The United Nations Conference on Trade and Development (UNCTAD) is an intergovernmental organization within the United Nations Secretariat that promotes the interests of developing countries in world trade. It was established in 1964 by the United Nations General Assembly (UNGA) and reports to that body and the United Nations Economic and Social Council (ECOSOC). UNCTAD is composed of 195 member states and works with nongovernmental organizations worldwide; its permanent secretariat is in Geneva, Switzerland.
Globalization, or globalisation, is the process of interaction and integration among people, companies, and governments worldwide. The term globalization first appeared in the early 20th century, developed its current meaning sometime in the second half of the 20th century, and came into popular use in the 1990s to describe the unprecedented international connectivity of the post-Cold War world. Its origins can be traced back to 18th and 19th centuries due to advances in transportation and communications technology. This increase in global interactions has caused a growth in international trade and the exchange of ideas, beliefs, and culture. Globalization is primarily an economic process of interaction and integration that is associated with social and cultural aspects. However, disputes and international diplomacy are also large parts of the history of globalization, and of modern globalization.
A developed country, or high-income country, is a sovereign state that has a high quality of life, developed economy, and advanced technological infrastructure relative to other less industrialized nations. Most commonly, the criteria for evaluating the degree of economic development are the gross domestic product (GDP), gross national product (GNP), the per capita income, level of industrialization, amount of widespread infrastructure and general standard of living. Which criteria are to be used and which countries can be classified as being developed are subjects of debate. Different definitions of developed countries are provided by the International Monetary Fund and the World Bank; moreover, HDI ranking is used to reflect the composite index of life expectancy, education, and income per capita. Another commonly used measure of a developed country is the threshold of GDP (PPP) per capita of at least US$22,000. In 2023, 40 countries fit all four criteria, while an additional 15 countries fit three out of four.
Import substitution industrialization (ISI) is a trade and economic policy that advocates replacing foreign imports with domestic production. It is based on the premise that a country should attempt to reduce its foreign dependency through the local production of industrialized products. The term primarily refers to 20th-century development economics policies, but it has been advocated since the 18th century by economists such as Friedrich List and Alexander Hamilton.
The world economy or global economy is the economy of all humans in the world, referring to the global economic system, which includes all economic activities conducted both within and between nations, including production, consumption, economic management, work in general, financial transactions and trade of goods and services. In some contexts, the two terms are distinct: the "international" or "global economy" is measured separately and distinguished from national economies, while the "world economy" is simply an aggregate of the separate countries' measurements. Beyond the minimum standard concerning value in production, use and exchange, the definitions, representations, models and valuations of the world economy vary widely. It is inseparable from the geography and ecology of planet Earth.
In economics, the Prebisch–Singer hypothesis argues that the price of primary commodities declines relative to the price of manufactured goods over the long term, which causes the terms of trade of primary-product-based economies to deteriorate. As of 2013, recent statistical studies have given support for the idea. The idea was developed by Raúl Prebisch and Hans Singer in the late 1940s; since that time, it has served as a major pillar of dependency theory and policies such as import substitution industrialization (ISI).
Global North and Global South are terms that denote a method of grouping countries based on their defining characteristics with regard to socioeconomics and politics. According to the United Nations Conference on Trade and Development (UNCTAD), the Global South broadly comprises Africa, Latin America and the Caribbean, Asia, and Oceania. Most of the Global South's countries are commonly identified as lacking in their standard of living, which includes having lower incomes, high levels of poverty, high population growth rates, inadequate housing, limited educational opportunities, and deficient health systems, among other issues. Additionally, these countries' cities are characterized by their poor infrastructure. Opposite to the Global South is the Global North, which the UNCTAD describes as broadly comprising Northern America and Europe, Israel, Japan, South Korea, Australia, and New Zealand. As such, the two terms do not refer to the Northern Hemisphere or the Southern Hemisphere, as many of the Global South's countries are geographically located in the former and, similarly, a number of the Global North's countries are geographically located in the latter.
The Brundtland Commission, formerly the World Commission on Environment and Development, was a sub-organization of the United Nations (UN) that aimed to unite countries in pursuit of sustainable development. It was founded in 1983 when Javier Pérez de Cuéllar, the Secretary-General of the United Nations, appointed Gro Harlem Brundtland, former Prime Minister of Norway, as chairperson of the commission. Brundtland was chosen due to her strong background in the sciences and public health.
Non-tariff barriers to trade are trade barriers that restrict imports or exports of goods or services through mechanisms other than the simple imposition of tariffs. Such barriers are subject to controversy and debate, as they may comply with international rules on trade yet serve protectionist purposes.
The economy of Europe comprises about 748 million people in 50 countries. The formation of the European Union (EU) and in 1999 the introduction of a unified currency, the Euro, brought participating European countries closer through the convenience of a shared currency. The European Union is a unique global organisation, an entity forming one of the largest economies in the world. The European Union also “regulates” the global market by the single market. The difference in wealth across Europe can be seen roughly in the former Cold War divide, with some countries breaching the divide. Whilst most European states have a GDP per capita higher than the world's average and are very highly developed, some European economies, despite their position over the world's average in the Human Development Index, are relatively poor. Europe has total banking assets of more than $50 trillion and its Global assets under management has more than $20 trillion.
The New World Information and Communication Order is a term coined in a debate over media representations of the developing world in UNESCO in the late 1970s early 1980s. The NWICO movement was part of a broader effort to formally tackle global economic inequality that was viewed as a legacy of imperialism upon the global south.
International economics is concerned with the effects upon economic activity from international differences in productive resources and consumer preferences and the international institutions that affect them. It seeks to explain the patterns and consequences of transactions and interactions between the inhabitants of different countries, including trade, investment and transaction.
Economic integration is the unification of economic policies between different states, through the partial or full abolition of tariff and non-tariff restrictions on trade.
Development geography is a branch of geography which refers to the standard of living and its quality of life of its human inhabitants. In this context, development is a process of change that affects peoples' lives. It may involve an improvement in the quality of life as perceived by the people undergoing change. However, development is not always a positive process. Gunder Frank commented on the global economic forces that lead to the development of underdevelopment. This is covered in his dependency theory.
The New International Economic Order (NIEO) is a set of proposals advocated by developing countries to end economic colonialism and dependency through a new interdependent economy. The main NIEO document recognized that the current international economic order "was established at a time when most of the developing countries did not even exist as independent states and which perpetuates inequality." In the spirit of "trade not aid," the NIEO called for changes in trade, industrialization, agricultural production, finance, and transfer of technology. The United Nations General Assembly adopted the Declaration for the Establishment of a New International Economic Order and its accompanying program of action on 1 May 1974.
The Five-Year Plans of Vietnam are a series of economic development initiatives. The Vietnamese economy is shaped primarily by the Vietnamese Communist Party through the plenary sessions of the Central Committee and national congresses. The party plays a leading role in establishing the foundations and principles of communism, mapping strategies for economic development, setting growth targets, and launching reforms.
Helen Dolly Hughes was an Australian economist. She was Professor Emerita at the Australian National University, Canberra, and Senior Fellow at the Centre for Independent Studies, Sydney. Hughes has been described as Australia's greatest female economist.
The North–South model, developed largely by Columbia University economics professor Ronald Findlay, is a model in developmental economics that explains the growth of a less developed "South" or "periphery" economy that interacts through trade with a more developed "North" or "core" economy. The North–South model is used by dependencia theorists as a theoretical economic justification for dependency theory.
Economic globalization is one of the three main dimensions of globalization commonly found in academic literature, with the two others being political globalization and cultural globalization, as well as the general term of globalization. Economic globalization refers to the widespread international movement of goods, capital, services, technology and information. It is the increasing economic integration and interdependence of national, regional, and local economies across the world through an intensification of cross-border movement of goods, services, technologies and capital. Economic globalization primarily comprises the globalization of production, finance, markets, technology, organizational regimes, institutions, corporations, and people.
The North–South Summit, officially the International Meeting on Cooperation and Development, was an international summit held in Cancún, Mexico, from 22 to 23 October 1981. The summit was attended by representatives of 22 countries from five continents. It is the only north-south summit conference in history.
