Chapter 3 - A World of Divides

avatar
Created by
Ivan

Cards (14)

  • First World countries are industrialized and developed
  • Third World countries are mostly developing, non- industrialized or semi- industrialized
  • Neocolonialism
    • form of indirect colonialism in which a neocolony is dominated economically, culturally, or politically by a more powerful country
  • Austerity
    • policy of cutting budget for social services, to reduce a country’s budget deficit
  • Regionalization
    • process of closer economic integration of countries within a region (oftentimes, culturally, and geographically linked countries)
     
  • Global North refers to richer countries are almost all located in the Northern Hemisphere, except for Australia and New Zealand.
  • Global South refers to poorer countries which are mostly located in tropical regions and in the Southern Hemisphere.
  • the Brandt Line was developed as a way of showing the how the world was geographically split into relatively richer and poorer nations.
  • William R. Thompson, and Rafael Reuveny acknowledge that despite the promises of the so- called borderless world under the flagship of globalization, significant gaps are still observable, especially in terms of technology transfer and debts.
  • Human Development
  • World Economic Forum (WEF), ranks rising INEQUALITY as the top trend facing the globe in 2015.
  • Dependency Theory
    • defines dependency as a situation in which the economy of certain countries is conditioned  by the development and expansion of another economy.
  • ACFTA (ASEAN- China Free Trade Area) – free trade that covers  the  member states of the ASEAN (Thailand, Brunei, Indonesia, Malaysia, Philippines Singapore and China. duty- free for more than 7, 000 products.
  • Asia is also the center of China’s 900 billion dollar BELT and ROAD Initiative- it aimed at funding the number of mega- infrastructure schemes across the world, toward building a modern day version of Silk Road and a new “golden age” of globalization. This Belt and Road initiative is expected to make intercontinental trade between Africa, Asia, and Europe faster and in larger volume and capacity.  This project includes six corridors. If this will prosper,  this century might become the time when "China rules the world”.