G8– The Group of Eight
General Agreement of Tariffs and Trade (GATT)- An international organization with a secretariat in Geneva which came into operation in January 1948 as a result of an agreement made at an international conference the previous year, which also included plans for an international trade organization. Nothing came of the latter, but GATT has proved a useful body for international tariff bargaining. There have been successive negotiation between the countries on tariffs, the abolition of quotas and preferential trade agreements. The negotiations are organized in rounds in talks. The first meeting was in Geneva in 1947. Sometimes negotiations takes years. In the Tokyo round started in 1974 and was concluded only in 1979. GATT focus on commodities was extended in the 1980s to services. In the mid 1990s GATT was reorganized as the World Trade Organization (WTO).
Genocide- First coined by Polish writer and attorney Raphael Lemkin in 1941 by combining the Greek work “genos” meaning “race” with the Latin “cide” meaning “killing”. Defined by the UN in 1948 through the Convention on the Prevention and Punishment of the Crime of Genocide as any of the following acts committed with intent to destroy, in whole or in part, a national, ethnic, racial or religious group, including (a) killing members of the group (b) causing serious bodily or mental harm to members of the group (c) deliberately inflicting on the group conditions of life calculated to bring about its physical destruction in whole or in part (d) imposing measures intended to prevent births within the group (e) forcibly transferring children of the group to another group. The Convention went into force as of 12th January 1951 and currently has 41 signatories and 141 parties world wide.
Globalization- refers to the multidimensional set of social processes that create, multiply, stretch, and intensify worldwide social inter dependencies and exchanges while at the same time fostering in people a growing awareness of deepening connections between the local and the distant.
Gross Domestic Product (GDP)- A measure of the total flow of goods and services produced by the economy over a specified period, normally a year. Because income arising from investments and possessions owned abroad is not included, only the value of the flow of goods and services produced in the country is estimated. Hence the word ‘domestic’ to distinguish it from the Gross National Product (Bannock et al., 1992, 186).
Gross National Product (GNP)- Gross domestic product plus the income accruing to domestic residents arising from investment abroad less income earned in the domestic market accruing to foreigners abroad (Bannock et al., 1992, 187).