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capital flight
the movement (flight) of capital from one nation to another, via jobs and resources
chattel slavery
a form of slavery in which one person owns another
core nations
dominant capitalist countries
debt accumulation
the buildup of external debt, wherein countries borrow money from other nations to fund their expansion or growth goals
debt bondage
the act of people pledging themselves as servants in exchange for money for passage, and are subsequently paid too little to regain their freedom
the loss of industrial production, usually to peripheral and semi-peripheral nations where the costs are lower
dependency theory
a theory which states that global inequity is due to the exploitation of peripheral and semi-peripheral nations by core nations
extreme poverty
the state where one is barely able, or unable, to afford basic necessities
first world
a term from the Cold War era that is used to describe industrialized capitalist democracies
fourth world
a term that describes stigmatized minority groups who have no voice or representation on the world stage
GINI coefficient
a measure of income inequality within a country; can be used to compare one country’s inequality to another's
global feminization of poverty
a pattern that occurs when women bear a disproportionate percentage of the burden of poverty
global inequality
the concentration of resources in core nations and in the hands of a wealthy minority
global stratification
the unequal distribution of resources between countries
gross national income (GNI)
the income of a nation calculated based on goods and services produced, plus income earned by citizens and corporations headquartered in that country
modernization theory
a theory that low-income countries can improve their global economic standing by industrialization of infrastructure and a shift in cultural attitudes towards work
peripheral nations
nations on the fringes of the global economy, dominated by core nations, with very little industrialization
relative poverty
the state of poverty where one is unable to live the lifestyle of the average person in the country
second world
a term from the Cold War era that describes nations with moderate economies and standards of living
semi-peripheral nations
in-between nations, not powerful enough to dictate policy but acting as a major source of raw materials and an expanding middle class marketplace
subjective poverty
a state of poverty composed of many dimensions, subjectively present when one’s actual income does not meet one’s expectations
third world
a term from the Cold War era that refers to poor, unindustrialized countries
underground economy
an unregulated economy of labor and goods that operates outside of governance, regulatory systems, or human protections
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