Chapter 13 Vocabulary: International Development1. Economic development: the combined processes of capital accumulation, rising per capita incomes (with consequent falling birth rates), the increasing of skills in the population, the adoption of new technological styles, & other related social & economic changes2. Newly industrializing countries (NICs):3. “four tigers”/”four dragons”: the most successful newly industrialized areas of East Asia: South Korea, Taiwan, Hong Kong, & Singapore4. Import substitution: a strategy of developing local industries, often conducted behind protectionist barriers, to produce items that a country had been importing5. Export-led growth: an economic development strategy that seeks to develop industries capable of competing in specific niches in the world economy6. Microcredit: the use of very small loans to small groups of individuals, often women, to stimulateeconomic development7. Technology transfer: third world states’ acquisition of technology (knowledge, skills, methods, designs, specialized equipment, etc.) from foreign sources, usually in conjunction with direct foreign investment or similar business operations8. Brain drain: poor countries’ loss of skilled workers to rich countries9. Default: failure to make scheduled debt payments10. Debt renegotiation: a reworking of the terms on which a loan will be repaid; frequently negotiated by third world debtor governments in order to avoid default11. Paris Club: a group of first world governments that have loaned money to third world governments it meets periodically to work out terms of debt renegotiations; private creditors meet as the London Club12. London Club: see Paris Club13. IMF conditionality: an agreement to loan IMF funds on the condition that certain government policies are adopted; dozens of third world states have entered into such agreements with the IMF in the past two decades14. Foreign assistance: money or other aid made available to third world states to help them speed up economic development or meet humanitarian needs; most foreign assistance is provided by governments & is called official development assistance (ODA)15. Development Assistance Committee (DAC): a committee whose members- consisting of states from Western Europe, North America, & Japan/Pacific- provide 95 percent of official development assistance to countries of the global South 16. Bilateral aid: government assistance that goes directly to third world governments as state-to-state aid17. Multilateral aid: government foreign aid from several states that goes through a third party, such as the UN or another agency18. UN Development Program (UNDP): a program that coordinates the flow of multilateral development assistance & manages 5,000 projects at once around the world (focusing especiallyon technical development assistance)19. Peace Corps: an organization started by Pres. JFK in 1961 that provides U.S. volunteers for technical development assistance in third world states20. Oxfam America: a private charitable group that works with local third world communities to determine the needs of their own people & to carry out development projects; Oxfam does not operate the projects but provides funding to local organizations to carry them out21. Disaster relief: provision of short-term relief in the form of food, water, shelter, clothing, & other essentials to people facing natural