Key Terms in Global Economics and Social Dynamics

Posted on Jan 16, 2025 in Geography

Globalization: The process of integration that affects economic, political, and cultural systems across geographical boundaries.
Anti-globalization movement: A collection of various social groups and non-governmental organizations (NGOs) that work together in global networks, organizing protests against globalization.
Capitalist economic model: A market economy; an economic system in which companies and people are free to produce, buy, and sell goods and services without government intervention; prices are regulated by supply and demand.
Authoritarian regime: A person or government that exercises unlimited political power without being responsible to the people.
Absolute monarchy: A monarchy in which the king exercises unlimited power, which he considers his divine right.

Underdeveloped country: A country with a very low level of economic development where a large part of the population lives in poverty.
Central areas: The world’s leading countries; through their decision-making bodies, they direct world politics and the economy, control trade and technological innovation, and influence culture and customs; they are the world’s richest countries and include the USA, numerous countries in the EU, and Japan.
Peripheral areas: The world’s less-developed countries, mostly in Africa; these countries are almost completely dependent on central areas.
Sub-Saharan Africa: The part of Africa that is south of the Sahara desert.
External debt: Debt that is the result of money borrowed from another country or an international institution.

International Monetary Fund: An international institution whose objectives include the promotion of global monetary cooperation and financial stability, international trade, high levels of employment and sustainable economic growth, as well as the reduction of poverty.
G8: The group of the eight most industrialized countries in the world (France, Germany, Italy, Japan, UK, USA, Canada, and Russia).
G20: A group of 20 countries, which together represent 85% of the world economy; their finance ministers and central bank governors hold annual meetings to provide financial stability to international markets.

Migration: Population movement that involves a change of job and residence.
Culture: Beliefs, values, customs, ways of life, etc. shared by a group of people, society, or country.
Homogeneous: Consisting of elements, animals, or people that are all of the same type.
Demographic: Related to demography, the science that statistically studies human population, its composition, state, and distribution at a particular moment or over a period of time.
Literacy rate: The percentage of adult people who can read and write, compared to the total population of a country or place.
Ethnic group: A group of people with similar physical or cultural characteristics.
Mixed race: Refers to people whose ancestors were of different racial backgrounds.
Indigenous: Native, originates in the place where it is found.
Tribal: Related to tribes.

Enrich: To make something better by adding and contributing to it.
Harmful: Causes damage or is dangerous.
Supranational: Affecting more than one nation or with a power greater than that of a nation’s government.
Bartering: Exchanging goods without using money.

Latin America: Countries of the American continent where Spanish or Portuguese is spoken; former Spanish or Portuguese colonies.
Maghreb: A region of North-West Africa that includes Morocco, Algeria, Tunisia, Libya, and Mauritania.
Middle East: A region of Asia bounded by the Black Sea, the Caucasus, the Caspian Sea, and the Central Asian plains.