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Poli Sci 140 Final
| Term | Definition |
|---|---|
| mercantilism | an economic theory and a political ideology opposed to free trade; each state must protect its relative gains without seeking mutual gains through international organizations; zero-sum |
| economic liberalism | an approach that assumes anarchy but does not see this as precluding cooperation; absolute over relative gains; free markets, free trade, free capital flows, open world economy |
| free trade | the flow of goods and services across national boundaries without tariffs or restrictions |
| GATT | a world organization for free trade on a multilateral basis. became WTO in 1995 |
| WTO | a world organization that replaced the GATT and expanded its focus on manufactured goods; monitoring, dispute settlement |
| most favored nation (MFN) | a principle by which each trade preference granted to any one of a state's trade partners must be granted to all of its trade policies |
| central bank | an institution whose major tasks are to maintain the value of the state's currency and to control inflation |
| World Bank | formally the IBRD, an organization as a source of loans to help reconstruct European economies; development lending |
| International Monetary Fund (IMF) | an IGO that coordinates international currency exchange, the balance of international payments, and national accounts; monetary stability, crisis lending, special drawing rights |
| balance of trade | the value of a state's exports relative to its imports; surplus vs deficit |
| comparative advantage | the principle that states should specialize in making goods that they produce with the greatest relative efficiency and at the lowest relative cost |
| autarky | a policy of self reliance, avoiding or minimizing trade and trying to produce everything one needs by oneself; self-sufficiency strategy |
| protectionism | the protection of domestic industries against international competition, by trade tariffs and other means; tariffs, NTBs, quotas, subsidies |
| dumping | the sale of products in foreign markets at prices below the average cost of production; below-cost foreign sales |
| tariffs | a duty of tax levied on certain types of imports as they enter a country |
| nontariff barriers | forms of restricting imports other than tariffs, such as quotas |
| globalization | the increasing integration of the world in terms of communications, culture, and economics |
| gold standard | a system in international monetary relations in which the value of national currencies was pegged to the value of gold or other precious metals |
| exchange rates | the rate at which one state's currency can be exchanged for the currency of another state |
| fixed exchange rates | the official rates of exchange for currencies set by governments; not a dominant mechanism in the international monetary system since 1973 |
| floating exchange rates | the rates determined by global currency markets in which both private investors and governments buy and sell currencies |
| managed float exchange rates | a system of occasional multinational government interventions in currency markets to manage otherwise free-floating currency rates |
| Sustainable Development Goals (SDGs) | UN targets for basic needs measures such as reducing poverty and hunger, adopted in 2015 |
| Millenium Development Goals | UN targets for basic needs measures to be achieved by 2015 |
| demographic transition | the pattern of falling death rates, followed by falling birth rates, that generally accompanies industrialization and economic development |
| foreign assistance | money or other aid made available to developing countries to help them speed up economic development or meet humanitarian needs |
| development assistance committee | a committee whose members (Western Europe, North America, East Asia) provide 95% of official development assistance to countries of the Global South |
| remittances | money sent home by migrant workers to individuals in their country of origin |
| imperialism | the acquisition of colonies by conquest or otherwise |
| Lenin's theory of imperialism | European capitalists were investing in colonies where they could earn big profits and then using part of these profits to buy off portions of the working class at home |
| imperialism's effects | racism, postcolonial dependency, revolutionary movements |
| MNC | a company based in one state with affiliated branches or subsidiaries operating in other states |
| foreign direct investment | the acquisition by residents of one country of control over a new or existing business in another country |
| home country | the state in which a MNC has its headquarters |
| host country | the state in which a foreign MNC operates |
| home vs host country dynamics | MNCs generate profits; host governments gain tax revenue, jobs + employment, economic growth + future political support; both sides benefit |
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