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30 Cards in this Set
- Front
- Back
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economic nationalism
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also know as a "new mecantilist". they advocate trade policies whereby a state seeks to maintain a balance of trade surplus and to promote domestic production and employment by reducing imports, stimulating home production, and promoting exports.
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mercantilism
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advocxates government regulation of economic life to increase state power and security.
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great depression
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it created the conditions that gave rise ot political extremeist in germany, italy, and japan.
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commercial liberalism
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an economic theory advocating free markets and the removal of barriers to the flow of trade and capital.
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protectionism/free trade
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describes a number of merantilist policies designed to keep foreign goods out of a country and to support the export of domestically produced goods to otehr countires. These policies include: quotas, tariffs,and nontariff barriers.
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nontariff barrier
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could include health or safety regulations
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most favored nation principle
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unconditional nondiscriminatory treatment in trade between contracting parties guaranteed by GATT.
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comparative advantage
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the concept in liberal economic theory that state will benefit if it specialized in those goods it can produce comparatively cheaply and acquires through trade goods that it can only produce at a higher cost.
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fixed exchange rates
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a system under whic hstates establish the parity of their currencies and commit to keeping fluctuations in heir exchange rates within narrow limits.
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currency speculation
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buying foreign currency in hopes that it's value will appreciate so that you can sell it for a profit
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gatt
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general aggreement on tariffs and trade, replaced by the wto in the 90's
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wto
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world trade organization
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world bank
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goal to reduce poverty
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marshall plan
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plan to help Europe recover from WWII
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fair trade
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Fair Trade is a trading partnership, based on dialogue, transparency and respect, that seeks greater equity in international trade.
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globalization
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It can be described as a process by which the people of the world are unified into a single society and function together.
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group of 20
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is a group of finance ministers and central bank governors from 20 economies: 19 of the world's largest national economies, plus the European Union (EU).
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functionalism
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advocates the use of technological cooperation between states to build communities that transcend sovereign states
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customs union
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A customs union is a free trade area with a common external tariff.
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common market
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A common market is a customs union with common policies on product regulation, and freedom of movement of the factors of production (capital and labour) and of enterprise. The goal is that the movement of capital, labour, goods, and services between the members is as easy as within them. This is the fourth stage of economic integration.
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economic union
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same as common market1
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european union
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The European Union (EU) is an economic and political union of 27 member states, located primarily in Europe.
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modernization
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a view of development that argues that self sustaining economic growth is created through technological innovation, efficient production, and investments from capital accumulation.
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dependency theory
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a view of development asserting that the leading capitalist states dominate and exploit the poorer countires on the periphery of the world economy.
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colonialism
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the rule of a region by an extermal sovereign power
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neocolonialism
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Neocolonialism may simply refer to involvement of powerful countries in the affairs of less powerful countries
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dualism
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the existence of a rural, impoverished, and neglected sector of society along side an urban, developing, or modernizing sectror, with little interaction between teh two.
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subsistence farming
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is self-sufficient farming in which farmers grow only enough food to feed their family and pay taxes.
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infant industry
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a new industry
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interlocking directorate
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Interlocking directorate refers to the practice of members of corporate board of directors serving on the boards of multiple corporations. This practice, although widespread and lawful, raises questions about the quality and independence of board decisions.
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