Term
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Definition
| The trend toward greater economic, cultural, political and technological interdependence among national institutions and economies. |
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Term
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Definition
| Can be sold and marketed around the world without alteration |
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Term
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Definition
| Is altered to be sold in other countries |
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Term
| 2 major forces that underly the increase in globalization |
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Definition
Falling barries to trade and investment.
Technological advances. |
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Term
| What was a flaw of GATT (Global Agreement on Tariffs and Trade)? |
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Definition
| It lacked the power to enforce world trade rules. |
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Term
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Definition
| World Trade Organization. Enforces rules of international trade. |
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Term
| What are the 3 main goals of the WTO? |
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Definition
1. Help the free flow of trade.
2. Help negotiate the further opening of markets.
3. Settle Member trade disputes. |
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Term
| When was the first age of globalization? |
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Definition
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Term
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Definition
| International Monetary Fund - Agency created to regulate fixed exchange rates and enforce the rules of the international monetary system. |
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Term
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Definition
| An agency created to provide financing for national economic development efforts. |
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Term
| What was the original purpose of the World Bank? |
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Definition
| Finance European reconstruction following WWII. |
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Term
| What is the current focus of the World Bank? |
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Definition
| General financial needs of developing nations. Financing economic development in those nations. |
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Term
| 3 branches of income inequality |
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Definition
| The first branch debates inequality within nations, the second debates inequality between nations, and lastly global inequality. |
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Term
| Multinational Corporation (MNC) |
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Definition
| A multinational corporation (MNC) is a business that has direct investments (in the form of marketing or manufacturing subsidiaries) abroad in multiple countries. |
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Term
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Definition
| Bringing in goods or services from another country |
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Term
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Definition
| To send goods or services to another country |
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