members in a region, regulated by a regional central bank within the currency bloc to reduce the likelihood of large-scale liquidity crises.
Money supply
The total amount of currency in circulation in a state, calculated to include demand deposits-such as checking accounts-8’ commercial banks and time deposits-such as savings accounts and bonds-in savings banks.
Infant industry
A newly establishes industry that is not yet strong enough to compete effectively in the global marketplace.
International political economy
The study of the intersection of politics and economics that illuminates the reasons why changes occur in the distribution of states’ wealth and power.
Export quotas
Barriers to commerce agreed to by two trading state’s to protect their domestic producers.
Most-favored-nation (MFN) principle
Unconditional nondiscriminatory treatment in trade between contracting parties guaranteed by GATT; in 1997 U.S. Senator Daniel Patrick Moynihan introduced legislation to replace the term with “normal trade relations” (NTR) to better reflect its true meaning.
Beggar-thy-neighbor policies
The attempt to promote trade surpluses through policies that cause other states to suffer trade defecits.
Antidumping duties
Tariffs imposed to offset another state’s alleged selling of a product at below the cost to produce it.
Regional trade agreements (RTAs)
Treaties that integrate the economies of countries within a geographic region by reducing trade barriers among member states.
Import quotas
Limits on the quantity of particular products that can be imported.
Group of Twenty (G-20)
An informal forum that promotes discussion among the world’s major and top emerging economic powers on global economic issues.
Countervailing duties
Tariffs imposed by a government to offset subsidies provided by foreign governments to their producers.
Group of Seven (G-7)/Group of Eight (G-8)
The G-5 plus Canada and Italy; after 1997, known as the G-8 with the addition of Russia.
Protectionism
A policy of creating barriers to foreign trade, such as tariffs and quotas, that protect local industries from competition.
Voluntary export restrictions (VERs)
A protectionist measure popular in the 1980s and early 1990s, in which exporting countries agree to restrict shipments to a country to deter it from imposing an even more onerous import quota.
Group of Five (G-5)
A group of advanced industrialized democracies composed of the United States, Britain, France, Japan, and Germany.
Neomercantilism
A contemporary version of mercantilism that advocates promoting domestic production and a balance-of-payment surplus by subsidizing exports and using tariffs and nontariff barriers to reduce imports.
Floating exchange rates
An unmanaged process whereby market forces rather than governments influence the relative rate of exchange for currencies between countries.
Laissez-faire economics
From a French phrase (meaning literally “let do”) that Adam Smith and other commercial liberals in the eighteenth century used to describe the advantages of freewheeling capitalism without government interference in economic affairs.
Balance of trade
A calculation based on the value of merchandise goods and services imported and exported. A deficit occurs when a country buys more from abroad than it sells.
Orderly market arrangements (OMAs)
Voluntary export restrictions that involve a government-to-government agreement and often specific rules of management.
International liquidity
Reserve assets used to settle international accounts.
Comparative advantage
The concept in liberal economic theory that a state will benefit if it specializes in those goods it can produce comparatively cheaply and acquires through trade goods that it can only produce at a higher cost.
Fixed exchange rates
A system under which states establish the parity of their currencies and commit to keeping fluctuations in their exchange rates within narrow limits.
Free ride
To enjoy the benefits of collective goods but pay little or nothing for them.
Liberal International Economic Order (LIEO)
The set of regimes created after World War II, designed to promote stability and reduce barriers to the free flow of trade and capital.
Mercantilism
The seventeenth-century theory preaching that trading states should increase their wealth and power by expanding exports and protecting their domestic economy from imports.
Balance of payments
A calculation summarizing a country’s financial transactions with the external world, determined by the level of credits (export earnings, profits from foreign investment, receipts of foreign aid) minus the country’s total international debts (imports, interest payments on international debts, foreign direct investments, and the like)
Collective goods
Goods from which everyone benefits regardless of their individual contributions
Commercial liberalism
An economic theory advocating free markets and the removal of barriers to the flow of trade and capital.
Subsidies
Financial assistance from governments to support enterprises considered important to public welfare.
Group of 77 (G-77)
The coalition of Third World countries that sponsored the 1963 Joint Declaration of Developing Countries calling for reforms to allow greater equity in North-South trade.
Sphere of influence
The area dominated by a great power.
Barter
The exchange of one good for another rather than the use of currency to buy and sell items.
Purchasing power parity (PPP)
A model of calculating the relative purchasing power of different countries’ currencies for an equal basket of commodities.
Laissez-faire economics
A body of thought emphasizing free markets with little governmental regulation.
Export-led industrialization
A growth strategy that concentrates on developing domestic export industries capable of competing in overseas markets.
Dependent development
The industrialization of areas outside of the leading capitalist states within the confines set by the dominant capitalist states, which enables the poor to become wealthier without ever catching up to the core Global North nations.
Mercantilism
An economic strategy for accumulating state wealth and power by using governmental regulation to encourage exports and curtail imports.
Microfinance
Providing small loans to poor entrepreneurs, usually to help start or expand a small business.
Import-substitution industrialization
A strategy for economic development that involves encouraging domestic entrepreneurs to manufacture products traditionally imported from abroad.
Newly-industrialized countries (NICs)
Prosperous members of the Global South., which have become important exporters of manufactured goods.
Least-developed countries (LDCs)
The most impoverished states in the Global South.
Decolonization
The achievement of independence by countries that were once colonies of other states.
Washington consensus
The view that Global South countries can best achieve sustained economic growth through democratic governance, fiscal discipline, free markets, a reliance on private enterprise, and trade liberalization.
Failed states
Countries whose governments have little or no control over their territory and population.
Dualism
The existence of a rural, impoverished, and neglected sector of society alongside an urban, developing, or modernizing sector, with little interaction between the two.
Heavily Indebted Poor Countries (HIPCs)
The subset of countries identified by the World Bank’s Debtor Reporting System whose ratios of government debt to gross national product are so substantial that they cannot meet their payment obligations without experiences political instability and economic collapse.
Second World
During the Cold War, the group of countries, including the Soviet Union and its then-Eastern European allies, that shared a commitment to centrally planned economies.
Global North
A term used to refer to the world’s wealthy, industrialized countries located primarily in the Northern Hemisphere.
Nonalignment
A foreign policy posture that rejects participating in military alliances with rival blocs for fear that formal alignment will entangle the state in an unnecessary war.
Externalities
The unintended side effects of choice that reduce the true value of the original decisions.
Dependency theory
A view of development asserting that the leading capitalist states dominate and exploit the poorer countries on the periphery of the world economy.
First World
The relatively wealthy industrialized countries that share a commitment to varying forms of democratic political institutions and developed open markets.
Global East
The rapidly growing economies of East and South Asia that have made their countries competitors with the traditionally dominant members of the Global North.
Modernization
A view of development that argues that self-sustaining economic growth is created through technological innovation, efficient production, and investments from capital accumulation.
Foreign direct investment (FDI)
An investment in a long-term relationship and control of an enterprise by nonresidents and including equity capital, reinvestment of earnings, other long-term capital, and short-term capital as shown in balance of payment accounts.
Third World
A Cold War term to describe the developing countries of Africa, Asia, and Latin America.
Remittances
The money earned by immigrants working in wealthy countries that they send to family members still living in their home country.
Development
The processes through which a country increases its capacity to meet its citizens’ basic needs and raise their standard of living.
Structural adjustment
Reforms aimed at reducing the told of the state while increasing the tilt of the market in Global South countries’ economies.
Colonialism
The rule of a region by an external sovereign power.
Official development assistance (ODA)
Grants or loans to countries from other countries, usually channeled through multilateral aid organizations, for the primary purpose of promoting economic development and welfare.
Multinational corporations (MNCs)
Business enterprises headquartered in one state that invest and operate extensively in other states.
Global South
A term used to designate the less-developed countries located primarily in the Southern Hemisphere.
New International Economic Order (NIEO)
The 1974 policy resolution in the UN that called for a North-South dialogue to open the way for the less-developed countries of the Global South to participate more fully in the making of international economic policy.
