Acid Rain: Rain caused by air pollution that damages trees and often crosses borders.

Limiting
acid rain (via limiting nitrogen oxide emissions) has been the subject of several regional
agreements

Antarctic Treaty of 1959: one of the first multilateral treaties concerning the environment. It
forbids military activity as well as the presence of nuclear weapons or the dumping of nuclear
waste. By 1991, Greenpeace had persuaded the treaty signatories to turn the continent into a
“world park”—one of the biggest environmental success stories in politics

Autarky: A policy of self-reliance, avoiding or minimizing trade and trying to produce everything
one needs (or the most vital things) by oneself

Balance of Payments: A summary of all the flows of money into and out of a country. It
includes three types of international transactions: the current an account (including the
merchandise trade balance), flows of capital, and changes in reserves

Balance of trade: the value of a state’s exports relative to its imports

Basic human needs: the fundamental needs of people for adequate food, shelter, health, care,
sanitation, and education. Meeting such needs may be thought of as both a moral imperative
and a form of investment in “human capitl” essential for economic growth

Bilateral aid: government assistance that goes directly to governments as state-to-state aid

Biodiversity: the tremendous diversity of plant nad animal species making up the earh’s
(global, regional, and local) ecosystems

Brain drain: poor countries’ loss of skilled workers to rich countries

Bretton Woods system: a post-WWII arrangement for managing the world economy,
esptablished ata meeting in Bretton Woods, NH, in 1944. Its main institutional components are
the World Bank and the Internatioanl Monetary Fund (IMF)

Cartel: an association of producers or consumers (or both) of a certain product, formed for the
purpose of manipulating its price on the world market

Cash crops: an agricultural good produced as a commodity for exports to world markets

Central Bank: an institution common in industrialized countries wohose major tasks are to
maintain the value of the state’s currency and to control inflation

Centrally planned economy: an economy in which political authorities set prices and decide
on quotas for production and consumption of each commodity according to a long-term plan

Comparative advantage: the principle that says states should specialize in trading goods that
they produce wtiht the great relative defficientcy and at the lowest relative cost ( relative, that
is, to other goods produced by the same state)

Cultural imperialism: a term critical of U.S. dominance of the emerging global culture

Debt renegotiation: a reworking of the terms on which a loan will be repaid; frequently
negotiated by poor debtor governments in order to avoid default

Default: failure to make scheduled debt payments

Demographic transition: the pattern of falling death rates, followed by falling birthrates, that
generally accompanies industrializaing and economic development
Dependency theory: a Marxist-oriented theory that explains the lack of capital accumulation
in poor countries as a result of the interplay between domestic class relations and the forces of
foreign capital

Devaluation: a unilateral move to reduce the value of a currency by changing a fixed or official
exchange rate

Developing countries: states in the global South, the poorest regions of the world— also
called third world countries, less-developed countries, and undeveloped countries

Development Assistance Committee(DAC): a committee whose members—consisting of

states from Western Europe, North America, and Japan/Pacific—provide 95 of official
development assistance to countries of the global South

Digital divide: the gap in access to information technologies between rich and poor people and
between global North and South

Disaster relief: provision of short-term relief in the form of food, water, shelter, clothing, and
other essentials to people facing natural disasters

Discount rate: the interest rate charged byh governments when they leend money to private
banks. The discount rate is set by countries’ central banks

Doha Round: a series of negotiantions under the World Trade Organization th began in Doha,
Qatar, in 2001. It followed the Uruguay Round and has focused on agricultural subsidies,
intellectual property, and other issues

Dumping: the sale of products in foreign markets at prices below the minimum level necessary
to make a profit (or below cost)

Economic development: the combined process of capital accumulation, rising per capita
incomes (with consequent falling birthrates), the increasing of skills in the population, the
adoption of new technological styples, and other related social and economic changes

Economic liberalism: in the context of IPE, an approach that generally shares the assumption
of anarchy (the lack of a world government) but does not see this condition as precluding
extensive cooperation to realize common gains from economic exchanges. It emphasizes
absolute over relative gains and, in prcitice, a commitment to free trade free capital flows, and
an “open” world economy. (Also see mercantilism and neoliberal)

Enclave economy: a historically important form of dependency in which foreign cpatial is

invested in a developing country to extract a particular raw material in a particular place—
usually a mine, oil well, or plantation (also see dependency theory)

Enclosure: the splitting of a common area or good into privately owned pieces, giving individual
owners an incentive to manage resources responsibly

Exchanged Rate: The rate at which one state’s currency can be exchanged for currency of
another state. Since 1973, the international monetary system has depended mainly on floating
rather than fixed exchanges.

Export-led growth: development strategy that seeks to develop industries capable of competing
in a specific niche in the world economy
Fiscal policy: govt’s choices about spending and taxation

Fixed exchange rates: official exchange rates set by govts, not as common since 1973

Floating exchange rates: rates determined by global currency mrkts with private and govts
buying and selling currencies

Foreign assistance: $/other aid given to states in global south to help development or
humanitarian needs

“Four tigers/dragons”: new, successful, and industrialized, South Korea, Taiwan, Hong Kong,
Singapore

Free trade: flow of goods/services across national boundaries unimpeded by tariffs

General Agreement on Tariffs and Trade(GATT): 1947, world org established to work for freer
trade, more a negotiating table than an institution; became the WTO in 1995

Generalized System of Preferences(GSP): starting in the 70’s, countries began to give tariff
concessions to poorer states on certain imports

Global warming: slow, long-term rise in avg world temp caused by greenhouses gases

Gold standard: system of international monetary relations, prominent for century before 1970s,
national currencies were pegged to value of gold

Greenhouse gases: CO2 and other gases that trap energy in the atmosphere

Hard currency: money that can be readily converted to leading world currencies

High seas: part of ocean considered common territory, not under any state jurisdiction

Hyperinflation: extremely rapid, uncontrolled rise in prices, (think Germany post WWI)

IMF conditionality: agreement on IMF loan that certain govt policies are to be adopted by the
borrower

Import substitution: strategy of developing local industries, often done behind protectionist
barriers, to produce items the country had been importing

Industrialization: use of fossil-fuel energy to drive machinery and accumulation of products

created by it

Infant mortality rate: proportion of babies that die within first yr of life

Intellectual property rights: legal protection of original works of inventors, authors, creators, and
performers under patent, copyright, and trademark law

Interdependence: political/economic situation in which two states are simultaneously dependent

on each other for their well-being

International Monetary Fund(IMF): IGO that coordinated international currency exchange, the
balance of international payments, and national accounts, along with WTO, it is a pillar of the intl
finance system
International Whaling Commission: IGO that sets quotas for hunting certain whale species, state
participation is voluntary

Keynesian economics: govt should sometimes use deficit spending to stimulate economic growth

Kyoto Protocol: 1997, main treaty on global warming, mandates carbon emission cuts (US didn’t
sign)

Land reform: policies aimed to break up large land holding and redistribute land to poor peasants

Malnutrition: lack of foods including protein & vitamins

Managed float: system of occasional multination govt interventions in currency mrkts to manage
otherwise free-floating rates

Mercantilism: econ theory opposed to free trade, believes that each state need to protect their
own interests w/o seeking gains through international orgs

Microcredit: tiny loans to small groups of individuals, often women, to stimulate economic
development

Migration: movement between states, usually emigration from old state and immigration to new
state

Millennium Development Goals: UN targets for basic needs, adopted in 2000, target date of 2015
(more info on p.261)

Mixed economies: economies such as ours, contain both govt control and private ownership
Monetary policy- A government’s decisions about printing and circulating money, and one of the
two major tools of macroeconomic policy making (the other is fiscal policy)

Montreal Protocol- An agreement on protection of the ozone layer in which states pledged to
reduce and then eliminate use of chlorofluorocarbons (CFCs). It is the most successful
environmental treaty to date.

Most-favored Nation (MFN) - A principle by which one state, by granting another state MFN
status, promises to give it the same treatment given to the first state’s most-favored trading
partner.

Multilateral aid- Government foreign aid from several states that goes through a third party, such
as the UN or another agency

Multinational Corporations (MNC) - A company based in one state with affiliated braches or
subsidiaries operating in other states.

Neocolonialism- The continuation, in a former colony, of colonial exploitation without formal

political control

Newly industrializing countries (NIC) - Countries in the global South that have achieved self-
sustaining capital accumulation, with impressive economic growth. The most successful are the
“four tigers” or “four dragons” of East Asia: South Korea, Taiwan, Hong Kong, and Singapore

Nontariff barriers- Forms of restricting imports other than tariffs, such as quotas (ceilings on how
many goods of a certain kind can be imported).
North American Free Trade Agreement (NAFTA) - A free trade zone encompassing the United
States, Canada, and Mexico since 1994

Organization of Petro Exporting Countries(OPEC)- The most prominent cartel in the international
economy; its members control about half the world’s total oil exports, enough to significantly
affect the world price of oil.

Oxfam America- A private charitable group that works with local communities to determine the
needs of their own people and to carry out development projects

Ozone layer- The part of the atmosphere that screens out harmful ultraviolet rays from the sun.
Certain chemical used in industrial economies break the ozone layer down.

Peace Corps- An organization started by President John Kennedy in 1961 that provides U.S.
volunteers for technical development assistance in poor countries.

Pro-natalist- A government policy that encourages or forces childbearing, and outlaws or limits
contraception

Protectionism- The protection of domestic industries against international competition, by trade

tariffs and other means

Refugees- People fleeing their countries to find refuge from war, natural disaster, or political
persecution. International law distinguishes them from migrants.

Reserves- Hard-currency stockpiles kept by the states

Resource curse- The difficulties faced by resource-rich developing countries, including

dependence on exporting one or a few commodities whose prices fluctuate, as well as potentials
for corruption and inequality

Service sector- The part of an economy that concerns services (as opposed to the production of
tangible goods); the key focus in international trade negotiations is on banking, insurance, and
related financial services.

Special Drawing Right (SDR) - A world currency created by the International Monetary Fund (IMF)
to replace gold as a world standard. Valued by a “basket” of national currencies, the SDR has
been called “paper gold”.

State-owned industries- Industries such as oil-production companies and airlines that are owned
wholly or partly by the state because they are thought to be vital to the national economy

Subsistence farming- Rural communities growing food mainly for their own consumption rather
than for sale in local or world markets

Tariff- A duty or tax levied on certain types of imports (usually as a percentage of their value) as
they enter a country.

Technology transfer- Developing states’ acquisition of technology (knowledge, skills, methods,

designs, specialized equipment, etc.) from foreign sources, usually in conjunction with direct
foreign investment or similar business operations

Tragedy of the commons- A collective goods dilemma that is created when common
environmental assets (such as the world’s fisheries) are depleted or degraded through the failure
of states to cooperate effectively. One solution to “enclose” the commons (split them into
individually owned pieces); international regimes can also be a (partial) solution.
Transitional economies- Countries in Russia and Eastern Europe that are trying to convert from
communism to capitalism, with various degrees of success

UN Convention on the Law of the Sea (UNCLOS) - A world treaty (1982) governing use of the
oceans. The UNCLOS treaty established rules on territorial waters and a 200-mile exclusive
economic zone.

UN Development Program (UNDP) - A program that coordinates the flow of multilateral

development assistance and manages 5,000 projects at once around the world (focusing
especially on technical development assistance).

UN Environment Program (UNEP) - A program that monitors environmental conditions and,

among other activities, works with the World Meteorological Organization to measure changes in
global climate.

Urbanization- A shift in population from the countryside to the cities that typically accompanies
economic development and is augmented by displacement of peasants from subsistence farming

World Bank- Formally the International Bank for Reconstruction and Development (IBRD), an
organization that was established in 1944 as a source of loans to help reconstruct the European
economies. Later, the main borrowers were developing countries and, in the 1990s, Eastern
European ones.

World Trade Organization (WTO) - An organization begun in 1995 that expanded the GATT’s
traditional focus on manufactured goods and created monitoring and enforcement mechanisms.

World-system- A View of the world in terms of regional class divisions, with industrialized
countries as the core, poorest countries as the periphery, and other areas (for example, some of
the newly industrialized countries) as the semi-periphery.
Article 15: Globalization and Its Contents

1. “People Living twice as long as a century ago”

a. Most evident in poor parts of the world. Since 1950 life expectancy has doubled in
developing countries
b. This has been linked to lower infant mortality, better nutrition (including an 85%
increase in daily caloric intake), improved sanitation, immunizations, and other
public health advances
2. Comparative Advantage
a. this has been argued to be bad for wealthy countries
b. However, through this, economies are able to switch from an import and capital
intensive sectors, to more dynamic economic measures
c. This usually triggers a rise in unemployment at first, but after time economies
adjust and unemployment causes the creation of new jobs in export sectors
3. Thriving Middle Class
a. With the adoption of free-market practices has gone hand-in-hand with greater
political freedoms
b. 1960, 60% of the global middle class lived in the industrialized world
i. By 2000, the number of middle class citizens were 83% in the developing
world
c. It is anticipated that India and China combined could easily produce middle classes
of 400-800 million people over the next two generations (that’s the size of the
current middle class in the US, Western Europe, and Japan combined!)
d. According to the World Bank, a higher share of income for the middle class is
associated with increased national income and growth, impoved health, better
infrastructure, sounder economic policies, less instability and civil war, and more
social modernization and democracy
4. Human Development Index (HDI)
a. Looks at not only income, but life expectancy and education (literacy and school
enrollment)
b. This shows that the gap between evolving and modern countries is closing
i. In 1960, the gap was about 5x (from least developed countries to modern
countries)
c. Higher numbers indicate greater development
 5. Protectionism
a. One of the responses to globalization has been the attempt to pull inward, to save
traditional industries and cultures, and to expel foreigners and foreign ideas
b. Farming subsidies in wealthy countries total $350 billion a year, or seven times the
$50 billion that such countries provide annually in foreign aid to the developing
world
i. These trade policies may exclude developing countries from $700 billion in
commerce annually
Article 16: It’s a Flat World, After All

1. Flat World
a. The world is becoming a more level field than ever
b. It is now more feasible to have competition in developing societies
i. Through cheaper technology (computers, phone access, internet, etc)
ii.Through the internet, and programs such as Skype we are able to conduct
meetings with people around the globe without having to leave home
2. Outsourced
a. Sending domestic work out to foreign countries
b. Relates this to Y2K at the turn of the century when the we were preparing for our
computers to crash
c. “The fact that the Y2K work could be outsourced to Indians was made possible
by the first two flatteners, along with a third, which I call ''workflow.''
i. Workflow is the ability for work to be spread through the connectivity of
the internet
3. “people in China and India are starving for your jobs”
a. This quote exemplifies the changing world. People in developing countries have
greater opportunities to compete in the global market place. There is fewer
boundaries than ever, and therefore unemployment due to outsourcing labor is
becoming feared more and more.
b. This quote came from, “Finish your dinner—people in China are starving,” but
now it is, “Finish your homework—people in China and India are starving for your
jobs”

Article 17: Why the World Isn’t Flat

1. 10 percent presumption
a. The level of internationalization associated with any cross-border migration, as a
fraction of GDP is around 10%
b. In the cross-border transaction he includes: telephone class, management research
and education, private charitable giving, patenting, stock investment, and trade
c. If you double count transactions to be in more than one category the number of
international transactions is closer to 20%
d. In the 21st century, internationalization cannot be ignored

Article 18:The Case against the West

1. NPT
a. The Nuclear nonproliferation Treaty (NPT)
b. Prevented the horizontal spread of nuclear weapons
 c. “It was always unnatural for the 12 percent of the world population that lived in the
west to enjoy so much global power. Understandably, the other 88 percent of the
world population increasingly wants also to drive the bus of world history”
2. “Global trade grew from 7% to 30% of DGP in 65 years”
a. This was due to the European and American fight for free trade and further
liberalization of economic boundaries; yet, but then he criticizes America for failing
to fairly compete on the global scale
b. He claims that that our sense of free trade has been skewed and now we are afraid
of fair international competition
3. 88% of world population want to drive bus of world history
a. Believes that the West needs to acknowledge that sharing the power it has
accumulated in global forums would serve its interests
i. Wants to restructure international institutions to reflect the current world
order… “it will be complicated by the absence of natural leaders to do the
job”
b. Pits democracy against America saying that each human being in a society is an
equal stakeholder in the domestic order

Article 19: A Bigger World

1. Lenova
a. A Chinese computer maker
b. Became a global brand in 2005, bringing in revenues of $16.8 billion last year
c. Bought the right to use IBM’s pc business along with the ThinkPad laptop range
d. “It took 25 years for the PC to get to the first billion consumers; the next billion
should take seven years”
2. “Blend big firms and entrepreneurial capitalism”
a. The new globalization along with merging firms has allowed for the spread
monopoly like firms throughout the world
b. Lenova was one of the only firms (out of the 29 firms in the Fortune 500) which is
truly market-driven
c. However with these mergers and the acquisition of more and more technology
throughout the world (especially in developing countries) we have an increase in
living standards

Article 20: The Lost Continent

1. “Waiting Game”
a. Latin America’s global competitive shortcomings cannot be reduced simply or
quickly, and therefore we/they must learn the virtue of patience
b. “Investors will continue to ignore good projects that cannot offer quick returns,
governments will only pick policies that can generate rapid, visible results even if
they are unsustainable or mostly cosmetic, and voters will continue to shed leaders
that don’t deliver soon enough”
c. Lat Americans should build on what exists and is partially working, rather than
develop a whole new ideology and strategy to change their way of life

Article 21: Promises and Poverty

1. 66 cents a day
a. The amount of money that “Hailu,” a dirt poor farmer in Ethiopia makes per day
b. He has to go to town (35 miles away) to trade in his coffee, which intrudes on his
capital because it takes 4 days of pay for a bus ticket
c. There is no minimum wage in Ethiopia
i. Normal pay is in the 20 dollar range
2. Deforestation rate of 12.2%
a. The highest rate of deforestation which occurred in Gemadro
 b. This is due to smaller coffee and tea famers that are cutting down more and more
trees, claims, Gole, an author of a recent study about the environmental and
cultural impacts of coffee and tea plantations in Ethiopia
3. C.A.F.E. Coffee And Farmer Equity
a. Rewards farmers for meeting social and environmental goals
b. “Fair Trade is absolution in a cup,” says a representative of Star Bucks
i. The article goes on to criticize this point saying that the statement is only
partially true

• Oxfam
○ Oxfam
 International relief and development organization that creastes lasting
solutions to poverty, hunger, and injustice through a rights-based approach
○ Rights-based approach
 Based on a human rights framework, a rights-based approach to
development focuses on changing basic power dynamics.
○ Capacity building
 Goal is to create the conditions under which people can live in dignity and
peace and dvelop their full potential. You need gender equality, you need to
create & protect economic opportunities, advocacy for fair trade, and reduce
vulnerability to disasters
○ Subsidy reform
 Subsidy reform could increase income of African farmers by 8%-20%, US argi
policy encourages US farmers to produce more than they normally would and
the extra surplus depresses prices
○ Fair Trade
 Movement designed to provide growers a fair price for their goods, ensure
they can earn a decent living
○ Ethiopia’s Trademark Initiative
 Unique Ethiopian names are property of Ethiopia, campaign got Starbucks to
acknowledge Ethiopian intellectual property rights giving allowing farmers a
greater share in the profits

• Grameen Bank
○ Grameen Bank/Mhuhammad Yunus
 Yunus created Grameen Bank in 1983, lends to 2.4 million, 94% women,
repayment rate between 96-100%
○ Power of peers
 Borrowers are required to join the bank in groups of 5, provide mutual
support and assistance, allow for peer discipline by evaluating business
viability and ensuring repayment, if one member fails to repay a loan, all
members risk having their line of credit suspended
○ “Top-Down” view
 Creating opportunities for employment is the only way to end poverty
 Yunus believes the eradication of poverty starts with people being able to
control their own fates, not just create low paying jobs but to provide them
the opportunity to realize their full potential
○ Microcredit
 Lending of tiny amounts of money. Views each person as a potential
entrepreneur, it starts tiny engines and once enough start working there is
room for enormous change

• BRAC
○ BRAC
 Largest antipoverty group in the world, offers “all-in-one” programs
  It makes microloans, runs pre/primary schools, healthcare support
○ “Social-entreprenuership”
 BRAC founder Abed trained groups of women to teach others how to mix
water solutions to prevent fatal fluid loss in children.
 Monitors would grade households on how well they did, the grade would
determine the pay for the instructors, it was an incentive based social
program

• Ensuring Energy Security
○ China self-sufficient in 1993, today imports 50% of its oil
 Rapid economic development has led to increased demand that it now has to
import
○ Diversity of Supply
 “Safety and certainty in oil lie in variety and variety alone”-Winston Churchill
 Multiple supply sources deduces impact of disruption in supply from one
source
○ Chokepoints
 Strategic points, most in/around Middle East where a ton of oil is shipped
daily
 Ships commandeered and scuttled in these waterways would greatly disrupt
supply
 Ex. of chokepoints, Strait of Hormuz, Suez Canal, Bosporus strait, Strait of
Malacca
○ US Import of Oil (basically the US is at risk because of increasing dependence on
import oil)
 1973 = 33%
 2006 = 58%
 2020 = 70% (estimate)

• Carbon tax/ tax of $20-$50

○ The UN’s Interngovernmental Panel on Climate Change states that fossil fuels
should carry a tax of $20-$50 for every ton of carbon dioxide they generate in order
to pay for the environment effects

• US Consumes 6 gal of gas per person per day; Denmark = 3 gal

○ In order to sustain high energy prices at little economic cost, we would have to cut
back from 6/gal/day to 1.5/gal/day
○ To cut back on consumption we have to change our life styles, the book reference
families driving hundreds of miles for a child soccer game or the fact that some
cities were built w/o sidewalks
○ Denmark, by public policy, makes energy expensive, but they haven’t had a
decrease in standard of living
Article 8: 1/8 of World’s People Hungry
Unequal distribution- The world produces more than enough food to feed all the people
in the world, but it is not equally distributed amongst the individuals in the world. The
unequal distribution of food among the countries as well as within the countries is deeply
rooted in poverty because those countries are unable to buy enough food in the world
markets and even when it is available the hungry are unable to afford it. Poverty also
limits the production of food in impoverished areas because don’t have the resources to
grow their own food.

HIV/AIDS- Those who go hungry are the poor and many of the poor people suffer from
illnesses like HIV/AIDS. These people can be found in developing countries where
contraception is not widely spread. This disease exacerbates the plague of hunger
 because many children are left parentless without one to provide them with food which
increases the number of individuals that go hungry.

“Rapid economic growth for poor people”- The only way to eliminate poverty and
malnutrition is to implement rapid economic growth for poor people. The policies that will
be most effective will depend on the local and national circumstances. One of the main
programs that will be implemented is the development of rural areas which will emphasize
agriculture, basic education, health services, and good governance.

Article 10: Bubble Economy

carbon to hydrogen-based economy- To keep the bubble economy from bursting due
to pressure from an increasing population the world must shift to a hydrogen-based
economy to stabilize climate. Currently, we are a carbon-based economy which is
affecting the atmosphere resulting in global warming. Advances in technologies like wind
turbines design and solar cell manufacturing will aid in creating a climate-benign hydrogen
economy. Some countries have begun to transition from carbon-based economies to
hydrogen-based: Iceland, Denmark, Germany, Japan, Netherlands, and Canada. Moving
away from burning fossil fuels will require using renewable energy resources.

“environmentally sustainable, socially equitable, and democratically based

global society”- The challenge in ensuring the economic bubble does not burst is
building a global society that is environmentally sustainable, socially equitable, and
democratically based. This would spread equality and would actually be more cost
effective because it would undermine the spread of terrorism.

Article 11: “Great Leap Backward?”

“Green GDP” campaign- A project designed to calculate the costs of environmental
degradation and pollution to local economies and provide a basis for evaluating the
performance of local officials both according to how well they protect their economic
stewardship and according to how well they protect the environment. (Started in 2005 by
SEPA, State Environmental Protection Administration.) Eighteen percent of companies
have said they could thrive economically while doing the right thing for the environment,
but the findings were never published because didn’t think the Green GDP could be
accurately accounted for.

Red to Green- China’s movement from being Communist to being environmentally

friendly. All countries have to balance the short-term costs of improving environmental
protection with the long-term costs of failing to do so. China not only faces that, but also
the additional burden of corruption and an undemocratic political system which is
responsible for some of their environmental problems. Many local officials and business
leaders ignore environmental laws and regulations. Need to start their transition from
bottom-up. Begin with the energy-efficiency of its factories.

Article 38: Humanity’s Common Values

Gross National Happiness indicator in Bhutan- “reflect the goals of this Buddhist
nation, and exemplify the importance of clarifying the goals and values of society and
creating indicators to measure what we treasure: health, happiness, education, human
rights, family, country, harmony, peace, and environmental quality and restoration.”

9/11 as “unethical and criminal act”- if the human community can learn to apply the
universal values to all people, there will be less terrorist attacks because less people will feel
marginalized and then when attacks do occur everyone can see them as unethical. (169)

“whatever affects one, sooner or later affects all” M.L. King Jr.- Whatever society,
culture, civilization, or religion one is a part of, all humans just want to love and let others
 live in peace and harmony. We live in a human community where everyone is
interconnected meaning that whatever affects one of us will eventually affect all of us.

Article 39: Modernity

Secularization- The idea of inevitable secularization has fallen out of favor with many
scholars and journalist. It is now believed that state and religion are coming back together
because openly religious people being elected as high officials. Also, more laws are being
passed which deal with religious views such as gay marriage and abortion.

Article 40: “mechanistic view of nature”

“Living University”- The universe use to be viewed as dead, but now a new view has
come into perspective. If the whole universe is alive, if the universe is like a great
organism, then everything within it is best understood as live. Since it is alive then it
should be valued and respected just like any other living being. A more “organic” view of
the world now; use to view the world as a machine.

Globalization is the growing interconnectedness of the societies and cultures through technology change
and economic trade.

North-South Divide is gap in economic development between developed countries in the northern
hemisphere and developing countries in the southern hemisphere. About a billion people in the global
south live in extreme poverty.

Trade operates via hard currencies, foreign aid, direct investment, debt,

World Bank – established at Bretton Woods to assit with reconstruction and development

IMF- coordinates intl currency exchange, balance of intl payments, national accts, (Special drawing right)-
paper gold, its held as a hard-currency reserve by state’s central banks, can be exchanged for intl
currencies, it can’t buy goods, only owned by states

Fed controls print of money and discount rate- interest rate govt charges to banks

Supply-amt of money govt prints

Demand-depends on stability/health of a govt

WTO-MFN

Sustainable development is a pattern of resource use that tries to meet human need without
compromising the environment to the point where we can’t meet the needs of the future