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Flashcards in chapter 8 Deck (17):
1

global inequality

the systematic differences in wealth and power between countries

2

high income countries

Europe, United States, Canada, Japan, Singapore, Hong Kong and Taiwan

3

middle income countries

primarily east and southeast asia and oil rich countries of the middle east and north africa, Americas and what once made up the soviet union

4

low income countries

eastern, western and sub-saharan africa, vietnam, cambodia, india, nepal, haiti

5

newly industrializing economies

developing countries that over the past 2 or 3 decades have begun to develop a strong industrial base, like singapore and Hong Kong

6

market-oriented theory

theories about economic development that assume that the best possible economic consequences will result of an individual is free to make their own economic decisions, uninhibited by governmental constraint

7

modernization theory

a version of market-oriented development theory that argues that low income societies develop economically only if they give up their traditional ways and adopt modern economic institutions, technologies and cultural values that emphasize savings and productive investments

8

neoliberalism

the economic belief that free-market forces, achieved by minimizing government restrictions on business provide the only route to economic growth

9

dependency theories

Marxist theories of economic development arguing that poverty of low income countries stems from their exploitation by wealthy countries and the multinational corporations that are based in wealthy countries

10

colonialism

the process whereby western nations establish their rule in parts of the world away from their home territories

11

world-system theories

pioneered by wallerstein, emphasizes the interconnection among countries based on the expansion of a capitalist world economy. the economy is made up of core countries, semiperipherial countries and peripheral countries

12

core countries

the most advanced industrial countries which take the lion's share of profits in the world economic system

13

peripheral countries

countries that have a marginal role on the world economy and thus depend on the core producing societies for their trading relationships

14

semiperipheral countries

countries that supply sources of labor and raw materials to the core industrial countries and the world economy but are not themselves fully industrialized societies

15

global commodity chain

a worldwide network of labor and production processes yielding a finished product

16

state centered theories

development theories that argue that appropriate government policies do not interfere with economic development, but rather can play a key role in bringing it about

17

development in East Asia

1. governments have aggressively acted to ensure political stability, while keeping labor costs low 2.governments have frequently sought to steer their economic development in desired directions 3.governments have often been heavily involved in social programs such as low cost housing and universal education