Flashcards: World economy

The North–South divide is broadly considered a socio-economic and political divide.

A developed country, industrialized country, or "more economically developed country" (MEDC), is a sovereign state that has a highly developed economy and advanced technological infrastructure relative to other less industrialized nations.

Globalization or globalisation (see spelling differences) is the process of international integration arising from the interchange of world views, products, ideas, and other aspects of culture.

International trade is the exchange of capital, goods, and services across international borders or territories.

The Washington Consensus is a set of 10 economic policy prescriptions considered to constitute the "standard" reform package promoted for crisis-wracked developing countries by Washington, D.

The world economy or global economy is the economy of the world, considered as the international exchange of goods and services that is expressed in monetary units of account (money).

The commercial balance or net exports (sometimes symbolized as NX), is the difference between the monetary value of a nation's exports and imports over a certain period.

World-systems theory (also known as world-systems analysis or the world-systems perspective), a multidisciplinary, macro-scale approach to world history and social change, emphasizes the world-system (and not nation states) as the primary (but not exclusive) unit of social analysis.

The resource curse, also known as the paradox of plenty, refers to the paradox that countries with an abundance of natural resources, specifically non-renewable resources like minerals and fuels, tend to have less economic growth, less democracy, and worse development outcomes than countries with fewer natural resources.

The Forum on China–Africa Cooperation (FOCAC) simplified Chinese: 中非合作论坛; traditional Chinese: 中非合作論壇; pinyin: Zhōng Fēi hézuò lùntán; French: Forum sur la coopération sino-africaine) is an official forum between the People's Republic of China and the states in Africa.

Islamic banking (Arabic: مصرفية إسلامية‎‎) is banking or banking activity that is consistent with the principles of sharia (Islamic law) and its practical application through the development of Islamic economics.

International monetary systems are sets of internationally agreed rules, conventions and supporting institutions, that facilitate international trade, cross border investment and generally the reallocation of capital between nation states.