Most Important International Political Economy Terminologies for CSS and PMS Aspirants

This article comprehensively overviews the most important international political economy terminologies crucial for CSS and PMS aspirants. Learning to write them will enable aspirants to navigate complex political concepts effectively.

Learning to write subject terminologies is always essential for competitive exam students, especially CSS and PMS. This practice gives aspirants a deeper understanding of complex concepts, ultimately helping them articulate their thoughts clearly. Learning to write these terms appropriately not only enhances comprehension but also equips aspirants to engage effectively with exam essays. For example, in fields like political economy, acquaintance with terms such as “globalization” and “trade barriers” helps aspirants confidently analyze and debate relevant issues. After learning these terminologies, aspirants can tackle exam questions more adeptly because they can apply these terms contextually, demonstrating their knowledge and critical thinking skills. Therefore, learning subject-specific terminology is not just about learning words or vocabulary; it’s all about improving exam scores.

I have compiled the following terminologies from various reputable sources: dictionaries, websites, books, and magazines. This compilation is intended to aid my students in enhancing their vocabulary and effectively articulating their thoughts in essays, whether for compulsory or optional subjects.

Important International Political Economy Terminologies

International Political Economy (IPE)

The study of the relationship between politics and economics on a global scale, focusing on how states and markets interact.

Globalization

The process of increasing interconnectedness and interdependence among countries, often through trade, finance, and technology.

Neoliberalism

A political-economic ideology promoting free markets, deregulation, and privatization, emphasizing minimal state intervention.

Mercantilism

An economic theory where governments control trade and accumulate wealth by maximizing exports and limiting imports.

Protectionism

Policies used by governments to protect domestic industries from foreign competition, typically through tariffs and quotas.

Liberalism

In IPE, it refers to the belief in free markets, free trade, and minimal government intervention in the economy.

Realism

An IPE theory that focuses on power, national interest, and competition between states in the global economy.

Comparative Advantage

A theory suggesting that countries should specialize in producing goods where they have a relative efficiency advantage and trade for others.

Absolute Advantage

The ability of a country to produce more of a good or service than another country with the same amount of resources.

Interdependence

Mutual dependence between countries due to economic, political, and social ties, making them vulnerable to changes in each other’s economies.

Hegemony

The dominance of one country or group over others, particularly in political or economic spheres.

World Systems Theory

A theory that divides the world into a core, periphery, and semi-periphery, analyzing how economic inequalities between nations are structured globally.

Balance of Payments

A financial statement that summarizes a country’s transactions with the rest of the world, including trade, investments, and transfers.

Trade Deficit

When a country’s imports exceed its exports, leading to a negative balance of trade.

Trade Surplus

When a country’s exports exceed its imports, leading to a positive balance of trade.

Foreign Direct Investment (FDI)

Investment by a company or individual in one country into business interests in another country, such as establishing operations or acquiring assets.

Tariffs

Taxes imposed on imported goods to protect domestic industries and raise government revenue.

Quotas

Limits on the amount of a product that can be imported or exported during a specified period.

Subsidies

Financial support from the government to domestic industries to reduce production costs and make them more competitive.

Exchange Rates

The value of one country’s currency in terms of another currency.

Floating Exchange Rate

A currency system where the value of a currency is determined by market forces without direct government intervention.

Fixed Exchange Rate

A currency system where a country’s currency is tied to another major currency or a basket of currencies, with its value fixed by the government.

Currency Devaluation

A deliberate downward adjustment of a country’s currency value relative to other currencies, often to boost exports.

Monetary Policy

The process by which a government or central bank manages the money supply and interest rates to control inflation and stabilize the economy.

Fiscal Policy

Government policies regarding taxation and spending to influence economic conditions, such as controlling inflation or unemployment.

Debt Crisis

A situation where a country cannot repay its national or external debt, often leading to economic instability and the need for international assistance.

Bretton Woods System

The international monetary system established in 1944, which set fixed exchange rates and created institutions like the IMF and World Bank.

International Monetary Fund (IMF)

An international organization that provides financial assistance to countries facing balance of payments problems and promotes global monetary cooperation.

World Bank

An international financial institution that provides loans and grants to developing countries for development projects aimed at reducing poverty.

General Agreement on Tariffs and Trade (GATT)

A multilateral agreement aimed at promoting free trade by reducing tariffs and other barriers, replaced by the World Trade Organization (WTO) in 1995.

World Trade Organization (WTO)

An international organization that regulates trade between nations, aiming to ensure that trade flows smoothly, predictably, and freely.

Non-Tariff Barriers

Any restrictive trade practices other than tariffs, such as quotas, embargoes, and import licenses.

Trade Liberalization

The removal or reduction of trade barriers, such as tariffs and quotas, to encourage free trade between countries.

Customs Union

A trade bloc where member countries agree to remove tariffs among themselves and adopt a common external tariff on imports from non-members.

Free Trade Agreement (FTA)

An agreement between countries to reduce or eliminate trade barriers on goods and services traded between them.

Economic Integration

The process by which countries coordinate their economic policies and merge their economies to achieve greater efficiency and growth.

Regionalism

The practice of coordinating and integrating political, economic, and social policies at a regional level, such as in the EU or ASEAN.

Multinational Corporation (MNC)

A large company that operates in several countries, influencing global trade and investment flows.

Portfolio Investment

Investment in a country’s financial assets, such as stocks and bonds, without acquiring significant control over the companies involved.

Capital Flows

The movement of money for investment, trade, or business production across international borders.

Global Supply Chain

A network of production and distribution processes that spans multiple countries, often involving outsourcing and offshoring.

Outsourcing

The practice of hiring external firms or individuals to perform certain business tasks or processes, often from other countries where labor is cheaper.

Offshoring

The relocation of a business process or operation from one country to another, typically to reduce costs.

Economic Nationalism

A belief that economic policy should prioritize domestic industries and interests, often at the expense of global cooperation and free trade.

Trade War

A situation where countries impose tariffs or other trade barriers on each other in response to protectionist policies, leading to retaliations.

Austerity

Economic policies aimed at reducing government budget deficits through spending cuts and increased taxes, often imposed by international financial institutions.

Privatization

The process of transferring ownership of a state-owned enterprise to private individuals or companies.

Sovereign Wealth Fund (SWF)

State-owned investment funds made up of financial assets such as stocks, bonds, and real estate, often generated from resource revenues.

Global Financial Crisis (GFC)

The severe worldwide economic crisis that occurred in 2007-2008, largely caused by the collapse of housing markets and financial institutions.

Laissez-Faire

An economic theory advocating minimal government intervention in markets and allowing them to operate freely.

Social Capital

The networks and relationships that facilitate cooperation and social cohesion within a society, influencing economic performance.

Human Development Index (HDI)

A composite statistic of life expectancy, education, and per capita income indicators, used to rank countries’ levels of social and economic development.

Development Aid

Financial assistance given by governments and international organizations to support the economic development of developing countries.

Structural Adjustment Programs (SAPs)

Economic policies imposed by the IMF and World Bank on countries in exchange for financial assistance, focusing on austerity and market liberalization.

Foreign Exchange Reserves

Assets held by a central bank in foreign currencies, used to back liabilities and influence monetary policy.

Transnational Corporations (TNCs)

Corporations that operate in multiple countries, often influencing local economies and global trade.

Ethical Consumerism

The practice of purchasing products that are produced in a socially responsible and environmentally sustainable manner.

Corporate Social Responsibility (CSR)

A business model where companies integrate social and environmental concerns in their operations and interactions with stakeholders.

Financialization

The increasing dominance of financial motives, financial markets, financial actors, and financial institutions in the operation of domestic and international economies.

Networked Governance

A system where multiple stakeholders (government, private sector, civil society) collaborate to address complex global issues.

Green Economy

An economic system that aims for sustainable development without degrading the environment, focusing on renewable resources and low carbon emissions.

Trade Facilitation

Efforts to simplify and streamline international trade processes, reducing barriers and improving efficiency.

Cultural Imperialism

The imposition of one culture over another, often associated with globalization and the spread of Western values and norms.

E-commerce

Buying and selling goods and services over the internet, which has transformed global trade and commerce.

Digital Divide

The gap between individuals and communities that have access to modern information and communication technology and those that do not.

Global Governance

The way international affairs are managed across countries, involving various actors like states, international organizations, and NGOs.

Public Goods

Goods that are non-excludable and non-rivalrous, meaning they are available to all and consumption by one does not reduce availability to others.

Sustainable Development

Development that meets the needs of the present without compromising the ability of future generations to meet their own needs.

Human Rights

Fundamental rights inherent to all human beings, which can influence trade and foreign policy decisions.

Crisis Management

The process of preparing for and responding to economic crises, including strategies to mitigate impacts and recover.

Economic Sanctions

Restrictions imposed by countries to influence the behavior of other nations, often involving trade and financial penalties.

International Trade Agreements

Treaties between two or more countries to establish trade rules and reduce barriers, often encompassing various sectors.

Outcomes Measurement

Evaluating the impacts of policies or programs in terms of economic performance, social welfare, and other indicators.

Commodity Prices

The market prices for raw materials and primary goods, which can significantly affect economies, especially those reliant on exports.

Circular Economy

An economic system aimed at eliminating waste and promoting the continual use of resources through recycling and sustainable practices.

Intellectual Property Rights (IPR)

Legal rights that grant creators exclusive control over the use and distribution of their inventions and creations.

Labor Standards

Regulations that ensure fair treatment of workers, including minimum wage, working conditions, and rights to organize.

Emerging Markets

Economies that are in the process of rapid growth and industrialization, often characterized by high volatility and potential for investment.

Crisis of Capitalism

A term referring to periods of economic downturn that highlight systemic issues within capitalist economies, often leading to debates about reform.

Inclusive Growth

Economic growth that is distributed fairly across society and creates opportunities for all segments of the population.

Social Safety Nets

Government programs designed to provide financial support to individuals in need, especially during economic hardship.

Bilateral Trade

Trade agreements or transactions between two countries, often aimed at promoting mutual economic interests.

Multilateralism

The practice of multiple countries working together on a given issue, often through international organizations and treaties.

Debt Relief

The reduction or cancellation of debt owed by countries or organizations to improve their financial situation and economic stability.

Digital Economy

An economy that is based on digital computing technologies, encompassing e-commerce, online services, and digital markets.

Geoeconomics

The study of the effects of economic factors on international politics and the use of economic tools to achieve geopolitical objectives.

Environmental Economics

A field of economics that studies the economic impact of environmental policies and the costs of environmental degradation.

Risk Management

The identification, assessment, and prioritization of risks followed by coordinated efforts to minimize, monitor, and control the impact of uncertain events.

Informal Economy

Economic activities that are not regulated by the government, often unrecorded and not subject to taxation.

Economic Policy

The actions taken by a government to influence its economy, including fiscal, monetary, and trade policies.

Transnational Advocacy Networks

Networks of activists and organizations that cross national boundaries to advocate for specific issues, such as human rights or environmental protection.

Welfare State

A government system that provides social services and financial assistance to its citizens to promote social well-being.

Financial Institutions

Organizations that provide financial services, such as banks, investment firms, and insurance companies, playing a critical role in the economy.

Crisis Resilience

The ability of an economy or society to withstand and recover from economic shocks or crises.

Corporate Governance

The system of rules and practices that directs and controls a corporation, ensuring accountability and transparency.

Consumer Protection

Laws and regulations designed to protect the interests of consumers, ensuring fair trade practices and product safety.

Global Commons

Resources that are shared by all nations, such as the atmosphere, oceans, and outer space, requiring cooperative management.

Strategic Trade Policy

Government policies that aim to improve a country’s competitive position in the international market by targeting specific industries.

Technological Transfer

The process of sharing technology and innovations between countries, often linked to foreign investment and development.

Social Movements

Collective efforts by groups of people to promote or resist social change, often influencing economic and political policies.

Cultural Globalization

The worldwide exchange and integration of cultural elements, such as ideas, values, and practices, influenced by trade and communication.

Transnationalism

The process by which individuals and groups maintain connections across national borders, influencing economic and political systems.

Global Value Chains (GVCs)

The full range of activities involved in producing a good or service, from conception to delivery, often spanning multiple countries.

Investment Climate

The economic, political, and regulatory environment that affects investment decisions in a country or region.

Financial Regulation

Laws and rules that govern the financial industry to maintain stability, protect investors, and ensure transparency.

Autarky

An economic system that is self-sufficient and does not engage in international trade, aiming for complete independence.

Regional Trade Agreement (RTA)

Treaties between countries in a specific region to facilitate trade and economic cooperation, often reducing tariffs and barriers.

Economic Inequality

The unequal distribution of income and opportunity among different groups in society, often measured by the Gini coefficient.

Political Economy

The study of how political institutions, processes, and behaviors influence economic policies and outcomes.

Trade Liberalization Index

A measure used to assess the degree of trade liberalization in a country, evaluating tariff rates and non-tariff barriers.

Brics

An acronym for Brazil, Russia, India, China, and South Africa, representing a group of emerging economies with significant global influence.

Petrodollar

The revenue generated from the sale of oil, often reinvested in global financial markets, affecting international economic dynamics.

Network Effects

The phenomenon where the value of a product or service increases as more people use it, impacting market dynamics.

Digital Trade

The exchange of goods and services over digital platforms, significantly altering traditional trade practices and regulations.

Human Capital

The skills, knowledge, and experience possessed by an individual or population, which contribute to economic productivity.

Social Market Economy

An economic system that combines free-market capitalism with social policies that establish fair competition and a welfare state.

Crisis of Legitimacy

A situation where political or economic institutions lose public trust and support, often leading to instability.

Sustainability Reporting

The practice of companies disclosing information about their environmental, social, and governance (ESG) performance.

Behavioral Economics

A field that studies how psychological factors influence economic decision-making, often challenging traditional economic theories.

Shadow Economy

Economic activities that occur outside of government regulation, often unreported and untaxed.

Social Accountability

Mechanisms through which organizations are held accountable to their stakeholders, including citizens, consumers, and investors.

Competitive Advantage

The attributes that allow an organization or country to outperform its competitors, often derived from unique resources or capabilities.

Public-Private Partnerships (PPP)

Collaborative agreements between government entities and private sector companies to finance and deliver public services or projects.

Green Trade

Trade practices that promote environmental sustainability, often involving products that have a lower ecological footprint.

New Institutional Economics

A theoretical framework that emphasizes the role of institutions in shaping economic behavior and outcomes.

Urbanization

The increasing population of urban areas, which can influence economic development and international migration patterns.

International Development

Efforts aimed at improving the economic, political, and social conditions of developing countries through aid, investment, and policy changes.

Market Failure

A situation where free markets fail to allocate resources efficiently, leading to negative outcomes like monopolies or externalities.

Subnational Governance

The management of economic and political affairs at levels below the national government, such as state or local authorities.

Non-Governmental Organizations (NGOs)

Non-profit organizations that operate independently from the government, often advocating for social, political, or environmental issues.

Economic Growth

An increase in the production of goods and services in an economy over a specific period, typically measured by GDP.

Trade Adjustment Assistance

Programs designed to help workers and businesses adapt to the effects of trade liberalization and globalization.

Debt Sustainability

The ability of a country to manage its debt without requiring external assistance or defaulting, often assessed by debt-to-GDP ratios.

Geopolitical Risk

The risk associated with political changes or instability in a country that may affect its economic relationships and investments.

Circular Economy

An economic model that emphasizes the reuse, recycling, and sustainable management of resources to minimize waste.

Urban-Rural Divide

The disparities in economic opportunities, resources, and quality of life between urban and rural areas.

Resource Curse

The paradox where countries rich in natural resources experience less economic growth and worse development outcomes than countries with fewer resources.

Collective Bargaining

Negotiation processes between employers and a group of employees aimed at establishing wages, working conditions, and other employment terms.

Intergovernmental Organizations (IGOs)

Organizations composed of multiple countries that collaborate on common issues, such as the United Nations or the World Trade Organization.

Policy Coherence

The alignment and consistency of policies across different sectors and levels of government to achieve desired economic and social outcomes.

Social Dialogue

Discussions and negotiations between government, employers, and workers’ representatives to address labor and social issues.

Impact Investing

Investments made with the intention to generate positive social and environmental impact alongside financial returns.

Bilateral Investment Treaty (BIT)

Agreements between two countries that provide legal protections for investors from each country investing in the other.

Trade Facilitation Agreement (TFA)

An agreement aimed at simplifying and harmonizing international trade procedures to enhance trade efficiency.

Welfare Economics

A branch of economics that focuses on the overall well-being and distribution of resources in a society.

Sustainable Business Practices

Corporate strategies that prioritize social, environmental, and economic sustainability in operations and decision-making.

Carbon Pricing

Economic approaches to reducing greenhouse gas emissions by assigning a cost to carbon emissions, encouraging lower emissions.

Policy Spillover

The unintended consequences of policies in one country that affect other countries, often in economic or social contexts.

Impact Assessment

The evaluation of the potential social, economic, and environmental effects of a proposed policy or project before implementation.

Gini Coefficient

A measure of income inequality within a population, ranging from 0 (perfect equality) to 1 (perfect inequality).

Aid Effectiveness

The extent to which development aid achieves desired outcomes in improving economic and social conditions in recipient countries.

Policy Advocacy

Efforts aimed at influencing public policy and decision-makers to adopt specific policies or changes.

Emerging Economies

Countries experiencing rapid economic growth and industrialization, often characterized by significant investment opportunities.

Crisis Recovery

The process of rebuilding and restoring economic stability following a financial or political crisis.

Labor Mobility

The ability of workers to move between jobs, regions, or countries in search of better employment opportunities.

Monopolistic Practices

Strategies employed by firms to gain dominance in a market, often leading to reduced competition and higher prices.

Digital Divide

The gap between individuals with access to digital technologies and those without, impacting economic opportunities and growth.

Informal Sector

The part of an economy that is not regulated by the government, often characterized by unregistered businesses and low job security.

Free Trade Zones (FTZ)

Areas where goods can be imported, manufactured, and exported without customs duties, encouraging trade and investment.

Institutional Capacity

The ability of governmental and non-governmental institutions to effectively implement policies and deliver services.

Resource Allocation

The process of distributing resources among various projects or business units, essential for economic efficiency.

Trade Policy Review Mechanism (TPRM)

A process used by the WTO to evaluate the trade policies and practices of member countries periodically.

Market Access

The ability of a country or company to sell goods and services in a foreign market without barriers or restrictions.

Quantitative Easing (QE)

A monetary policy where a central bank buys financial assets to inject liquidity into the economy and stimulate growth.

Social Exclusion

A process through which individuals or groups are systematically disadvantaged and marginalized from social and economic opportunities.

Cross-Border Investment

Investment made by a resident of one country into assets or enterprises in another country, often involving direct investment or portfolio investment.

Rural Development

Economic development aimed at improving the quality of life and economic well-being of people living in rural areas.

Decentralization

The distribution of administrative powers or functions away from a central authority to regional or local levels.

Non-State Actors

Individuals or organizations that hold influence and power but are not affiliated with any government, such as NGOs or multinational corporations.

Vertical Integration

A business strategy where a company expands its operations into different stages of production within the same industry.

Horizontal Integration

A strategy where a company acquires or merges with other companies at the same stage of production in the same industry.

Urban Sustainability

The ability of urban areas to maintain economic, social, and environmental health over the long term.

Public Debt

The total amount of money that a government owes to creditors, often influencing economic policy and fiscal management.

Developmental State

A government that plays a central role in promoting economic development, often through strategic interventions in the economy.

Pro-poor Growth

Economic growth that is inclusive and benefits the poor and marginalized, reducing inequality and poverty.

Vulnerability Assessment

The process of identifying and evaluating risks that may affect individuals or communities, especially in relation to economic stability.

Regional Economic Integration

The process by which countries in a specific region enhance their economic ties through trade agreements, shared regulations, and cooperation.

Knowledge Economy

An economy driven by the production, distribution, and use of knowledge and information, as opposed to traditional industries.

Labor Rights

The legal rights and protections granted to workers, including the right to fair wages, safe working conditions, and collective bargaining.

Climate Change Mitigation

Efforts aimed at reducing or preventing the emission of greenhouse gases to combat climate change.

Economic Diversification

The process of a country expanding its range of economic activities to reduce dependence on a single industry or sector.

Policy Integration

The practice of coordinating policies across different sectors and levels of government to achieve cohesive outcomes.

Disaster Resilience

The ability of a community or economy to anticipate, prepare for, respond to, and recover from disasters and crises.

Consumerism

The cultural orientation that encourages the acquisition of goods and services in ever-increasing amounts, often impacting economic systems.

Public Goods Provision

The supply of goods that are non-excludable and non-rivalrous, typically provided by the government or community for public benefit.

Economic Diplomacy

The use of diplomatic relations and negotiations to promote a country’s economic interests abroad.

Intangible Assets

Non-physical assets such as patents, trademarks, and brand reputation that contribute to a company’s value.

Investment Arbitration

A legal process where investors can resolve disputes with states through international arbitration mechanisms.

Socioeconomic Status

The social and economic standing of an individual or group, often used to understand disparities in wealth and opportunity.

Smart Growth

Urban planning and transportation policies that promote sustainable development and reduce environmental impact.

Trade Barriers

Restrictions imposed by governments on international trade, including tariffs, quotas, and non-tariff barriers.

Labor Market Policies

Regulations and programs designed to improve labor market outcomes, such as employment protection and unemployment benefits.

Corporate Accountability

The responsibility of corporations to act ethically and transparently in their operations, often toward stakeholders and society.

Digital Governance

The use of digital technologies and platforms in the administration and delivery of government services and policies.

Global Health Economics

The study of how health systems and policies affect economic outcomes and the distribution of health resources globally.

Corporate Governance Codes

Guidelines and principles that outline the responsibilities and accountability of corporate boards to ensure transparency and integrity.

Technology Transfer Agreements

Contracts that facilitate the transfer of technology and knowledge from one party to another, often involving intellectual property rights.

Monetary Policy

Actions taken by a country’s central bank to control money supply and interest rates, influencing economic activity.

Fiscal Policy

Government policies regarding taxation and spending aimed at influencing economic conditions.

Economic Sanctions

Restrictive measures imposed by one country (or group of countries) on another to influence political behavior or achieve foreign policy goals.

Trade Balance

The difference between a country’s exports and imports of goods and services, indicating economic health.

Outsourcing

The practice of relocating certain business processes or services to external suppliers, often in different countries.

Economic Globalization

The increasing interconnectedness of economies worldwide, characterized by trade, investment, and capital flows.

Liquidity Trap

A situation where monetary policy becomes ineffective because interest rates are already near zero, limiting economic stimulus.

Non-Tariff Barriers (NTBs)

Regulatory measures, other than tariffs, that countries use to control the amount of trade across their borders.

Economic Development

The process of improving the economic well-being and quality of life for a community or country.

Comparative Advantage

The ability of a country to produce goods and services at a lower opportunity cost than another, promoting trade.

Development Aid

Financial assistance provided by governments and international organizations to support the economic development of poorer countries.

Political Risk

The risk that political decisions or events will adversely affect the profitability or viability of an investment.

Global Commons

Resources that are shared by all countries and not owned by any one nation, such as the oceans or the atmosphere.

Income Distribution

The way in which a nation’s total income is distributed among its population, affecting social equity and stability.

Environmental Policy

Regulations and strategies designed to manage human impact on the environment, balancing economic and ecological goals.

Development Economics

A branch of economics focused on improving fiscal, economic, and social conditions in developing countries.

Trade Bloc

A group of countries that engage in trade with each other, often having reduced tariffs and coordinated trade policies.

Infrastructure Investment

Funding allocated for the development and maintenance of physical structures, such as roads, bridges, and utilities.

Foreign Exchange Market

A global decentralized market where currencies are traded, influencing international trade and investment.

Volatility

The degree of variation in trading prices over time, reflecting the stability or instability of financial markets.

Monopolistic Competition

A market structure characterized by many firms selling similar but not identical products, allowing for some degree of pricing power.

Crisis of Capitalism

A situation where the capitalist system faces systemic issues, often leading to economic recession or stagnation.

International Trade Law

The body of law governing trade between nations, including agreements, treaties, and regulations.

R&D (Research and Development)

Activities undertaken by businesses and governments to innovate and develop new products or processes.

Labor Standards

Regulations that establish the rights and protections for workers, influencing working conditions and employment practices.

Global Governance

The way international affairs are managed across countries, involving cooperation and policy coordination among multiple actors.

Economic Liberalization

The reduction of government restrictions on economic activity, promoting free markets and trade.

Sovereign Debt

The amount of money that a country’s government has borrowed, often raising concerns about repayment capabilities.

Resource Allocation Efficiency

A measure of how well resources are distributed to maximize output and meet consumer demand.

Export Promotion

Government strategies aimed at encouraging domestic producers to increase exports, often through incentives and support.

Global Financial System

The network of institutions, markets, and mechanisms that facilitate international financial transactions.

Economic Paradigm

A framework of theories and beliefs that guide economic practices and policies within a particular context.

Interdependence

A situation where countries are mutually reliant on each other for goods, services, and economic stability.

Development Strategy

A plan outlining the actions and policies a country will pursue to foster economic growth and development.

Social Capital

The networks, norms, and trust that facilitate coordination and cooperation among individuals in a society.

E-commerce

The buying and selling of goods and services over the internet, significantly impacting global trade.

Consumer Protection Laws

Regulations designed to ensure fair trade, competition, and the informed consent of consumers.

Labor Market Flexibility

The degree to which labor markets can adapt to changes in economic conditions, impacting employment and productivity.

Trade Policy

Government actions that regulate international trade, including tariffs, quotas, and trade agreements.

Sustainable Development Goals (SDGs)

A set of 17 global goals established by the United Nations to address social, economic, and environmental challenges by 2030.

Price Elasticity of Demand

A measure of how much the quantity demanded of a good changes in response to a change in its price.

Social Insurance Programs

Government programs designed to provide financial support to individuals in certain situations, such as unemployment or disability.

Environmental Sustainability

Practices that ensure natural resources are used in a way that maintains their availability for future generations.

Trade Facilitation

Efforts to simplify and streamline international trade processes, reducing costs and delays for businesses.

Export Diversification

The strategy of broadening the range of products or markets that a country exports to reduce dependence on a few commodities.

Development Assistance Committee (DAC)

A group of major donor countries that coordinates development aid to ensure effective and accountable assistance.

Inflation Rate

The rate at which the general level of prices for goods and services is rising, eroding purchasing power.

Collective Security

A system where states agree to take collective action to respond to threats against peace and security.

Commodity Market

A market where raw or primary products are exchanged, such as oil, metals, and agricultural products.

Remittances

Transfers of money by foreign workers to their home countries, playing a crucial role in many developing economies.

Countervailing Measures

Actions taken by a government to offset subsidies provided by another government to its domestic industries.

Global Economic Governance

The institutions, policies, and regulations that guide and coordinate international economic relations.

Crisis Economics

The study of economic crises, their causes, and their impacts on society and policy.

Social Justice

The view that everyone deserves equal rights and opportunities, often impacting economic and political policy.

International Development Association (IDA)

An institution that provides interest-free loans and grants to the world’s poorest countries.

Non-Proliferation Treaty (NPT)

An international treaty aimed at preventing the spread of nuclear weapons and promoting peaceful uses of nuclear energy.

Convergence Theory

The idea that developing economies will eventually catch up to developed economies in terms of economic performance.

Policy Framework

A structured plan outlining the goals, actions, and resources needed to address specific issues or challenges.

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