Opening the book…
Words to Know
- Algorithmic Management: The use of automated systems to assign tasks, monitor workers, evaluate performance, establish incentives, or make workplace decisions.
- Balance of Payments: A record of economic transactions between residents of a country and the rest of the world; serious imbalances can contribute to foreign-exchange or financial crises.
- Capital: Assets or resources that can be used to generate additional economic value or income.
- Capitalism: An economic system organized substantially around private ownership, market exchange, wage labor, investment, and capital accumulation.
- Conditionality: Policy requirements attached to financial assistance, particularly loans from institutions such as the IMF.
- Data Colonialism: A critical framework describing the appropriation of human life and social activity as data that can be extracted and monetized.
- Deregulation: The reduction or restructuring of government rules governing economic activity.
- Developmental State: A state that actively shapes industrial development through coordinated policies involving finance, infrastructure, technology, exports, education, or strategic industries.
- Digital Sovereignty: A government's or society's capacity to exercise meaningful control over its digital infrastructure, data, technologies, and regulatory environment.
- Externality: A cost or benefit generated by an economic activity that is not fully reflected in its market price.
- Financialization: The increasing influence of financial markets, institutions, motives, and practices throughout an economy.
- Friendshoring: Relocating or concentrating supply chains among countries viewed as strategically or politically reliable partners.
- Global Value Chain: A production system in which different stages of creating a product or service occur across multiple firms, locations, or countries.
- Hyperglobalization: A period of particularly deep international integration of trade, investment, finance, and production, especially from the late twentieth century through the early twenty-first century.
- International Monetary Fund (IMF): An international financial institution concerned primarily with monetary stability, macroeconomic surveillance, technical assistance, and lending to countries experiencing external financial difficulties.
- Market Failure: A situation in which decentralized market activity does not produce an efficient or socially desirable outcome, often because of externalities, monopoly, public goods, or information asymmetries.
- Nearshoring: Moving production or services closer to a company's primary market.
- Neoliberalism: A family of political-economic ideas and policies emphasizing market competition, private enterprise, liberalization, privatization, and reduced direct state control over many forms of economic activity.
- Network Effects: A situation in which a product or platform becomes more valuable as more people use it.
- Platform Capitalism: An economic model in which digital platforms mediate interactions among different groups of users while extracting value from data, transactions, or access to those networks.
- Privatization: The transfer of publicly owned enterprises, assets, or services toward private ownership or management.
- Racial Capitalism: A framework examining how processes of capital accumulation have historically developed alongside systems of racial hierarchy and differentiated labor.
- Regional Trade Agreement (RTA): An agreement among countries that reduces trade barriers and establishes rules governing economic exchange among members.
- Remittances: Money sent by migrants or workers to households or communities, often across national borders.
- Structural Adjustment: Economic reforms, often associated historically with IMF or World Bank lending, involving measures such as fiscal reform, privatization, liberalization, and reductions in state expenditures or subsidies.
- Surveillance Capitalism: Zuboff's term for an economic logic based on collecting behavioral data and transforming it into commercially valuable predictions or interventions.
- Trade Creation: A shift toward purchasing from a more efficient producer because a trade agreement reduces barriers.
- Trade Diversion: A shift away from a more efficient outside producer toward a less efficient producer receiving preferential treatment inside a trade agreement.
- Washington Consensus: A term originally coined by John Williamson for a set of market-oriented reforms widely supported by Washington-based economic institutions during the late twentieth century.
- World Bank: A group of international development institutions providing financing, technical assistance, research, and other support for economic development and poverty reduction.
- World Trade Organization (WTO): The international organization providing a framework for multilateral trade agreements, negotiations, monitoring, and dispute settlement.
This page titled 3.10: Key Terms was last modified on Fri, 28 Aug 2026 00:46:21 GMT and is shared under a CC BY-NC 4.0 license and was authored, remixed, and/or curated by Miloni Gandhi.
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