balance of trade                                                             IMF

protectionism                                                                 primary products

Bretton Woods System                                                 NIEO

comparative advantage                                                  fixed exchange rates

"shock therapy"                                                             UNCTAD

most-favored-nation (MFN) principle                            floating exchange rates

beggar-thy-neighbor policies                                         LDCs

closed economy (centrally planned)                              OPEC

purchasing power parity (PPP)                                     stagflation

nontariff barriers (NTBs)                                              Dependency theory

Group of 77 (G-77)                                                     LIEO

reciprocity                                                                   international regimes

debt crisis                                                                   political economy

commodity power                                                       development assistance

newly industrialized countries (NICs)                           commodity cartel

Common Fund                                                            free trade

NAFTA                                                                     neomercantilism

import quotas                                                             export quotas

free riders                                                                     collective good

hegemonic stability theory                                             IMF conditionality

G-7 or Group of Seven                                                 strategic trade

oil shocks                                                                     ACP nations

new international division of labor                                 STABEX

fossil fuels                                                                     Carter Doctrine

Persian Gulf War                                                         economic sanctions

price inelasticity of supply                                             Saddam Hussein

price inelasticity of demand                                             acid rain

Marshall Plan                                                             U.S. trade deficit

voluntary export restrictions (VERs)                             GATT

Development Assistance Committee (DAC)                 terms of trade

balance of payments                                                      externalities

currency devaluation                                                     interdependence

import substitution industrialization (ISI)                         privatization

human development index (HDI)                                     greenhouse effect

export led industrialization (ELI)                                 sustainable development

Generalized System of Preferences (GSPs)                regional trading blocs

World Trade Organization (WTO)                             energy security

Kyoto Protocol                                                             global warming

foreign direct investment (FDI)
 

Samples of Typical Essay Questions: (Honors Section Only)

Discuss the rationales for states practicing protectionist economic policies. What are the costs for states in moving toward more open economic positions in the global economy?
 

Why are developing countries so concerned about terms of trade issues in their economic relations with Global North states? What options do LDCs have in overcoming their low levels of development?
 

Discuss the transformation of the LIEO since World War II. How have the political bases upon which it began and prospered changed? What dynamics account for the continued development of a liberal economic system?
 

Describe the combination of factors leading to the rise and fall of OPEC's position in global oil markets in the 1970s and 1980s. Explain the reasons why OPEC's cartel success is not likely to be repeated by any other commodity cartel.
 
 

Discuss the problems of transition for socialist economies to capitalism using Russia and Eastern Europe in contrast to China's experience to provide insight for your points.