Chapter 11 Key Terms Quiz 1

An international agreement among producers of a commodity that attempts to control the production and pricing of that commodity.

Less developed countries whose economies and whose trade now include significant amounts of manufactured products. As a result, these countries have a per capita GDP significantly higher than the average per capita GDP for the Global South.

A meeting among many world leaders at the UN headquarters in New York City in 2000 to discuss the role of the UN at the turn of the 21st century. World leaders ratified the United Nations Millennium Declaration.

Those countries in the poorest of economic circumstances. In this book, this includes those countries with a per capita GNP of less than $400 in 1985 dollars.

This term indicates the group of countries comprised of Brazil, Russia, India, China, and South Africa that all exhibit a somewhat higher level of development than many in the Global South, but also continue to face large development-related challenges.

Predatory pricing, especially in the context of international trade, where manufacturers export a product to another country at a price either below the price charged in its home market, or in quantities normal market competition cannot explain.

These are 15 independent states that seceded from the Union of Soviet Socialist Republics in its dissolution in December 1991. They include Armenia, Azerbaijan, Belarus, Estonia, Georgia, Kazakhstan, Kyrgyzstan, Latvia, Lithuania, Moldova, Russia, Tajikistan, Turkmenistan, Ukraine, and Uzbekistan.

The group of 77 countries of the South that cosponsored the Joint Declaration of Developing Countries in 1963 calling for greater equity in North–South trade. This group has now come to include 134 members and represents the interests of the less developed countries of the South.

A term that refers to the goals and demands of the South for basic reforms in the global economic system.