GLST101_and_102_Globalization_Glossary[1] - GLST101and...

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GLST101and GLST102 Prof. Haupt Globalization Glossary of Terms and Concepts 1 Note: treat this list of terms as you would a glossary in a textbook. It is for your information – not a list of terms you need to memorize. Balance of trade: the difference between a country’s exports (what is sold abroad) and its imports (what is purchased from abroad). A negative balance of trade exists when imports of goods and services exceed exports; a positive balance of trade exists when exports exceed imports. Bretton Woods: An agreement reached in 1944 at Bretton Woods, New Hampshire that led to the creation of the postwar international economic order directed by the United States. Centered on the dollar, fixed exchange rates (which ended in 1971), and several new international institutions, such as the United Nations, the International Monetary Fund (IMF), and the World Bank. Capital markets: The market for investment funds in the form of stocks, bonds, commercial papers etc.; a market in which long-term debt obligations and equity securities are bought and sold. 2 Capital market liberalization: refers to reduction of government restrictions in the capital market. Not only government entities, but also private entities participate in the functioning of the capital market, and investors around the world are able to invest in the shares and bonds of other countries. Worldwide economies, particularly in the developing countries, are opening their doors to foreign investments and capital. 3 Capital becomes more mobile. Capital mobility is used as one of the measures of economic globalization. Capitalism: a system of production in which human labor and its products are commodities that are bought and sold in the market place. Emphasizes private ownership of the means of production and a free market. Government intervention in the economy and government regulation is de-emphasized, though the extent to which government intervenes varies widely from one capitalist country to another. Cultural dimension of globalization: refers to the intensification and expansion of cultural flows across the globe. 4 Deregulation: the removal of government regulations, so that market forces, not government policy, control economic developments. Can apply to trade (removal of barriers to trade such as tariffs), or to financial markets De-territorialization: a process in which the organization of social activities is less constrained by geographical distance or by natural territorial boundaries. Accelerated by the technological revolution. Development: the process associated with economic growth or industrialization of societies. Categorization of countries include: advanced-industrialized nations (also known as “the first world”); newly industrializing nations (NICs); developing countries (also known as “the Third 1 The definitions are taken (verbatim) from one of three sources, unless otherwise indicated: -- Baylis, Smith and Owens, 2008, The Globalization of World Politics. Oxford Press;
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This note was uploaded on 02/20/2011 for the course GLST 101 taught by Professor Andreahaut during the Fall '11 term at Santa Barbara City.

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GLST101_and_102_Globalization_Glossary[1] - GLST101and...

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