Flashcards in Global Social and Economic Groupings Deck (14)
What is the line that separates the North and South of the world based on development?
What are the four categories for the types of countries?
What are the "economic potential" countries?
Countries that have been unable to translate their possible wealth generators into overall development or the wealth does not trickle down
What is the development continuum?
The concept and idea that not every country will develop at the same rate or in the same way
What is a trade bloc?
A group of countries that aligned and came together to stimulate economic trade and growth
What is a free trade area? and give an example
Countries agree to abolish trade restrictions between them however there is no common policy upon all external trade e.g NAFTA
What is a custom Union? and give an example
Countries part of it experience free trade between them and there is a common policy upon all external trade e.g Mercosaur
What is a common market?
Same as a custom Union in that there is free trade between member countries and a common policy upon external trade, however there is also the ability of free movement of labour
What is an economic union?example
Members experience free trade and labour movement between themselves and there is a common policy upon external trade they also adopt common policies upon many sectors of industry and economic as well as the environment e.g EU
What are 4 positives of international groupings?
1) Greater chance of peace
2) Increased trade leads to economic growth
3) Particular sectors protected (e.g Agriculture in the EU)
4) Greater movement of people means more jobs and education
5) Support for smaller countries if they experience trouble (e.g South Italy)
6) Can help prevent currency fluctuations
7) Migration can lead to countries receiving skilled labour
What are 4 negatives of international groupings?
1) Loss of national sovereignty as decisions made by undemocratic bureaucracy
2) Certain industries e.g fishing loose resources by sharing
3) Due to free labour movement the more attractive countries may experience strain upon services
4) Some countries have to pay a large amount of GDP to the group
How much does the UK pay to the UK every week?
What is the net payment that the UK pays to the UK every week?