GC Final

UN Security Council

5 permanent members, 10 non-permanent members; permanent members are able to veto peacekeeping acts; they essentially have the most say out of everyone in the UN; some talk about removing the council altogether or adding permanent members

UN Sustainable Development Goals

Agreed to by UN members as follow-up to Millennium Development Goals, but they are not backed by any particular plan; lay out common set of goals to achieve (i.e. no poverty, zero hunger, reduced inequalities, etc.)

Financial Leverage

Allows an investor to use less equity to acquire an investment, potentially achieve a higher leveraged return, and benefit from the deductibility of mortgage interest. Investors with limited equity or who desired a higher leveraged return may try to borrow at a higher LTV, but as the LTV increases, Risk increases; CDOs?

Multinational Corporations (MNC)

Also referred to as Transnational Corps (TNC); offices/assets/facilities in more than one country; can be full production facility, or a facility that contributes one step in the production process

Intergovernmental Organizations (IGOs)

An IGO is an organization composed primarily of sovereign states, or of other intergovernmental organizations; established by treaty or other agreement that acts as a charter creating the group; i.e. UN, World Bank, EU, UNEP, World Health Organization, etc.

Global Ethic

An area of critical ethical enquiry into the nature and justification of values and norms that are global in kind and into the various issues that arise such as world poverty and international aid, environmental problems, peace and security, intervention, and human rights.

World Trade Organization (WTO)

An international body that sets the rules for global trading and resolves disputes between its member countries; also hosts negotiations concerning the reduction of trade barriers between its member nations; 140+ countries; January 1, 1995

McDonaldization

As worlds become more interdependent, the rest of the world becomes more alike; financial and economic interdependence mostly, but also social since it is slowly becoming more global; not just with McDonald's, other common examples are cars with assembly lines, manufacturing, amazon, fast food models, twitter (?)

Austerity

Being frugal; choosing to have less so it is better for you in the long run; countries show this through certain policies because they don't need to focus on one issue when another is more important for you

Global commodity chain/ global supply chain

Companies "hire" other companies to do some steps in production process through contracts with suppliers; creates a web/network of relationship that crosses the globe and integrates all countries into a global market

International Monetary Fund (IMF)

Consists of 185 member countries. Established to promote international monetary cooperation, exchange stability, and orderly exchange arrangements; to foster economic growth and high levels of employment, and to provide temporary financial assistance to countries to help ease balance of payments adjustment.

Consumer Culture

Consumption of goods as a value or ideology; equating of national culture with material culture (ie: McDonald's, Starbucks, Apple, etc); spread of consumerism to non-western countries

Global Trilemma

Countries can't have democracy, natural sovereignty, and hyper globalization; can only have two of the three

Cultural Homogenization

Cultures becoming more alike globally

Sustainable Development

Development that meets the needs of the present without compromising the ability of future generations to meet their own needs.

Cultural Diversity

Differences/similarities in an identity within a society; number a variety of choices regarding values, lifestyles, traditions, etc. available within a society; range of choices that are accessible to people

Global Civilization

Economic, political, military, diplomatic, social and cultural interactions through a global world

Game Theory

Four possible outcomes based on how each person responds in the game; Mathematical study of conflict, analyzes competetive games as well as conflict like wars; examples: chicken, battles of the sexes, etc.

Global Governance

Global actors negotiate common rules, norms, procedures that set expectations for how one should behave in particular areas; range in the degree to which they are enforceable "hard" law v. voluntary "soft" law; may be enforced by IGOs, corporations, industry associations, activist orgs, etc.

Collective Goods

Goods that are available to everyone, and use by one does not deplete it for others; problem is providing enough for everyone and free riders have low incentive to contribute; ie: defense, solar energy, etc.

Prisoner's Dilemma

How people react and do stuff to benefit themselves before thinking of others; personal incentive to cheat (name comes from two prisoners being interrogated--shown with game theory); international examples include the Arms Race, oil, climate agreement, nuclear warfare, factories, Palestine-Israeli conflict

Rationalization

How you do business--decreasing inputs and streamlines which causes people to expect no mistakes, fast/quick service, accurate, similar; applying info/data to McDonald's

Non-zero-sum game

If one person loses and another one wins but the winner has to win by a lot; you can make someone feel like they won even if they lost

Panama Papers / Paradise Papers

Investigations done by journalists all around the world that leaked or hacked from firms that handle money; revealed how wealthy people would shield themselves from taxation and maintain the secrecy about financial partners--including terrorists and criminals

Lifeboat Ethics

Is a metaphor for resource distribution proposed by the ecologist Garrett Hardin in 1974; Hardin's metaphor describes a lifeboat bearing 50 people, with room for ten more and the lifeboat is in an ocean surrounded by a hundred swimmers; The "ethics" of the situation stem from the dilemma of whether (and under what circumstances) swimmers should be taken aboard the lifeboat.

Glocalization

Local people adopt global culture and identity to local circumstances and needs; a globalized entity that takes customs into account (i.e.: How McDonald's in each country serves different things based on different cultures; Chipotle, Starbucks in Japan, Cuban Coffee, Sushi in the US)

Multistakeholder Initiatives

Mixture of state and non-state actors setting standards and rules to address issues states will not or cannot address themselves (i.e. Kimberley Process for Diamonds, World Commission on Dams)

UN Global Comapct

Multinational agreement that encourages businesses to be socially responsible and economically stable; founded in 2000 by Secretary General Kofi Annan; causes corporations to commit to 10 UN principles (labor, human rights, environment, and anti-corruption); local networks in most countries and addresses issue of corporate social responsibility.

Outsourcing

Obtain from an outside or foreign supplier, esp. In a place of an internal source (ex: call centers in India, iPhone production in China); Increases globalization because it contacts multiple countries; response harms countries where the companies come from because it deprives people of jobs

Cultural Imperialism

One culture being imposed on another country by force or dominance

Corporate Social Responsibility (CSR)

Responsibility to act in ways that protect and improve the welfare of society over and above the owner's financial self-interests

*Planetary Boundaries

Scale of what people are doing to the planet; framework on judging what we are doing to the planet; i.e. climate change, biodiversity, etc.

Globaloney

Silly, nonsensical or absurd ideas or talk on global issues

Climate Justice

Term used for framing global warming as an ethical and political issue, rather than one that is purely environmental or physical in nature

The Great Convergence

The idea that people's skills and abilities, particularly in certain industries (ie: IT), are slowly converging even if wages aren't; convergence and shift of information and power; how information is flowing more between countries due to advancements in technology (social media as an example?)

Culture

The set of distinctive spiritual, intellectual, material and emotional features of society or a social group that encompasses not only art and literature, but lifestyles, ways of living together, value systems, traditions and beliefs

Anthropence

This current ecological era; if you cut the earth in half and looked at the different layers, you would be able to point out what time everything happened and all the concrete and asphalt will show the era of humans

Arab Spring

Uprising of different Arab nations in the early 90s of people seeing social and financial revolutions happening in the Western world which led to the Arabs revolting because they wanted to become more social and financial; dispersion of information that people didn't previously have; surge of information thanks to the internet that led to revolutions; spring as in new beginnings

Digital Divide

When those with access to technology have great advantages over those without access to technology; uneven access enhances inequality

Cultural Mixing

Cross between cultures; can be thought force or dominance (imperialism), trade and exchange (material culture), experiences (migration, borders, etc), response to exclusion (music, art, literature as an identity--hybridization), communication and technology, and appropriation (borrowing cultures); consequence is hybridity

Hybridity

Cross between two separate cultures or races; blending of multiple cultures and identities, potential homogenization and cultural loss

Tragedy of the Commons

the self interest of individuals results in the destruction of a common or shared resource; usually broken into private goods (ie stuff), club goods (ie public transportation, cell phones), common pool resources (ie clean air, free wifi), and public goods (ie wifi/internet, currency, health)

zero-sum game

Both sides are able to win; no matter what, you can't compensate something and you can't make someone feel like they have one even if they have lost; In game theory and economic theory, a zero-sum game is a mathematical representation of a situation in which a participant's gain (or loss) of utility is exactly balanced by the losses

Global Finance

Narrow defn: it's all about credit (loans) extended across national borders by banks and other financial firms including insurance, real estate, and others; Broader defn: the system of global credit, the interconnected investment systems (stock exchanges), and the system that facilitates these transactions through currency exchange; embedded within national and international regulatory system