Words from learning objectives 7.4-7.6
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| Rostow's Stages of Development | A model of economic development that describes a country's progression which occurs in five stages transforming them from least-developed to most-developed countries.
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| Wallerstein's World Systems Theory | 1. The world economy has one market and a global division of labor.
2. Although the world has multiple states, almost everything takes place within the context of the world economy.
3. The world economy has a three-tier structure. (Peripheral, Semi-peripheral, Core)
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| Dependency Theory | a model of economic and social development that explains global inequality in terms of the historical exploitation of poor nations by rich ones
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| Commodity Theory | the scarcer something is, the more desirable it becomes
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| Deindustrialization | process by which companies move industrial jobs to other regions with cheaper labor, leaving the newly deindustrialized region to switch to a service economy and to work through a period of high unemployment
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| Comparative advantage | the ability to produce a good at a lower opportunity cost than another producer
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| Complimentary advantage | Theory by David Ricardo that states - Countries should specialize in the production of goods and services in which they can make the most efficiently (for which they have a comparative advantage)
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| neoliberal policies | economic policies that are predicated on a minimalist role for the state, assuming the desirability of free markets as the ideal condition not only for economic organization but also for political and social life
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| Mercosur | Pact among Argentina, Brazil, Paraguay, and Uruguay to establish a free trade area
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| Tariffs | Taxes on imported goods
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| Global Financial Crisis | The economic crashes that happened internationally due to the globalization of the world's economy. Problems in some countries (Europe and the United States), caused financial problems in countries that trade with them.
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| World Trade Organization (WTO) | a permanent global institution to promote international trade and to settle international trade disputes
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| OPEC (Organization of Petroleum Exporting Countries) | An organization of countries formed in 1961 to agree on a common policy for the production and sale of petroleum.
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| International Monetary Fund | an international organization that acts as a lender of last resort, providing loans to troubled nations, and also works to promote trade through financial cooperation
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| Government initiative | policy created by the government; could be at any scale of government: national, local, province, county, supranational
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| Commodity Dependence | Occurs when commodities account for more than 60 percent of the value of a country's total exports. A commodity is a raw material or primary agricultural product that can be bought and sold, such as copper or coffee.
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