Globalization

Globalization

1. Is a form of cultural integration this can be economic, cultural, biological, or political homogenization. It is the process by which dominant cultures exert social, political, and economic influence on other nations and cultures.

2. Capitalism: Economic system in which the means of production are owned by individuals, companies orgovernment.

3. Developing countries: Those countries classified by the World Bank as low- or middle-income nations. The distinction is made on the (GNI)

4. E-comerce: Commerce and economic transactions that take place electronically

5. Homogenization: Making something uniform or similar.

6. International Monetary Fund (IMF): An international organization, with the goal of promoting cooperation and exchange between nations and aiding the growth of international trade.

7. Mercantilism: An economic theory that holds that a nation’s prosperity is based on its supply of capital.

8. Multilateral: A system involving the participation of more than two countries.

9. Multinational corporation: A corporation that conducts business in more than one nation.

10. Offshoring: Transferring organizational functions to another country.

11. Outsourcing: Transferring noncentral functions to another entity to complete

12. Protectionism: Measures set up by a governing organization to protect domestic industry and economy from foreign competition.

13. World Bank: A union of international organizations established to provide aid to countries seeking to participate in international exchange and to reduce poverty around the world.

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