Concepts of Globalization

Concepts of Globalization

1. Capitalism

   • Means of production owned by society

2. Developing countries

   • Low- or middle-income nations

3. E-Commerce

   • Electronical transactions

4. Homogenization

   • Uniform transformation

5. International Monetary Fund

   • Promotes nation's cooperation and exchange

6. Mercantilism

   • Nation's prosperity based on its capital supply

7. Multilateral

   • System involving < than two countries' participation

8. Multinational corporation

   • Conducts business in <1 nation

9. Offshoring

   • Transferring organizational functions

10. Outsourcing

    • Transferring noncentral functions

11. Protectionism

    • Protection of domestic industry

12. World Bank

    • Union of international organizations
      • Aid to countries and reduce world poverty

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