Key Terms and Definitions

BANKS

A financial institution that receives deposits from the public and generates credit.

CORPORATION

A legal unit distinct from its owners, with the right to enter contracts, loan and borrow money, hire employees, own assets, and pay taxes.

COOPERATIVES

Jointly owned enterprises engaging in production or distribution of goods or services, governed on the principle of one member, one vote.

TRADE UNIONS

Workforces coming together to attain mutual goals like protecting trade integrity, improving safety standards, and achieving higher pay and benefits.

TRANSNATIONAL ADVOCACY GROUPS

Organizations devoted to influencing political, economic, social, and institutional decisions across country borders.

DEVELOPMENT AGENCIES

Independent organizations aiming to support economic growth, especially for the poor and marginalized.

INTERNATIONAL ORGANIZATIONS

Include governmental and nongovernmental organizations that transcend national boundaries to facilitate cooperation.

GOVERNMENT

Organization of the state responsible for making, implementing, enforcing, and adjudicating laws.

IPRA

Addresses inequality among ethnic minorities.

FOR-PROFIT

Corporations formed to generate revenues and provide returns to shareholders.

NON-PROFIT

Corporations operating as charitable organizations.

MULTINATIONAL CORPORATIONS

Business organizations extending production and sales into several countries.

TRADE GROUPS

Organizations formed by workers for the common interests of their co-workers.

MONARCHY

Form of government where supreme power is absolutely lodged with an individual.

ETHNIC INEQUALITY

Refers to inequalities addressed by the Indigenous Peoples’ Rights Act of 1997 (IPRA).

SYMBOLIC CAPITAL

Resources based on honor, prestige, recognition, serving as value within a culture.

CASTE SYSTEM AND CLASS SYSTEM

Marriage within specific groups.

CULTURAL INEQUALITY

Distance between masses and decision makers, indicating greater inequality with more layers of authority.

SOCIAL INEQUALITY

Unequal sharing of scarce resources and social rewards.

GLOBAL STRATIFICATION

Unequal distribution of social gaps across nations and inequality between countries.

NON-STATE ACTOR

An individual or organization with powerful economic, political, and social influence.

GLOBAL INEQUALITY

Relationship between state and non-state actors in the global community.

STRUCTURAL FUNCTIONALISM

Stratification ensures qualified individuals fill important positions, perform tasks competently, and are rewarded.

TRANSNATIONAL MIGRATION

Personal enrichment and development through improved language abilities and enhanced lifestyle opportunities.

MIGRATION

People moving with legal permission.