Structure of Banking

Key Word Definition Aid Assistance in the form of grants or loans at below market rates. For example, the UK provided aid to Nepal after the 2015 earthquake to help with reconstruction efforts. Barriers to Trade Government constraints on the flow of international goods and services, such as tariffs and quotas. For example, the European Union imposes tariffs on certain agricultural products to protect its farmers. BRICS An acronym for an association of five major emerging nations: Brazil, Russia, India, China, and South Africa. For example, BRICS nations often meet to discuss economic cooperation and development strategies. Demographic Aging The rise in the median age of a population. For example, Japan is experiencing demographic aging, with a significant increase in the elderly population. Economic Core Region The most highly developed region(s) in a country. For example, London is considered an economic core region in the UK due to its high level of development and economic activity. GNP (Gross National Product) GDP plus overseas earnings, also known as GNI (Gross National Income). For example, the GNP of the United States includes the value of goods and services produced domestically and the income earned by its citizens abroad. HIC (Higher Income Country) A country with a high level of income and development. For example, Germany is classified as a higher income country due to its high GDP per capita and advanced infrastructure. NEE (Newly Emerging Economy) A country that is experiencing rapid economic growth and industrialisation. For example, China is an example of a newly emerging economy, having rapidly industrialised and grown economically over the past few decades. LIC (Lower Income Country) A country with a low level of income and development. For example, Malawi is considered a lower income country, with a low GDP per capita and limited access to healthcare and education. GDHI (Gross Disposable Household Income) The amount of money that households have available for spending and saving after taxes and social contributions. For example, in the UK, the GDHI varies significantly between regions, with London having one of the highest levels. Gini Coefficient A measure of income inequality within a population, ranging from 0 (perfect equality) to 100 (perfect inequality). For example, South Africa has a high Gini coefficient, indicating significant income inequality within the country. Trade Unions Organisations that promote trade between member countries, such as the East African Community (EAC). For example, the East African Community (EAC) works to promote economic integration and trade among its member states. Fair Trade A movement aimed at helping producers in developing countries achieve better trading conditions and promote sustainability. For example, Fairtrade coffee ensures that farmers receive a fair price for their product and work under safe conditions. FDI (Foreign Direct Investment) Investment made by a company or individual in one country in business interests in another country. For example, Toyota's investment in manufacturing plants in the UK is an example of foreign direct investment. Debt Relief The partial or total remission of debts, especially those owed by developing countries to external creditors. For example, the Heavily Indebted Poor Countries (HIPC) initiative provides debt relief to eligible countries to help them achieve sustainable development. International Aid Voluntary transfer of resources from one country to another, often in the form of financial assistance, goods, or services. For example, the UK provides international aid to various countries through its Department for International Development (DFID). Top-Down Development Large-scale development projects led by national governments or international organisations. For example, the construction of the Three Gorges Dam in China is an example of a top-down development project. Bottom-Up Development Small-scale development projects led by local communities or NGOs, focusing on the needs of the poorest and most vulnerable. For example, WaterAid's installation of hand pumps in rural villages in Africa is an example of a bottom-up development project. Urbanisation The increase in the proportion of people living in urban areas compared to rural areas. For example, rapid urbanisation in India has led to the growth of megacities like Mumbai and Delhi. Geopolitics The study of the effects of geography (human and physical) on international politics and relations. For example, the geopolitics of the Arctic region involves disputes over territorial claims and access to natural resources. Quality of Life The general well-being of individuals and societies, outlining negative and positive features of life. For example, Scandinavian countries are often ranked high in quality of life due to their strong social welfare systems and high levels of happiness. Poverty Cycle A set of factors or events by which poverty, once started, is likely to continue unless there is outside intervention. For example, lack of education and healthcare can trap families in a poverty cycle, making it difficult for future generations to improve their living standards. Sustainable Development Economic development that is conducted without depletion of natural resources. For example, the use of renewable energy sources like wind and solar power is a key aspect of sustainable development. Humanitarian Aid Material or logistical assistance provided for humanitarian purposes, typically in response to crises including natural disasters and man-made disaster. For example, humanitarian aid was provided to Haiti after the devastating earthquake in 2010 to help with immediate relief efforts. Economic Growth An increase in the production of goods and services in an economy over a period of time. For example, China's economic growth over the past few decades has lifted millions of people out of poverty. Social Indicators Measures that describe the well-being of individuals or communities, such as health, education, and income. For example, life expectancy and literacy rates are common social indicators used to assess development. Environmental Sustainability Responsible interaction with the environment to avoid depletion or degradation of natural resources and allow for long-term environmental quality. For example, practices like recycling and conservation of natural habitats contribute to environmental sustainability. Infrastructure The basic physical and organisational structures and facilities needed for the operation of a society or enterprise. For example, good infrastructure, such as roads, bridges, and schools, is essential for economic development. Globalisation The process by which businesses or other organisations develop international influence or start operating on an international scale. For example, the globalisation of technology companies like Apple and Google has led to their products being available worldwide. Microfinance Financial services provided to low-income individuals or groups who are typically excluded from traditional banking. For example, microfinance institutions like Grameen Bank provide small loans to entrepreneurs in developing countries to help them start or expand their businesses.

La Isla de Pascua This 64-square mile island off Chile’s west coast goes by many names. Its English name is Easter Island, marking the day in 1722 when it was discovered by a European. In Spanish, it is called Isla de Pascua. The Rapa Nui, its first inhabitants, called it “The Navel of the World.” Experts do not agree on the history of Easter Island. It is unclear where the first people came from or when they arrived. Many people believe they came from neighboring Polynesia around AD 300. This culture built 900 enormous stone statues for which the island is famous. The statues are known as moai. Most of the moai are made of volcanic tuff. Tuff is a soft rock made from the ash that is forced out during a volcanic eruption. It is easier to carve than hard stones like marble, but it is not ideal for carving small details. The moai are considered megaliths (large stones that form prehistoric monuments). They stand up to 33 feet high when on their ceremonial platform (the average height is about 13 feet), and they weigh up to 82 tons. They usually have a trunk (body), inset arms, and an exaggerated head with angular edges. The head of each moai takes up about one-third of the total figure. It all shows that the people who created them could engineer monumental structures. Many moai stand with their backs to the sea. They watch the island like protective markers. Some low-relief carvings of religious deities were added to the backs of the moai at a later date. Experts are still trying to understand how they were carved and moved, and what they might mean. Chile took control of the island in 1888. At that time, its population was less than 200. The government used it for grazing livestock. Today, the mystery of Easter Island makes it a popular tourist spot. Valparaíso Valparaíso is a colorful blend of old and new traditions in Chile. This port city is an interesting example of daily life in Chile. Before the Panama Canal was opened in 1914, all ships traveling east to west had to pass all the way around South America. Valparaíso was ideally positioned as a stopping point in the Southern Pacific. Valparaíso has a long history of playing host to a large array of cultures and ideas. The city was known around the world as a place that embraced learning and new ideas. Pablo Neruda had a home in Valparaíso in the 1920s. After the Panama Canal was completed, shipping traffic declined significantly. Valparaíso was forgotten and fell upon hard times. In the 1990s, the government of Chile made an effort to revitalize the colorful port. Today it is a UNESCO (United Nations Educational, Scientific and Cultural Organization) World Heritage site. True to its history of embracing learning, it is also home to four universities. Tourists can visit the first stock exchange in Latin America. Valparaíso also has Chile’s first public library. Visitors stroll through cobblestone streets in the historic district. Here they can also view the city’s iconic colorful buildings. At night, music and street performers liven the experience. Try It Yourself Two Spanish words comprise the name of this city. Val means valley. Paraiso means paradise. The name Valparaíso means Paradise Valley. Can you recognize descriptive Spanish words in other Spanish place names? Start with names of places around you. Las Comidas Tradicionales To Chileans, nothing says home like pastel de choclo, a type of casserole made of beef and corn. The body of the casserole is flavorful. It contains beef, onions, raisins, and roasted chicken. It is topped off with a layer of creamed corn and then baked. Baking it brings out the sweetness in the corn, adding a contrast to the savory meat. The preferred type of corn is called choclo. This variety is grown in rugged conditions in the Andes. The kernels are large and hearty compared to other varieties. Another favorite dish in Chile is a type of meat stew called cazuela. Originally a native dish, it is now known as comfort food in Chile. Pork, beef, lamb, or chicken still on the bone is boiled in a traditional clay pot. To that, corn, potatoes, and other local vegetables are added. It is seasoned with onion and garlic. Pablo Rogat/Shutterstock When Chileans think about dessert, manjar is the first ingredient on their minds. It is a caramel sauce made from cooking milk, sugar, and vanilla. It is found in many desserts. It is used as filling in cakes, pies, and cookies. It is refrigerated to make puddings and custards. People even use it to sweeten their coffee.

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