Acid Rain: Rain Caused by Air Pollution

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    Acid Rain : Rain caused by air pollution that damages trees and often crosses borders. Limitingacid rain (via limiting nitrogen oxide emissions) has been the subject of several regionalagreements

    Antarctic Treaty of 1959 : one of the first multilateral treaties concerning the environment. Itforbids military activity as well as the presence of nuclear weapons or the dumping of nuclearwaste. By 1991, Greenpeace had persuaded the treaty signatories to turn the continent into aworld parkone of the biggest environmental success stories in politics

    Autarky : A policy of self-reliance, avoiding or minimizing trade and trying to produce everythingone 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. Itincludes three types of international transactions: the current an account (including themerchandise trade balance), flows of capital, and changes in reserves

    Balance of trade : the value of a states 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 imperativeand 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 earhs(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 arethe World Bank and the Internatioanl Monetary Fund (IMF)

    Cartel : an association of producers or consumers (or both) of a certain product, formed for thepurpose 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 tomaintain the value of the states currency and to control inflation

    Centrally planned economy : an economy in which political authorities set prices and decideon 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 thatthey produce wtiht the great relative defficientcy and at the lowest relative cost ( relative, thatis, 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; frequentlynegotiated by poor debtor governments in order to avoid default

    Default : failure to make scheduled debt payments

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    Demographic transition : the pattern of falling death rates, followed by falling birthrates, thatgenerally accompanies industrializaing and economic developmentDependency theory : a Marxist-oriented theory that explains the lack of capital accumulationin 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 officialexchange rate

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

    Development Assistance Committee(DAC): a committee whose membersconsisting of states from Western Europe, North America, and Japan/Pacificprovide 95 of officialdevelopment assistance to countries of the global South

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

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

    Discount rate : the interest rate charged byh governments when they leend money to privatebanks. 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 necessaryto make a profit (or below cost)

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

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

    Enclave economy : a historically important form of dependency in which foreign cpatial isinvested 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 individualowners an incentive to manage resources responsibly

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

    Export-led growth: development strategy that seeks to develop industries capable of competingin a specific niche in the world economy

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    Fiscal policy: govts 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 govtsbuying and selling currencies

    Foreign assistance: $/other aid given to states in global south to help development orhumanitarian 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 freertrade, more a negotiating table than an institution; became the WTO in 1995

    Generalized System of Preferences(GSP): starting in the 70s, 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: CO 2 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 theborrower

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

    Industrialization: use of fossil-fuel energy to drive machinery and accumulation of productscreated 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, andperformers under patent, copyright, and trademark law

    Interdependence: political/economic situation in which two states are simultaneously dependenton each other for their well-being

    International Monetary Fund(IMF): IGO that coordinated international currency exchange, thebalance of international payments, and national accounts, along with WTO, it is a pillar of the intlfinance system

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    International Whaling Commission: IGO that sets quotas for hunting certain whale species, stateparticipation 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 didntsign)

    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 manageotherwise free-floating rates

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

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

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

    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 ownershipMonetary policy- A governments decisions about printing and circulating money, and one of thetwo 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 toreduce and then eliminate use of chlorofluorocarbons (CFCs). It is the most successfulenvironmental treaty to date.

    Most-favored Nation (MFN) - A principle by which one state, by granting another state MFNstatus, promises to give it the same treatment given to the first states most-favored tradingpartner.

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

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

    Neocolonialism- The continuation, in a former colony, of colonial exploitation without formalpolitical 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 thefour 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 howmany goods of a certain kind can be imported).

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    North American Free Trade Agreement (NAFTA) - A free trade zone encompassing the UnitedStates, Canada, and Mexico since 1994

    Organization of Petro Exporting Countries(OPEC)- The most prominent cartel in the internationaleconomy; its members control about half the worlds total oil exports, enough to significantlyaffect the world price of oil.

    Oxfam America- A private charitable group that works with local communities to determine theneeds 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 limitscontraception

    Protectionism- The protection of domestic industries against international competition, by tradetariffs and other means

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

    Reserves- Hard-currency stockpiles kept by the states

    Resource curse- The difficulties faced by resource-rich developing countries, includingdependence on exporting one or a few commodities whose prices fluctuate, as well as potentialsfor 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, andrelated 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 hasbeen called paper gold.

    State-owned industries- Industries such as oil-production companies and airlines that are ownedwholly 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 ratherthan 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) asthey enter a country.

    Technology transfer- Developing states acquisition of technology (knowledge, skills, methods,designs, specialized equipment, etc.) from foreign sources, usually in conjunction with directforeign investment or similar business operations

    Tragedy of the commons- A collective goods dilemma that is created when commonenvironmental assets (such as the worlds fisheries) are depleted or degraded through the failureof states to cooperate effectively. One solution to enclose the commons (split them intoindividually owned pieces); international regimes can also be a (partial) solution.

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    Transitional economies- Countries in Russia and Eastern Europe that are trying to convert fromcommunism to capitalism, with various degrees of success

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

    UN Development Program (UNDP) - A program that coordinates the flow of multilateraldevelopment assistance and manages 5,000 projects at once around the world (focusingespecially 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 inglobal climate.

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

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

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

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

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    5. Protectionisma. 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 ideasb. 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 developingworldi. These trade policies may exclude developing countries from $700 billion in

    commerce annuallyArticle 16: Its a Flat World, After All

    1. Flat Worlda. The world is becoming a more level field than everb. 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. Outsourceda. Sending domestic work out to foreign countriesb. Relates this to Y2K at the turn of the century when the we were preparing for our

    computers to crashc. 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 internet3. people in China and India are starving for your jobs

    a. This quote exemplifies the changing world. People in developing countries havegreater opportunities to compete in the global market place. There is fewerboundaries than ever, and therefore unemployment due to outsourcing labor is

    becoming feared more and more.b. This quote came from, Finish your dinnerpeople in China are starving, but

    now it is, Finish your homeworkpeople in China and India are starving for your jobs

    Article 17: Why the World Isnt Flat

    1. 10 percent presumptiona. 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 tradec. If you double count transactions to be in more than one category the number of

    international transactions is closer to 20%d. In the 21 st century, internationalization cannot be ignored

    Article 18 :The Case against the West

    1. NPTa. The Nuclear nonproliferation Treaty (NPT)b. Prevented the horizontal spread of nuclear weapons

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    c. It was always unnatural for the 12 percent of the world population that lived in thewest to enjoy so much global power. Understandably, the other 88 percent of theworld population increasingly wants also to drive the bus of world history

    2. Global trade grew from 7% to 30% of DGP in 65 yearsa. 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 failingto fairly compete on the global scale

    b. He claims that that our sense of free trade has been skewed and now we are afraidof fair international competition

    3. 88% of world population want to drive bus of world historya. Believes that the West needs to acknowledge that sharing the power it has

    accumulated in global forums would serve its interestsi. 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 anequal stakeholder in the domestic order

    Article 19: A Bigger World

    1. Lenovaa. A Chinese computer makerb. Became a global brand in 2005, bringing in revenues of $16.8 billion last yearc. Bought the right to use IBMs pc business along with the ThinkPad laptop ranged. It took 25 years for the PC to get to the first billion consumers; the next billion

    should take seven years2. Blend big firms and entrepreneurial capitalism

    a. The new globalization along with merging firms has allowed for the spreadmonopoly like firms throughout the world

    b. Lenova was one of the only firms (out of the 29 firms in the Fortune 500) which istruly market-driven

    c. However with these mergers and the acquisition of more and more technologythroughout the world (especially in developing countries) we have an increase inliving standards

    Article 20: The Lost Continent

    1. Waiting Gamea. Latin Americas global competitive shortcomings cannot be reduced simply or

    quickly, and therefore we/they must learn the virtue of patienceb. 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 leadersthat dont deliver soon enough

    c. Lat Americans should build on what exists and is partially working, rather thandevelop a whole new ideology and strategy to change their way of life

    Article 21: Promises and Poverty1. 66 cents a day

    a. The amount of money that Hailu, a dirt poor farmer in Ethiopia makes per dayb. 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 ticketc. There is no minimum wage in Ethiopia

    i. Normal pay is in the 20 dollar range2. Deforestation rate of 12.2%

    a. The highest rate of deforestation which occurred in Gemadro

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    b. This is due to smaller coffee and tea famers that are cutting down more and moretrees, claims, Gole, an author of a recent study about the environmental andcultural impacts of coffee and tea plantations in Ethiopia

    3. C.A.F.E. Coffee And Farmer Equitya. Rewards farmers for meeting social and environmental goalsb. 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 onlypartially true

    Oxfam Oxfam

    International relief and development organization that creastes lastingsolutions to poverty, hunger, and injustice through a rights-based approach

    Rights-based approachBased on a human rights framework, a rights-based approach todevelopment focuses on changing basic power dynamics.

    Capacity buildingGoal is to create the conditions under which people can live in dignity andpeace and dvelop their full potential. You need gender equality, you need tocreate & protect economic opportunities, advocacy for fair trade, and reduce

    vulnerability to disasters Subsidy reformSubsidy reform could increase income of African farmers by 8%-20%, US argipolicy encourages US farmers to produce more than they normally would andthe extra surplus depresses prices

    Fair TradeMovement designed to provide growers a fair price for their goods, ensurethey can earn a decent living

    Ethiopias Trademark InitiativeUnique Ethiopian names are property of Ethiopia, campaign got Starbucks toacknowledge Ethiopian intellectual property rights giving allowing farmers agreater 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 peersBorrowers are required to join the bank in groups of 5, provide mutualsupport and assistance, allow for peer discipline by evaluating businessviability and ensuring repayment, if one member fails to repay a loan, allmembers risk having their line of credit suspended

    Top-Down viewCreating opportunities for employment is the only way to end poverty

    Yunus believes the eradication of poverty starts with people being able tocontrol their own fates, not just create low paying jobs but to provide themthe opportunity to realize their full potential

    MicrocreditLending of tiny amounts of money. Views each person as a potentialentrepreneur, it starts tiny engines and once enough start working there isroom for enormous change

    BRAC BRAC

    Largest antipoverty group in the world, offers all-in-one programs

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    It makes microloans, runs pre/primary schools, healthcare support Social-entreprenuership

    BRAC founder Abed trained groups of women to teach others how to mixwater solutions to prevent fatal fluid loss in children.Monitors would grade households on how well they did, the grade woulddetermine the pay for the instructors, it was an incentive based socialprogram

    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 toimport

    Diversity of SupplySafety and certainty in oil lie in variety and variety alone-Winston ChurchillMultiple supply sources deduces impact of disruption in supply from onesource

    ChokepointsStrategic points, most in/around Middle East where a ton of oil is shippeddailyShips commandeered and scuttled in these waterways would greatly disrupt

    supplyEx. 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 onimport oil)

    1973 = 33%2006 = 58%2020 = 70% (estimate)

    Carbon tax/ tax of $20-$50 The UNs 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 cutback from 6/gal/day to 1.5/gal/day

    To cut back on consumption we have to change our life styles, the book referencefamilies driving hundreds of miles for a child soccer game or the fact that somecities were built w/o sidewalks

    Denmark, by public policy, makes energy expensive, but they havent had adecrease in standard of living

    Article 8: 1/8 of Worlds People HungryUnequal 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. Theunequal distribution of food among the countries as well as within the countries is deeplyrooted in poverty because those countries are unable to buy enough food in the worldmarkets and even when it is available the hungry are unable to afford it. Poverty alsolimits the production of food in impoverished areas because dont have the resources togrow their own food.

    HIV/AIDS- Those who go hungry are the poor and many of the poor people suffer fromillnesses like HIV/AIDS. These people can be found in developing countries wherecontraception is not widely spread. This disease exacerbates the plague of hunger

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    because many children are left parentless without one to provide them with food whichincreases the number of individuals that go hungry.

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

    Article 10: Bubble Economycarbon to hydrogen-based economy- To keep the bubble economy from bursting dueto pressure from an increasing population the world must shift to a hydrogen-basedeconomy to stabilize climate. Currently, we are a carbon-based economy which isaffecting the atmosphere resulting in global warming. Advances in technologies like windturbines design and solar cell manufacturing will aid in creating a climate-benign hydrogeneconomy. Some countries have begun to transition from carbon-based economies tohydrogen-based: Iceland, Denmark, Germany, Japan, Netherlands, and Canada. Movingaway from burning fossil fuels will require using renewable energy resources.

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

    Article 11: Great Leap Backward?Green GDP campaign- A project designed to calculate the costs of environmentaldegradation and pollution to local economies and provide a basis for evaluating theperformance of local officials both according to how well they protect their economicstewardship and according to how well they protect the environment. (Started in 2005 bySEPA, State Environmental Protection Administration.) Eighteen percent of companieshave said they could thrive economically while doing the right thing for the environment,but the findings were never published because didnt think the Green GDP could beaccurately accounted for.

    Red to Green- Chinas movement from being Communist to being environmentallyfriendly. All countries have to balance the short-term costs of improving environmentalprotection with the long-term costs of failing to do so. China not only faces that, but alsothe additional burden of corruption and an undemocratic political system which isresponsible for some of their environmental problems. Many local officials and businessleaders ignore environmental laws and regulations. Need to start their transition frombottom-up. Begin with the energy-efficiency of its factories.

    Article 38: Humanitys Common Values

    Gross National Happiness indicator in Bhutan- reflect the goals of this Buddhistnation, and exemplify the importance of clarifying the goals and values of society andcreating indicators to measure what we treasure: health, happiness, education, humanrights, family, country, harmony, peace, and environmental quality and restoration.

    9/11 as unethical and criminal act- if the human community can learn to apply theuniversal values to all people, there will be less terrorist attacks because less people will feelmarginalized 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

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    live in peace and harmony. We live in a human community where everyone isinterconnected meaning that whatever affects one of us will eventually affect all of us.

    Article 39: ModernitySecularization- The idea of inevitable secularization has fallen out of favor with manyscholars and journalist. It is now believed that state and religion are coming back togetherbecause openly religious people being elected as high officials. Also, more laws are beingpassed which deal with religious views such as gay marriage and abortion.

    Article 40: mechanistic view of natureLiving University- The universe use to be viewed as dead, but now a new view hascome into perspective. If the whole universe is alive, if the universe is like a greatorganism, then everything within it is best understood as live. Since it is alive then itshould 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 changeand economic trade.

    North-South Divide is gap in economic development between developed countries in the northernhemisphere and developing countries in the southern hemisphere. About a billion people in the globalsouth 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 states central banks, can be exchanged for intl

    currencies, it cant buy goods, only owned by statesFed controls print of money and discount rate- interest rate govt charges to banks

    Supply-amt of money govt printsDemand-depends on stability/health of a govt

    WTO-MFN

    Sustainable development is a pattern of resource use that tries to meet human need withoutcompromising the environment to the point where we cant meet the needs of the future