Globalization (Understanding the Discussion)

Globalization (Understanding the Discussion)

1. Capitalism

   • Economic System, were productions are owned by individuals, also goods, services and capital are exchanged in a free market

2. E-Commerce

   • Commerce and economic transactions that take place electronically

3. Homogenization

   • Making something uniform or similar.

4. International Monetary Fund (IMF)

   • An international organization of 189 countries, established in 1947, promoting cooperation and exchange between nations and aiding the growth of international trade.

5. Mercantilism

   • Economic theory, holds nations prosperity, is based on its supply of capital

6. Multilateral

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

7. Multinational corporation

   • Corporation that conducts business in more than one nation.

8. Offshoring

   • Transferring organizational functions to another country.

9. Outsourcing

   • Transfering noncentral functions to another entity to complete. This can be donde in the same country

10. Protectionism

    • Measures set up by a governing organization to protect domestic industry and economy from foreign competition, includes import and export regulations and government support for domestic production.

11. 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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