Globalization, Development & Trade: Key Concepts
Globalization
Definition: Everybody everywhere in the world is affected in the same way because of different aspects such as politics, economy, and culture.
What is Development?
- Everyone can go to secondary school and is able to read and write.
- People are happier and healthier and enjoy life more.
- Building factories, providing jobs, and making a country.
- When a country has good hospitals and well-trained doctors.
- When people have sufficient food to eat and clean water to drink.
- When people have freedom and equal rights, and are allowed to vote.
- An end to poverty and an improvement in living conditions.
Economic and Human Development
Economic development: The measure of how wealthy a country is, and how this wealth is generated (for example, agriculture is considered less economically advanced than banking).
Human development: This measures the extent to which people have access to wealth, jobs, knowledge, nutrition, health, leisure, and safety – as well as political and cultural freedom.
Key Development Indicators
Infant mortality rate: Number of babies who die under the age of 1 per 1000 live births.
Human Development Index: An indicator measuring average achievement in three basic dimensions of human development — a long and healthy life, knowledge, and a decent standard of living.
GNI per capita: GNI per capita is Gross National Income divided by the population of the country.
Gross National Income: The total income for a country calculated by taking the value of goods and services and adding that to all other money received from abroad converted into international dollars.
Life expectancy: Number of years a newborn infant could expect to live.
Literacy rate: Percentage of the population aged 15 and older who can both read and write.
Welfare means that people can have a minimum level of education, health, and finance, even in negative circumstances such as sickness, retirement, disability, or unemployment. So, in order to maintain this well-being, different types of institutions provide social and economic support, especially in negative circumstances.
Economic Development (Desarrollo Económico). A measure of how wealthy a country is, and of how this wealth is generated (for example, agriculture is considered less economically advanced than banking) |
Human Development (Desarrollo Humano). This measures the extent to which people have access to wealth, jobs, knowledge, nutrition, health, leisure, and safety – as well as political and cultural freedom.
The Millennium Development Goals (MDGs) are the eight international development goals or targets that were established following the Millennium Summit of the United Nations in 2000 for reducing global poverty. All 189 United Nations member states at the time (there are 193 currently), and at least 23 international organizations, committed to helping achieve the following Millennium Development Goals by 2015. Each goal has specific targets, and dates for achieving the targets. | ||
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| FREE TRADE | FAIR TRADE |
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