Economics of International Trade

A macro sociological perspective that explains the dynamics of the capitalist world economy as a total social system.

A division of labor in the world economy where production and materials exchange are crucial for survival, creating interdependent regions.

The most developed, wealthy nations in the world economy, characterized by high levels of education, technology, and salaries.

Less developed countries in the world economy, characterized by lower levels of education, technology, and salaries.

Countries with a mix of core and periphery characteristics, acting as a buffer zone between the two.

The process by which the capitalist system expands globally, influencing production, trade, and industries.

A political and economic system where private ownership dominates trade, industries, and the economy.

The unequal exchange of goods and resources between core and periphery, where the core benefits disproportionately.

The idea that globalization is inevitable due to forces beyond human control like technology and market laws, making it seem like a natural process.

The argument that neoliberal policies are above politics because they simply reflect the workings of the global market, which is driven by natural laws.

The claim that globalization is a leaderless process, controlled by market forces and technological advancements, not by individuals, institutions, or governments.

The belief that globalization ultimately benefits everyone, even if some experience short-term drawbacks.

The use of deterministic language, implying pre-determined outcomes and a lack of choice, to justify neoliberal globalization.

The argument that globalization is not a deliberate choice, but a consequence of the natural forces of the market and technology.

The assertion that globalization is a universal phenomenon, applying equally to all parts of the world, regardless of cultural differences.

The idea that globalization is a progressive force that leads to positive outcomes, such as economic growth and technological advancement.

The idea that countries should focus on producing goods they are most efficient at and trade with others for what they are less efficient at, resulting in benefits for all.

Countries specializing in producing certain goods and importing others, leading to innovation and economic growth.

The total value of all goods and services produced within a country in a year, often used to measure economic output.

A countryʼs ability to use its resources efficiently to create the most value possible.

Trade between different countries, which has been facilitated by advancements in technology and transportation, leading to significant globalization.

The practice of limiting or restricting international trade through measures like tariffs or quotas.

The negative impact of trade on certain sectors or individuals, such as job losses due to rising imports.

The study of the economic effects of international trade, analyzing its impact on employment, wages, and overall economic well-being.

The process of using technology to improve existing low-tech products in rural areas.

How mobile banking helps people in rural areas who may not have access to traditional banks.

The idea that technological advancements, especially in areas like mobile phones, can lead to lower prices due to increased competition.

The impact of the internet on global economies, fostering interconnectedness and new forms of economic activity.

The role of the internet in connecting people worldwide, enabling communication and fostering social connections.

How advancements in technology, especially in telecommunications and computing, have reduced communication costs and facilitated the exchange of ideas globally.

The significant role of technological progress in reducing transportation and communication costs, enabling global trade and economic integration.

The interconnected nature of global economic development, influenced by factors like trade, capital flows, and technology.

A global financial institution that provides loans, grants, and technical assistance to developing countries, primarily focused on promoting sustainable economic growth and poverty reduction.

The International Bank for Reconstruction and Development (IBRD), a key arm of the World Bank, focuses on lending to developing countries, mobilizing capital in international markets, and assisting governments and businesses.

The International Development Association (IDA), a division of the World Bank, provides interest-free loans and grants solely to the world's poorest countries to help them overcome poverty and achieve sustainable growth.

The International Finance Corporation (IFC), a member of the World Bank Group, focuses on investing in private businesses in developing countries to promote sustainable development.

The Multilateral Investment Guarantee Agency (MIGA) is part of the World Bank Group and provides guarantees and insurance to foreign investors against political and non-commercial risks, such as expropriation or war, in developing nations.

The International Centre for Settlement of Investment Disputes (ICSID), an independent institution within the World Bank Group, provides a forum for settling investment disputes between governments and foreign investors in developing countries.

The International Monetary Fund (IMF) is a global financial institution that aims to promote international monetary cooperation, stabilize exchange rates, and provide financial assistance to countries facing balance-of-payments difficulties. It also plays a role in global financial stability and helps countries achieve economic growth and reduce poverty.

The IMF's work focuses on strengthening the global economy and helping members achieve sustainable economic growth. This includes providing financial assistance to countries facing financial problems, promoting economic policies that ensure financial stability, and supporting international cooperation to tackle global economic challenges.

The IMF's role of analyzing and monitoring a country's economic and financial health to identify potential risks and advise on appropriate policy adjustments for stability and growth.

The IMF's activity of providing financial assistance to countries experiencing balance of payments difficulties, helping stabilize currencies, replenish reserves, and support economic growth.

The IMF's function of providing technical assistance and training to countries to build effective economic institutions for sustainable development and policy implementation.

The IMF's primary focus on promoting global monetary cooperation and international financial stability.

Conditions attached to IMF loans that require countries to undertake specific policy actions, such as trade liberalization, privatization, or fiscal adjustments, to ensure repayment and economic stability.

The IMF's role in promoting international financial stability, acting as a guardian of sound financial practices and balance of payments stability.

The IMF's responsibility to monitor and analyze the economic conditions of its member countries, including their monetary systems and economic policies.

The IMF's goal to secure financial stability, facilitate international trade, and foster sustainable economic growth to reduce global poverty.