Globalization

Globalization

1. Capitalism

   • economic system

2. Developing countries

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

3. E-Commerce

   • Commerce and economic transactions that take place electronically

4. Homogenization

   • Making something uniform or similar

5. Mercantilism

   • an economic theory that holds that a nation’s prosperity is based on its supply of capital

6. International Monetary Fund (IMF)

   • international organization of 189 countries

7. Multilateral

   • 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 another country

10. Outsourcing

    • Transferring noncentral functions to another entity to complete

11. Protectionism

    • Measures set up by a governing organization to protect domestic industry and economy from foreign competition

12. World Bank

    • 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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