Global Systems and Global Governance Flashcards
actors
people that participate in global governance, exercise power, make decisions, solve problems and improve lives
agrotechnologies
application of modern technologies
Antarctic convergence
natural boundary in Southern Ocean which loops all the way around the Antarctic continent and separates cold north-flowing water from warmer waters of subantarctic
banana republic
country whose economy is dependent on commodities (often leads to politically unstable state)
bandwidth throttling
deliberate slowing down of internet service by an internet service provider
bilateral
between two parties
bioprospecting
process of discovery and commercialisation of new products based on biological resources
colonialism
practice of a power in extending control over weaker nations
comparative advantage
when a country specialised in producing only those goods that can be produced efficiently and at the lowest opportunity cost
Council of the European Union
represents governments of member countries and promotes/defends national interests
government ministers share power over EU budget and legislation with the European parliament
de-skilling
when traditional skills and crafts may be lost when production technology replaces manpower
Doha Development Round
trade-negotiation round of the WTO that began in 2001
domain
territory over which control is exercised
domestic monopoly
when a single firm controls a large proportion of the domestic market (25% of greater)
TMT domestic prices are kept high as there is less competition
Dutch disease
negative consequences as a result of large increases in countries income
economies of scale
ability to reduce costs proportionately by increasing scale of production
empowerment
to give power/authority to someone
European Commission
executive body that is responsible for proposing and implementing EU laws, monitoring treaties and day-to-day running of EU
European Council
sets the EU’s overall political direction and priorities
made up of the heads of state/government of EU member countries
European Parliament
represents the 500 million EU citizens
adopts laws proposed by the Commission
shares power over the EU budget and legislation with the Council of the European Union
fairtrade
value-based organisation aims to tackle injustices of globalised economy
aims to pay farmers a guaranteed minimum price, offer fair terms of trade and make payment of an additional development premium for reinvestment
flexibility of production
method of production that is sufficiently flexible to be able to respond to both planned/unplanned changes (strike action / natural disaster)
Foreign Direct Investment (FDI)
investment made by a company based in one country into a company based in another country
G8 + 5
group of 8 countries (Canada, France, Germany, Italy, Japan, Russia, UK and USA) meets annually to discuss economic development
2005 G8+5 formed to include China, India, Brazil, Mexico and South Africa