IB Global Politics Development Latest Update Graded A+

IB Global Politics Development Latest Update Graded A+ GDP total value of all goods and services produced in a country in a year Gini Coefficient a statistical method of modeling/graphing the extent of wealth inequality GDP per capita Gross domestic product divided by the number of people in the population. infrastructure the basic systems and structures a state needs to work properly Privitization the sale of a business that was owned and managed by government to a private company/individual trickle-down a belief that wealth gained by the rich will effect economy positively because they can invest and make businesses Deregulation removing government rules and controls from some type of business acticity IMF International Monetary Fund agency to promote trade by, giving emergency loans, increasing the exchange stability of the major currencies mixed economy An economy in which private enterprise exists in combination with a considerable amount of government regulation and promotion. Laissez-faire Idea that government should play as small a role as possible in economic affairs. World Systems Theory (Wallerstein) Core regions make decisions for the world, semi- periphery make decisions for themselves and the areas around them, periphery areas are dominated by core and semi-periphery, have little influence Democratic Socialism A socialist form of government that guarantees civil liberties such as freedom of speech and religion. Citizens determine the extent of government activity through free elections and competitive political parties. planned economy economy that relies on a centralized government to control all or most factors of production and to make all or most production and allocation decisions Austrian Economics is a school of thought that stresses the free market, private ownership of property, and limited government. Rostow's Stages of Growth emphasis on infrastructure, and the nurturing of industry with subsidies, investments, and trade relations Development as Modernization (Rostow) emphasizes social change for economic advancement; profit over subsistence and self sufficiency World Bank an international bank that offers low-interest