Midterm

• Economic globalization - refers to the increasing interdependence of world economies as a result of the growing scale of cross-border trade and commodities and services, etc.
• Two types of economy in economic globalization - protectionism, trade liberalization
• Protectionism

  • a policy of systematic government intervention in foreign trade with the objective of encouraging domestic production.
  • includes giving preferential treatment to domestic producers.
• Trade protectionism - usually comes in the forms of quotas and tariffs.
• Tariffs - are required fees on imports or exports.
• Leapfrogging - the idea that countries can skip straight to more efficient and cost-effective technologies that were not available in the past.
• Fair trade - the concern for social, economic, and environmental well-being of small marginalized producers. concerned with protection of workers.
• The relationship between globalization and sustainability - economical, technological, political
• Sustainable development

  - defined as meeting the needs of present generations without compromising the ability of future generations to meet their own needs.

  -using the earth's resources and the preservation of such resources for future.
• Efficiency - means finding the quickest possible way of producing large amounts of particular product.
• Global food security - delivering sufficient food to the entire world population.
• Climate refugees - people who are forced to migrate due to lack of access to water or due to flooding.
• Carbon tax - implemented to deal with environmental problems.
• POP - Persistent Organic Pollutants
• Virtual water - where people use water without realizing it, such as in the production of goods
• Exploitation and Oppression - a form of economic colonialism that puts profits before people.
• Multiplier effect - an increase in one economic activity can lead to an increase in other economic activites.
• Microedit - gives loans to borrowers and use those money to fund plans that could raise their income,
• Wealth - refers to the net worth of the country.
• Wealth inequality - speaks about distribution of assets.
• First world - are Western capitalist countries, associated with rich, industrialized countries.
• Second World - socialist or communist countries, such as China, Vietnam, Cuba, etc.
• Third World - developing countries, often located in Africa, Asia, Latin America, and Oceania.
• Global north - consists of the richest and most industrialized countries, which are mainly in the northern part of the world such as US, Canada, etc.
• Global south - countries in the south of the world, such as Brazil, India, and China, Latin America, etc.
• Modernization theory

  -this theory frames the relationship between the state and the economy as a process of development.

  -frames the stratification as a function of technological and cultural differences between nations.