Terms
Define privatization
Selling off what were government businesses to private companies for profit
What is the IPCC and what is its purpose?
Intergovernmental Panel on Climate Change; to help stop or reduce the effects of climate change
The Bretton Woods Conference created which two organizations?
IMF and World Bank
The main supporter of communism, who introduced it to the Russian economy and was a leader before Stalin
Vladimir Lenin
Economic prosperity is usually at odds with environmental sustainability because...?
Governments usually prioritize the economy over the environment
Define tariff
A tax on imports or exports between countries
Set up to enforce fixed exchange rates between currencies and able to give short-term financial aid
IMF
A negative result of NAFTA is...?
-The development of maquiladoras along the Mexican border, taking jobs away from Canada/USA
-Lowered wages across countries to keep jobs competitive
-Undermine decision-making abilities of member countries / regulations
John Maynard Keynes supported what type of economic system?
One where the government intervenes during recessions/depressions in order to help alleviate the economic disruption
What is the resource gap and where is it most evident?
The gap between the resources the earth can reasonably supply and what the people of the world now consume.
It is most evident when looking at developing countries like Bangladesh where only 33% of people have access to electricity.
Define trade liberalization
Freeing up trade through the removal of barriers including tariffs
Able to make long-term loans to help restore economies and rebuild countries destroyed by war
World Bank
What is the main difference between NAFTA and the EU?
EU allows for free movement of goods and [ep[;e
Freidrich Hayek advocated for what type of economic system?
One with minimal government intervention and regulation, where businesses can make the decisions that benefit them
What are the environmental problems associated with shipbreaking?
Hazardous materials released into the ocean including ballast water; scrap metal may instead be left on beaches which damages ecosystems; taking metal away from ships leaves hazardous materials like insulation in the environment
Define sustainability
The degree to which the Earth is able to provide the necessary resources to meet people’s needs
DAILY DOUBLE
What are 2 reasons for Britain wanting to leave the EU?
Maquiladoras were made possible because of what agreement?
NAFTA
Milton Freidman agreed with which economic thinker?
Freidrich Hayek
How many of the UN Millenium Development Goals focus on environmental sustainability or climate change?
One (#7 - Ensure Environmental Sustainability)
Define flag of convenience
Also called flagging out; when a ship is registered in a country other than that of its owner
How does the WTO enforce its decisions?
Through sanctions such as boycotts
What is the new NAFTA called?
USMCA
United States - Mexico - Canada Agreement
DAILY DOUBLE
Who led the USSR after Lenin?
What is the definition of ecological footprint and how much are we allotted?
The area of the earth’s surface necessary to sustain the level of resources a person uses and the wastes they create.
1.89 hectares/person (sustainable level)