All Flashcards
What was the Truman Doctrine?
A US policy of providing monetary aid to countries like Greece and Turkey to encourage capitalism and prevent the spread of communism.
What was the 'Miracle of Chile'?
Economic reforms in Chile under Pinochet, including privatization and stabilization of inflation.
What was Deng Xiaoping's 'Southern Tour'?
A series of visits by Deng Xiaoping to promote price and tax reforms, and private ownership in China.
What is Reaganomics?
Supply-side economics policies implemented by President Reagan, aiming for lower prices, lower taxes, and decreased inflation and unemployment.
Describe Thatcher's economic policies.
Government spending policies focused on controlling inflation and reducing regulation in Great Britain.
What is the significance of the end of the Cold War?
It led to a widespread shift towards free market economics and increased economic globalization.
What is outsourcing?
The business practice of hiring a party outside a company to perform services or create goods that were traditionally performed in-house by the company's own employees and staff.
What is automation?
The creation and application of technology to produce goods and services with minimal human intervention.
What is de-escalation?
The reduction of tensions between countries, especially during the Cold War.
What is Inflation?
A general increase in prices and fall in the purchasing value of money.
Who was Margaret Thatcher?
The Prime Minister of Great Britain who implemented free market policies focused on inflation control and deregulation.
Who was Ronald Reagan?
The US President who implemented Reaganomics, aiming to lower taxes and reduce inflation.
Who was Deng Xiaoping?
The Chinese leader who initiated economic reforms, introducing elements of free markets into the socialist economy.
Who was Augusto Pinochet?
The Chilean leader who implemented privatization and inflation stabilization policies known as the 'Miracle of Chile'.
Who was Harry Truman?
The U.S. President who advocated for the Truman Doctrine, providing monetary aid to countries to prevent the spread of communism.
What is Economic Globalization?
Increased interconnectedness of world economies through trade, investments, and financial flows.
What are Multinational Corporations (MNCs)?
Companies operating globally, headquartered in a specific region but functioning across many countries.
What is Free Market Economics?
An economic system where businesses and property are primarily owned by individuals, with limited government intervention.
What is Economic Liberalization?
The process where governments remove controls over markets, promoting deregulation and privatization.
What is a Post-Industrial Economy?
An economy where the service sector dominates over manufacturing, leading to a decline in manufacturing jobs.
What is a Knowledge Economy?
An economy based on communication technology and the spread of information, emphasizing design and innovation.
What is McDonaldization?
The spread of fast-food restaurant principles (efficiency, predictability, standardization) impacting culture and local systems.
Define Transnational Corporations.
MNCs with a global reach, less confined to any single country's laws, operating across national boundaries.
What is the Rust Belt?
Industrial cities in the US Midwest that experienced economic decline due to decreased manufacturing.
What are Asian Tigers?
Countries that created export-processing economies through education and low wages.