POL SCI 20 Chapter Notes -Free Trade, Universal Declaration Of Human Rights, Absolute Advantage
Document Summary
Mercantilism: an economic doctrine based on a belief that military power and economic influence are compliments; applied especially to colonial empires in the 16th-18th centuries. Mercantilist policies favor the mother country over its colonies and over its competitors. Peace of westphalia: the settlement that ended the 30 years war in 1648; often said to have created the modern state system because it included general recognition of the principles of sovereignty and non-intervention. Sovereignty: the expectation that states have legal and political supremacy or ultimate authority within their territorial boundaries. Hegemony: the predominance of one nation-state over others. A century long period beginning in napoleon"s defeat in 1815 and ending with the outbreak of ww1 in 1914 during which. Britain"s economic and diplomatic influence contributed to economic openness and relative peace. Gold standard: the monetary system that prevailed between about 1970- 1914, in which countries tied their currency to gold at legally fixed prices.
