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World Politics

Frieden/Lake/Schultz World Politics Ch. 10

TermDefinition
Less Developed Countries (LDCs) Countries at a relatively low level of economic development
Infrastructure Basic structures needed for social activity, like transportation and telecommunications networks, and power and water supply
Primary Products Raw materials and agricultural products, typically unprocessed or only slightly processed. Primary sectors are distinguished from secondary sectors (industry) and tertiary sectors (services)
Oligopolistic Characterizing an industry whose markets are dominated by a few private firms
Terms of Trade The relationship between a country's export prices and its import prices
Import Substituting Industrialization (ISI) A set of policies pursued by most developing countries from the 1930's to the 1980's to reduce imports and encourage domestic manufacturing, often through trade barriers, subsidies to manufacturing, and state ownership of basic industries.
Export-Oriented Industrialization A set of policies originally started in the 1960's by several East Asian countries to spur manufacturing for export, often through subsidies and incentives for export production.
Washington Consensus Starting the 1980's, a set of policy recommendations advocated by developed-country economists. Included trade liberalization, privatization, openness to foreign investment, and restrictive monetary/fiscal policies
Group of 77 A coalition of developing countries in the U.N. formed in 1964. Currently has over 130 members but keeps its original name.
New International Economic Order A reorganization of the management of the international economy demanded by LDCs in the 1970's in order to make it more favorable for developing nations.
Commodity Cartels Associations of producers and commodities (raw materials and agricultural products) that restrict world supply and thereby cause the price of the goods to rise.
Created by: colbyc22