GLOBALIZATION

GLOBALIZATION

1. Capitalism

   • Company or individual production rather than by the government
     • Goods, services, and capital are exchanged in a free market.

2. Developing countries

   • countries classified by the World Bank as low- or middle-income nations.

3. E-commerce

   • economic transactions that take place electronically, including Internet-based transactions and direct electronic connections

4. Homogenization

   • Making something uniform or similar.

5. International Monetary Fund (IMF)

   • international organization of 189 countries, established in 1947 with the goal of promoting cooperation and exchange between nations

6. Mercantilism

   • nations whose major mode of accumulating wealth is through merchant trading with other nations.

7. Multilateral

   • A system involving the participation of more than two countries.

8. Multinational corporation

   • A corporation that conducts business in more than one nation.

9. Offshoring

   • Transferring organizational functions to other country

10. Outsourcing

    • Transferring noncentral functions to another entity to complete

11. Protectionism

    • import and export regulations and government support for domestic production.

12. World Bank

    • A union of international organizations established in 1945 to provide aid to countries seeking to participate in international exchange and to reduce poverty around the world.

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