POLA84 Terms (Revised).pdf

12 Pages
Unlock Document

University of Toronto Scarborough
Political Science

Terms for POLA84 Final 1. Bretton Woods System ▯ - A conference of 45 sovereign states at hotel Bretton Wood, New Hemisphere ▯ - The purpose of the conference was to secure international monetary cooperation, stability ▯ currency rates and to expand access to hard currencies ▯ - Led to the creation of WTO, for members to address international trade issues ▯ - IMF and the IBRD were established as part of this system ▯ - Under the BS, the US dollar was pegged to gold and all other currencies pegged to the US ▯ dollar. With lots of spending, the amount of dollars in circulation exceeded the amount of ▯ gold used to back the US dollar. After being pulled back into a recession in 1960s, president ▯ Richard Nixon declared that i could no longer be pegged to gold, thus the end of BS system 2. “Emerging Economy” ▯ - The emerging economy also known as the Emerging Market Economy (EMEs) describes ▯ the countries who have been repeatedly hit by International financial crisis since the mid s ʼ 0 9 9 ▯ 1 ▯ - EMEs are characterized as transitional, meaning they are in the process of moving from a ▯ closed economy to an open market economy while building accountability within the ▯ system. Examples include the former Soviet Union and Eastern bloc countries. ▯ - One key characteristic of the EME is an increase in both local and foreign investment. A ▯ growth in investment in a country often indicates that the country has been able to build ▯ confidence in the local economy. Foreign investment is a signal that the world has ▯ begun to take notice of the emerging market, and when international capital flows are ▯ directed toward an EME, the injection of foreign currency into the local economy adds ▯ volume to the country's stock market and long-term investment 3. European Parliament ▯ - The European Parliament (EP) is a branch of the European Union (EU) that consists of 75 ▯ members. It is the only directly-elected body within the EU ▯ - The parliament holds a three fold action: It is one of the European decision makers; it ▯ carries Community acts, its Legislative Power. Its Budgetary Power allows it to define the ▯ definitive budget. It is enabled to reject it ▯ - It also holds a political control of the institutions: it can ask the Commission to submit a ▯ proposal to the Council or ask written or oral questions to the institutions ▯ - As part of the EU, the EP has been vital in the creation of a modern state. The ▯ development of the EP is an example of political globalization because it incorporates the ▯ political activities of countries within a region. The EP focuses on regional politics due to the ▯ increase in the importance of regional events 4. The European Union ▯ - An economic and political union or confederation of 27 member states which are located ▯ primarily in Europe ▯ - The EU can be seen as a mixed system of participation, regulation, and action, epitomized ▯ by its three pillar institutional structure. First pillar containing the European Community with ▯ its economic powers and procedures, the second containing the Common Foreign and ▯ Security Policy, and the third containing provisions for justice and home affairs ▯ - EU contributes to global government by encouraging the building of transnational networks ▯ and providing a model of continuous negotiation as a way of coping with the emergence of ▯ a global political economy ▯ - The main legal acts of the EU come in three forms: regulations, directives, and decisions. ▯ Regulations become law in all member states the moment they come into force, without the ▯ requirement for any implementing measure, and automatically override conflicting domestic ▯ provisions. Directives require member states to achieve a certain result while leaving them ▯ discretion as to how to achieve the result. Decisions offer an alternative to the two above ▯ modes of legislation. They are legal acts which only apply to specified individuals, ▯ companies or a particular member state. 5. FAO ▯ - Food and Agriculture Organization. The objective of FAO is eliminating hunger and ▯ improving nutrition and standards of living by increasing agricultural productivity ▯ - It coordinates the efforts of governments and technical agencies in programs for ▯ developing agricultures, forestry, fisheries, and land and water resources ▯ - It maintains information and support services, including keeping statistics on world ▯ production, trade, and consumption of agricultural commodities ▯ - In 1974 World Food Conference, held in Rome during a period of food shortages in the ▯ southern Sahara, prompted the FAO to promote programs relating to world food security, ▯ including helping small farmers implement low-cost projects to enhance productivity 6. GATT (General Agreement on Tariffs and Trade) ▯ - a multilateral agreement designed to provide a framework to negotiate trade barrier ▯ reductions among nations, signed by 150 countries. It was created when the US senate ▯ refused to ratify the ITO charter ▯ - The workings of the GATT agreement are the responsibility of the Council for Trade in ▯ Goods (Goods Council) which is made up of representatives from all WTO member ▯ countries ▯ - There have been 8 rounds of negotiation since the formation of the GATT, the most recent ▯ round being the Uruguay Round. When the Uruguay Round was complete, there was an ▯ agreement among 117 countries to decrease trade barrier and to create more detailed and ▯ enforceable world trade regulations ▯ - The WTO acts as a forum for debating further reductions of trade barriers and for settling ▯ discrepancies in policy, and also enforces trade rules signed in the agreement 7. Global Governance ▯ - The political interaction of transactional actors (both state and non state) aimed at solving ▯ global problems affecting more than one state or region, such as environmental degradation ▯ and nuclear proliferation ▯ - Global governance exists mainly in the context of globalization. In response to the ▯ acceleration of interdependence on a worldwide scale, global governance designates ▯ regulation intended for the global scale ▯ - Global governance affects states and how they interact with each other. It also affects the ▯ political economy. Governance should focus on the political economy due to the changes ▯ that have taken place in terms of changes in social structures in the post war era ▯ - When issues emerge, this called for the emergence of global governance. Institutions play ▯ a key role in terms of governance. One such example of an institution is the World Trade ▯ Organization. Through the use of multi-level governance, the WTO operates as a rule based ▯ institution that provides framework for the rules of trade. The WTO shapes the politics of the ▯ trade regime through the use of multi-level governance, which can be identified as a method ▯ of global governance 8. Gross National Product ▯ - The total value of goods and services produced by a countryʼs citizens, plus the income ▯ earned by citizens abroad, minus the income of foreigners within that country ▯ - GNP can help provide an idea of the contribution foreign direct investment has to a ▯ countryʼs economy. However, GNP is used less frequently due to the increased number of ▯ citizens abroad as a result of globalization ▯ - GNP and GDP and GDP/GNP per capita are often used to determine economic and ▯ welfare strength of a country ▯ - GNP is a fairly good measure of inequality, as richer countries tend to have a good ▯ health care system, infrastructure and the living conditions tend to be good for a majority of ▯ the population. Poorer nations with low GNP a basic or no health care system in place, the ▯ infrastructure tends to be undeveloped in many regions and living condition are poor. There ▯ is a strong correlation between GNP and the development of a country 9. Hyperglobalizers ▯ - Hyperglobalizers believe that globalization is growing fast and affecting us all more and ▯ more, so that our lives are all subject to the disciplines of the global market ▯ - Hyperglobalizers see regional trade pacts like NAFTA, Mercosul, FTAA, and the EU as ▯ well as international state trade agreements like GATT and the WTO as manifestations of a ▯ new global period reflecting an enormous and relatively recent historical transformation ▯ - They believe governments can no longer control the economy. It is governed by market ▯ forces. Markets are most effective and productive, and cannot be skewed by political ▯ manipulations. They also believe the main factor accelerating globalization is free trade ▯ - The main supports of this concept are Fukuyama and Ohmae 10. ILO ▯ - The International Labour Organization is an organization which has a long history of ▯ improving working conditions and promoting social justice and human rights ▯ - Created to deal with the widespread of industrialization of Europe in the 19th century ▯ - It believes: Labour is not a commodity. Freedom of expression and association are ▯ essential to sustained progress. Poverty anywhere constitutes danger to prosperity ▯ anywhere. All human beings, irrespective of race, creed, or sex, have the right to pursue ▯ both their material well-being and their spiritual development in conditions of freedom and ▯ dignity, of economic security and equal opportunity ▯ - The executive body of the ILO is compromised of 28 government representatives, 14 ▯ employersʼ representative, and 14 employeesʼ representatives. 10 of the government seats ▯ are held by representatives of member states which the organization has categorizes as of ▯ chief industrial importance: Brazil, China, France, Germany, India, Italy, Japan, the Russian ▯ Federation, the United Kingdom, and the US 11. Interdependence ▯ - This term was first used by Karl Marx in the Communist Manifesto. It describes the ▯ universal interdependence of nations and compares it to the old local way of ▯ interdependence and self-sufficiency ▯ - The overall idea is that co-operation between countries is necessary to sustain life. This ▯ idea is assisted by advancements in technology, which means mass production of goods. ▯ Mass production of goods means that we can now export to other countries for profit, those ▯ countries that need certain products they canʼt produce themselves. Co-operation between ▯ countries also enhances communications because it can link governments so they can ▯ trade their countryʼs goods▯ ▯ - A good example is NAFTA, the North American Free Trade Agreement which was created ▯ to increase free trade and investment between parties. This leads to economic growth, ▯ increase in standards of living, and creates employment ▯ - In addition, there is a moral benefit to co-operation among nations whereas aid for the ▯ hungry and ill are concerned, and also other social initiatives. One notable example is ▯ Africa, which has received trillions of dollars in aid 12. Intergovernmentalism ▯ - A system where issues are discussed and acted upon by governments of nation states. ▯ Governments tackle the issue collectively. ▯ - It requires each domestic government to exercise their authoritative power over the people ▯ they govern in order to implement the policies agreed upon. This is opposed to ▯ supranationalism ▯ - The Council of European Union is an intergovernmentalism. The cabinet ministers from ▯ the member states hold conferences and agree to implement policies within the union. The ▯ individual governments are then required to implement the necessary legislations required ▯ for this policy to be achieved ▯ - Realists contend that intergovernmentalism exists only so far as states are able to achieve ▯ their own interests. Liberalists argue that intergovernmentalism is a collective process ▯ where states must view the effect their decisions has on all states per-taking in the ▯ discussions 13. Jacques Delors ▯ - A French economist and politician, the 8th president of the European Commission and the ▯ first person to serve 3 terms in that office ▯ - Known as the architect of the Single European Act, the first modification of the Treaty of ▯ Rome, and of the ambitious reform of funding of the European Community ▯ - During his time at the head of the European Commission, there was major development of ▯ its structure, with the reinforcement of European Community financial systems (the White ▯ Paper for a single internal market), the signing of the treaty of adhesion with Spain and ▯ Portugal, and the creation of the Euro as the single European Currency ▯ - He addressed the British Trade Union Congress, promising that the EC would be a force ▯ to require governments to introduce pro-labour legislation ▯ - He is the created of the Delors commission. European Economic and Monetary Union ▯ was based on the three stage plan drawn up by a committee headed by Delors. 14. John Maynard Keynes: ▯ - Creator of the Bretton Woods system, who believed intervention was necessary, as it was ▯ the only way to combat the great depression, to increase government spending, in public ▯ works, as well as to control interest rates, and to increase public spending ▯ - Keynesʼs view that governments should play a major role in economic management ▯ marked a break with the laissez-faire economics of Adam Smith, which states that ▯ economies function best when markets are left free of state intervention ▯ - He led the British delegation to the Bretton Woods conference in the US. At the ▯ conference he played a significant role in the planning of the World Bank and the ▯ International Monetary Fund ▯ - He believed that political authority would lose authority where market ran rampant, leading ▯ to failure of international-corporations. He also believed in public authority (government) as ▯ a necessary means for sustainable economic order 15. Kenichi Ohmae: ▯ - He is considered a hyperglobalizer. He explored the ways that globalization is dissolving ▯ national borders and redefining the strategic business landscape ▯ - Ohmae argues that stateless corporations or transnational corporations (TNCs) are now ▯ moving around in the interlined economy centered at North America, Europe, and Japan. ▯ Those stateless countries will pursue strategies of global localization in responding on a ▯ worldwide scale to specific regionalized markets and locating effectively to fulfill the ▯ demands of different localized groups of consumers ▯ - Ohmae predicted that statesʼ power will be eliminated while TNCs will dominate it ▯ - He also explored how nation-states have become inefficient, even impossible, business ▯ units in the new global economy, and are to be increasingly replaced by regional economies 16. Kenneth Waltz: ▯ - Waltzʼs key contribution to the realm of political science is in the creation of neorealism, a ▯ theory of international relations which posits that statesʼ actions can often be explained by ▯ the pressures exerted on them by international competition, which limits and constraints ▯ their choices ▯ - Waltz accepts that globalization is posing new challenges to states, but he does not ▯ believe states are being replaced, because no other non-state actor can equal the ▯ capabilities of the state ▯ - Neorealism was Waltzʼs response to what he saw as the deficiencies of classical realism. ▯ The main distinction between classical realism and neorealism is that classical neorealism ▯ puts human natureʼs urge to dominate, at the center of its explanation for war, while ▯ neorealism stakes no claim on human nature and argues that instead the pressures of ▯ anarchy shapes the outcomes regardless of human nature or domestic regimes ▯ - Waltz argued that the world exists in a state of perpetual international anarchy. The ▯ anarchy of international politics means that states must act in a way that ensures their ▯ security above all, or else risk falling behind 17. Kyoto Protocol: ▯ - This is a treaty ratified by the UN, in order to reduce the emission of several harmful ▯ greenhouse gases into the atmosphere, which were thought to be the cause of global ▯ warming ▯ - One of the main factors of this protocol is its notion of “common but differentiated ▯ responsibility”. This suggests that all the signatories are acting towards the common ▯ purposed of protecting the environment, but each country, in their varying capacities, have ▯ different roles to play towards the common end ▯ - The protocol borrows from the concepts of globalization of trade to develop a system of ▯ globalization of environmental protection towards a common good. Some provisions, such ▯ as “emission trading”, allow countries to actually trade their rights to certain levels of ▯ emission, once its within the overall limitations as outlined in the treaty 18. Laissez-faire Capitalism: ▯ - Definition of Laissez-faire is: “Let it be” or “leave it alone”, this is an economic system ▯ commonly associated with economic liberalism or free trade ▯ - Supporters of laissez-faire capitalism do not want the government to interfere in business ▯ matters, or if governments do involve themselves in business matters, to keep government ▯ influence to a minimum ▯ - It was also a practical political response to three major historical events: The Great ▯ Depression of the 1930's, World War II, and the return of a huge wave of veteran soldiers ▯ after the World War II ▯ - It is believed by many that government policies that have tended towards a more laissez- ▯ faire approach are the driving forces behind the economic liberalism that drives ▯ globalization in todayʼs world 19. Least Developed Countries (LDCs): ▯ - Name given to countries by UN exhibiting the lowest indicators of socioeconomic ▯ development, lowest Human Development Index. Country is classified to be the LDC if it ▯ meets the 3 criteria: Poverty, Human resource weakness and Economic vulnerability. ▯ - Jeffrey Sachs has used the term extreme poverty to describe life in an LDC. The state ▯ does not provide: water, sanitation, food, housing, and transportation in most of a country ▯ (LDCs) or is some parts of it (BRICKs, such as China) ▯ - 49 countries have been identified as LDCs. These countries are particularly ill-equipped to ▯ develop domestic economies which are very vulnerable to external shocks or natural ▯ disasters ▯ - The UN General Assembly decides which countries are included in the list of LDCs under ▯ the recommendation of ECOSOC 20. Maastricht Treaty: ▯ - Established the European Monetary system to stabilize monetary-affairs in Western ▯ Europe ▯ - This treaty established the Maastricht criteria and the EU single market which ensures the ▯ free movements of goods, capital, people, and services ▯ - The treaty established the three pillars of the European Union: The European Community ▯ (EC) pillar, the Common Foreign and Security Policy (CFSP) pillar, and the Justice and ▯ Home Affairs (JHA) pillar ▯ - Instead of renaming the European Economic Community, as the EU, the treaty would ▯ establish a legally separate European Union comprising of the renamed European ▯ Economic Community, and of the inter-governmental policy areas of foreign policy, military, ▯ criminal justice, judicial cooperation 21. Mao Zedong: ▯ - Chinese repressive, former communist leader, who led the Communist Party of China to ▯ victory against the KMT in the Chinese Civil War ▯ - Relation with “Forced resettlement programs and expulsion” ▯ - Sent his Red Guard storm troopers to subdue Tibet. 22. Mercosur: ▯ - Originated from NAFTA, it is a regi
More Less

Related notes for POLD89H3

Log In


Don't have an account?

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.