International tradeInternational trade is the exchange of capital, goods, and services across international borders or territories because there is a need or want of goods or services. (see: World economy) In most countries, such trade represents a significant share of gross domestic product (GDP). While international trade has existed throughout history (for example Uttarapatha, Silk Road, Amber Road, scramble for Africa, Atlantic slave trade, salt roads), its economic, social, and political importance has been on the rise in recent centuries.
SociologySociology is a social science that focuses on society, human social behavior, patterns of social relationships, social interaction, and aspects of culture associated with everyday life. In simple words sociology is the scientific study of society. It uses various methods of empirical investigation and critical analysis to develop a body of knowledge about social order and social change. While some sociologists conduct research that may be applied directly to social policy and welfare, others focus primarily on refining the theoretical understanding of social processes and phenomenological method.
TradeTrade involves the transfer of goods and services from one person or entity to another, often in exchange for money. Economists refer to a system or network that allows trade as a market. An early form of trade, barter, saw the direct exchange of goods and services for other goods and services, i.e. trading things without the use of money. Modern traders generally negotiate through a medium of exchange, such as money. As a result, buying can be separated from selling, or earning.
CivilizationA civilization (British English: civilisation) is any complex society characterized by the development of the state, social stratification, urbanization, and symbolic systems of communication beyond natural spoken language (namely, a writing system). Civilizations are additionally characterized by other features, including agriculture, architecture, infrastructure, technological advancement, taxation, regulation, and specialization of labour.
NeoliberalismNeoliberalism, also neo-liberalism, is a term used to signify the late-20th century political reappearance of 19th-century ideas associated with free-market capitalism after it fell into decline following the Second World War. A prominent factor in the rise of conservative and right-libertarian organizations, political parties, and think tanks, and predominantly advocated by them, it is generally associated with policies of economic liberalization, including privatization, deregulation, globalization, free trade, monetarism, austerity, and reductions in government spending in order to increase the role of the private sector in the economy and society.
Western worldThe Western world, also known as the West, primarily refers to various nations and states in the regions of Australasia, Europe, and the Americas. The Western world likewise is called the Occident () in contrast to the Eastern world known as the Orient (). The West is considered an evolving concept; made up of cultural, political, and economic synergy among diverse groups of people, and not a rigid region with fixed borders and members. Definitions for "Western world" vary according to context and perspectives.
Labour lawLabour laws (also known as labor laws or employment laws) are those that mediate the relationship between workers, employing entities, trade unions, and the government. Collective labour law relates to the tripartite relationship between employee, employer, and union. Individual labour law concerns employees' rights at work also through the contract for work. are social norms (in some cases also technical standards) for the minimum socially acceptable conditions under which employees or contractors are allowed to work.
RefugeeA refugee, conventionally speaking, is a person who has lost the protection of their country of origin and who cannot or is unwilling to return there due to well-founded fear of persecution. Such a person may be called an asylum seeker until granted refugee status by the contracting state or the United Nations High Commissioner for Refugees (UNHCR) if they formally make a claim for asylum.
International relationsInternational Relations (IR) are the interactions among sovereign states. The scientific study of those interactions is called international studies, international politics, or international affairs. In a broader sense, it concerns all activities among states—such as war, diplomacy, trade, and foreign policy—as well as relations with and among other international actors, such as intergovernmental organizations (IGOs), international nongovernmental organizations (INGOs), international legal bodies, and multinational corporations (MNCs).
TourismTourism is travel for pleasure or business, and the commercial activity of providing and supporting such travel. The World Tourism Organization defines tourism more generally, in terms which go "beyond the common perception of tourism as being limited to holiday activity only", as people "travelling to and staying in places outside their usual environment for not more than one consecutive year for leisure and not less than 24 hours, business and other purposes".
Single marketA single market, sometimes called common market or internal market, is a type of trade bloc in which most trade barriers have been removed (for goods) with some common policies on product regulation, and freedom of movement of the factors of production (capital and labour) and of enterprise and services. The goal is that the movement of capital, labour, goods, and services between the members is as easy as within them. The physical (borders), technical (standards) and fiscal (taxes) barriers among the member states are removed to the maximum extent possible.
Association for the Taxation of Financial Transactions and for Citizens' ActionThe Association pour la Taxation des Transactions financières et pour l'Action Citoyenne (Association for the Taxation of financial Transactions and Citizen's Action, ATTAC) is an activist organisation originally created to promote the establishment of a tax on foreign exchange transactions. Originally called "Action for a Tobin Tax to Assist the Citizen", ATTAC was a single-issue movement demanding the introduction of the so-called Tobin tax on currency speculation.
Environmental lawEnvironmental laws are laws that protect the environment. Environmental law is the collection of laws, regulations, agreements and common law that governs how humans interact with their environment. This includes environmental regulations; laws governing management of natural resources, such as forests, minerals, or fisheries; and related topics such as environmental impact assessments.
BusinessBusiness is the practice of making one's living or making money by producing or buying and selling products (such as goods and services). It is also "any activity or enterprise entered into for profit." Having a business name does not separate the business entity from the owner, which means that the owner of the business is responsible and liable for debts incurred by the business. If the business acquires debts, the creditors can go after the owner's personal possessions.
HumanHumans, or modern humans (Homo sapiens), are the most common and widespread species of primate. A great ape characterized by their hairlessness, bipedalism, and high intelligence, humans have a large brain and resulting cognitive skills that enable them to thrive in varied environments and develop complex societies and civilizations. Humans are highly social and tend to live in complex social structures composed of many cooperating and competing groups, from families and kinship networks to political states.
Gini coefficientIn economics, the Gini coefficient (ˈdʒiːni ), also known as the Gini index or Gini ratio, is a measure of statistical dispersion intended to represent the income inequality, the wealth inequality, or the consumption inequality within a nation or a social group. It was developed by Italian statistician and sociologist Corrado Gini. The Gini coefficient measures the inequality among the values of a frequency distribution, such as levels of income.
CultureCulture (ˈkʌltʃər) is an umbrella term which encompasses the social behavior, institutions, and norms found in human societies, as well as the knowledge, beliefs, arts, laws, customs, capabilities, and habits of the individuals in these groups. Culture is often originated from or attributed to a specific region or location. Humans acquire culture through the learning processes of enculturation and socialization, which is shown by the diversity of cultures across societies.
Economic historyEconomic history is the study of history using methodological tools from economics or with a special attention to economic phenomena. Research is conducted using a combination of historical methods, statistical methods and the application of economic theory to historical situations and institutions. The field can encompass a wide variety of topics, including equality, finance, technology, labour, and business. It emphasizes historicizing the economy itself, analyzing it as a dynamic entity and attempting to provide insights into the way it is structured and conceived.
Market (economics)In economics, a market is a composition of systems, institutions, procedures, social relations or infrastructures whereby parties engage in exchange. While parties may exchange goods and services by barter, most markets rely on sellers offering their goods or services (including labour power) to buyers in exchange for money. It can be said that a market is the process by which the prices of goods and services are established. Markets facilitate trade and enable the distribution and allocation of resources in a society.
Developing countryA developing country is a sovereign state with a less developed industrial base and a lower Human Development Index (HDI) relative to other countries. However, this definition is not universally agreed upon. There is also no clear agreement on which countries fit this category. The terms low and middle-income country (LMIC) and newly emerging economy (NEE) are often used interchangeably but refers only to the economy of the countries.
