Week 10 Chapter 8 Flashcards
(20 cards)
Globalization
the increased economic, political, and social inter-connectedness
Global Inequality
refers to the systematic differences in wealth and power that have resulted from globalization
Absolute Poverty
occurs when persons cannot acquire basic life needs, including food, clothing, and shelter; starvation is often a way of life for those in this category
Relative Poverty
occurs when persons are poor relative to others in their society; they may struggle to make ends meet while their neighbors can easily put food on the table or pay the rent
Emerging Economies
are middle income, and some—such as Hong Kong, South Korea, Taiwan, and Singapore— have moved up to the high-income category
High-Income Countries
high-income countries offer adequate housing and food, drinkable water, and other comforts unknown in many parts of the world(16%)
Middle-Income Countries
middle-income countries often live in crowded urban neighborhoods, including large slums that lack reliable water and sewage services; their cities may suffer from high levels of air and water pollution; and some still live in rural areas on small farms that provide only a basic living standard(75%)
Low-Income Countries
low-income countries struggle with poverty, malnutrition, and even starvation(9%)
Neoliberalism
refers to the belief that the possible economic consequences will result if individuals and businesses– consumers and producers– are entirely free, uninhibited by any form of governmental constraint, to make their own economic decisions in a free market
Modernization Theory
low-income societies could become “modern” only if they adopted modern economic institutions, technologies, and cultural values that emphasized savings and productive investment
Dependency Theory
global capitalist economic relations had made poor countries dependent on rich countries, locking them in a downward spiral of exploitation and poverty
Periphery
largely agricultural countries have a marginal role in the world economy and are thus dependent on the core countries for their trading relationships
Colonialism
a political-economic system under which powerful countries establish, for their own profit, rule over weaker peoples or countries
Dependent Development
that under certain circumstances, dependent countries can still develop economically, although only in ways shaped by their reliance on wealthier countries
Global Commodity Chains
worldwide networks of labor and production processes that extend from raw materials to the final consumer
Semiperiphery
countries that supply labor and raw materials to core industrial countries in the world economy, while at the same time profiting by extracting labor and raw materials from peripheral countries
World-Systems Theory
a theory that emphasizes the interconnectedness among countries based on the expansion of a capitalist world economy; this economy is made up of core countries, semiperipheral countries, and peripheral countries
Theory of Global Capitalism
argues that a transnational capitalist class is increasingly the major player in the global economy today, rather than the nationally oriented capitalists of major countries
Transnational Capitalist Class
a social class whose economic interests are global rather than national, who share a globalizing perspective and similar lifestyles, and who see themselves as cosmopolitan citizens of the world
Global Capitalism
the current transnational phase of capitalism, characterized by global markets, production, and finance; a transnational capitalist class whose business concerns are global rather than national; and transnational systems of governance that promote global business interests
