Globalization Mind Map

Globalization Mind Map

1. Capitalism

   • Is an economic system in which the products that are made are owned by individuals or companies.

2. Developing countries

   • countries classified as low- or middle-income nations, this made on the basis of the country’s gross national income (GNI).

3. E-Commerce

   • Commerce and economic transactions that are made electronically, including Internet-based transactions and direct electronic connections.

4. Homogenization

   • the process of making things uniform or similar

5. International Monetary Fund (IMF)

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

6. Mercantilism

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

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 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

    • 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. Its member organizations are the International Development Association, the International Center for the Settlement of Investment Disputes, the International Finance Corporation, the International Bank for Reconstruction and Development, and the Multilateral Investment Guarantee Agency.

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