includes all the assets of a nation less the liabilities

it referred to the former communist countries of Eastern Europe and the USSR.

levies imposed on the carbon content of fuels, aiming to reduce greenhouse gas emissions and mitigate climate change. They provide economic incentives for businesses and individuals to transition to cleaner energy sources.

emerged as a successful strategy for empowering individuals, primarily women in developing countries by providing small loans to start businesses.

He stated that the 1 to 2 billion poorest individuals in the world who lack daily food suffer from Globalization deficiency.

are known as middle income countries

It is an increase in one economic activity can lead to a ripple effect, boosting other economic activities.

These are the most powerful and wealthy nations in the world system. They control the most advanced technologies, have high levels of capital accumulation, and specialize in high-value-added production.

ensures better wages, ethical labor conditions,and environmental sustainability for producers in Developing countries

are called BRIC countries as it it forecasted that by 2050, they will be four of the most dominant economies in the world

The exchange of goods, technology, and diseases between the Americas and Europe.

promotes the Interconnection of economies through The trade of goods, services, and capital.

Societies begin to innovate and develop new industries, leading to economic growth.

According to a American economist modernization in the West took place, as it always tends to, in four stages.

restricts Imports/exports

trade agreement between the United States, Mexico, and Canada that came into effect in 1994. It was established to promote free trade among the three countries by removing tariffs and other trade barriers. It aimed to increase economic integration and cooperation in North America.

refers to the unequal distribution of wealth and Income between countries.

an influential group of 35 of the world’s richest countries (as of 2016) that collaborates on policies to promote economic growth. Despite having little formal power, it impacts global economics due to its members’resources and influence

provides financial and technical assistance to developing countries for reconstruction, development projects, and poverty reduction initiatives. It plays a significant role in shaping global development policies and priorities.

Countries such as South Korea, Singapore, Taiwan and others are called? As now their economies have a strong, Western-style, industrialized base

The unequal distribution of assets within a country.

A measure of a country's total output of goods and services.

the government owns and allocates resources to meet citizens' needs, aiming for equality and collective benefit. For example, countries like Cuba and North Korea have centralized control over the economy, with the state owning property and providing essential services.

designed to facilitate international economic stability and promote post-World War II reconstruction and development.

oversees the rules of international trade, facilitates negotiations, and resolves trade disputes among member countries. It plays a crucial role in promoting free trade and ensuring a stable and predictable global trading system

What are the two approaches of globalization

refers to developing countries skipping outdated technologies and adopting newer, more efficient ones.

The shift from human labor to machine production, leading to increased productivity and wealth.

Fast growing middle income countries are called? As they are emerging to take place amongst the developed countries of the world. Eg: Mexico, Thailand, Malaysia

the term refers to factories with poor working conditions and low wages.

aims to stabilize the global financial system by providing loans and financial assistance to countries facing economic crises. It also monitors global economic trends and offers policy advice to member countries.

Societies with limited resources and technology, reliant on agriculture and traditional social structures.

Who developed the modern world system in 16th century

These nations occupy an intermediate position between core and Peripheral nations. They may have some industrial development but still rely heavily on the core nations for trade and investment.

argues that the underdevelopment of peripheral countries is a direct result of their exploitation by core, developed nations. It highlights the role of colonialism, unfair trade practices, and the extraction of resources in perpetuating global inequality.

aimed to reduce Tariffs and other trade barriers among member countries. It facilitated trade negotiations through "rounds" of discussions.

refers to the unequal distribution of wealth, power, and resources among the countries of the world.

It is an organizing principle of meeting human development goals while also sustaining the ability of Natural systems to provide The natural resources and ecosystem services

means finding the quickest Possible way of producing large amounts Of a particular product.

They were labeled as first world They were labeled as second world

serves as a lender of last resort, helping countries facing financial crises. For example, Yemen received $93 million from this in 2012 to address fnancial challenges

The unequal distribution of earnings within a Country.

A measure of GDP per capita, reflecting the average income per person in a country.

lack of participation in globalization, which is considered a serious issue, particularly for the poorest Individuals who struggle to access basic necessities like food.

characterized by private ownership and competition, it can lead to market failures like monopolies, where companies can set high prices without fear of losing customers.

focuses on long-term development goals, like poverty reduction and infrastructure projects in developing countries. It has supported education initiatives in nations such as Bangladesh and Afghanistan since 1962.

Formed in 1960 by oil-producing countries like Saudi Arabia, Iran, and Venezuela. It aims to control oil prices by coordinating production levels. It includes additional members like Nigeria and Indonesia. It was created to help these countries manage oil prices, which were low at the time and not keeping up with inflation..

the new earnings that constantly piled up to the country’s wealth.

This system, characterized by a complex division of labor and interconnectedness, has shaped the world we live in today, with its inherent inequalities and power dynamics.

MDG's help poverty by decreasing it from

Technological advancements become widespread, leading to increased productivity and improved standards of living.

covers trade in services and other trade barriers beyond tariffs. It promote neoliberalism by reducing trade barriers, aiming to benefit all countries.

Considered world cities due to their concentration of global businesses and organizations.

Societies achieve high levels of economic development and widespread prosperity, with a focus on consumer goods and services.

Who continue to provide financial support to the poorest countries, such as in parts of sub-Saharan Africa and South Asia, to further reduce poverty and inequality.

These are the least Powerful and poorest nations in the world System. They are often characterized by low levels of technology, limited capital accumulation, and dependence on the export of Raw materials.

promotes free trade.

What are the three types of sustainable development

argues that the tension between tradition and technological change is the biggest barrier to growth. A society that is more steeped in family systems and traditions may be less willing to adopt new technologies and the new social systems that often accompany them. posits that societies progress through distinct stages of economic development, from traditional to modern. It emphasizes internal factors like technology adoption, infrastructure development, and institutional reforms as key drivers of progress.