Globalization
The increasing interconnectedness and interdependence of world economics, cultures and populations.
What is globalization?
The only international intergovernmental organization that regulates and facilitates trade rules between nations.
What is the World Trade Organization?
A company that operates in two or more countries.
What is a multinational countr?
An international organization founded in 1945, aim to maintain global peace, security and cooperation.
What is United Nations.
This is the system of government in which a country is ruled by a king or queen.
What is a monarchy?
A major driver of globalization is the reduction of barriers to trade, often facilitated by international agreements and organizations.
What are tariffs?
This WTO’s primary goal is to liberalize international trade. What is one of its key functions in achieving this?
What is administering trade agreement?
MNCs often establish production facilities in countries with lower labor costs.
What is cost-effective labor or cheaper labor?
The UN has six principal organs. Which organ is responsible for maintaining international peace and security and can authorize the use force?
What is the Security Council?
This economic theory suggest that countries should specialize in producing goods and services where they have a comparative advantage and then trade with other nations.
What is comparative advantage?
This concept describes the spread of ideas, values, and products across national borders, leading to cultural convergence.
What is cultural globalization?
When a member country believes another member is violating a trade agreement, they can bring the issues to the WTO for resolution.
What is the dispute settlement process?
When a MNC invest directly in a foreign country, building new facilities or acquiring existing ones.
What is a forgiven direct investment?
The UN agency works to provide humanitarian aid, promote sustainable development, and eradicate poverty worldwide.
What is the United Nations Development Programme?
This term describes the process by which a country adopts the legal, political, and economic systems of another country.
What is imperialism?
Think about the supply chains for many products you use daily. Globalization allows companies to source materials and labor from different countries.
What is outsourcing?
The WTO is built upon a set of foundational principles. One principle ensures the member countries treat imported goods and services no less favorably than domestically produced ones.
What is national treatment?
MNCs can have significant impact on the economies of host countries, both positive. What is a common term used to describe this influence?
What are increased tax revenue?
The UN’s Universal Declaration of Human Rights, adopted in 1948, is a foundational document. What is its main purpose?
What is to protect and promote human rights?
Imagine a scenario where a country‘s government is overthrown by a military coup, this is an example of a political…
What is a revolution?
While globalization offers many benefits, it also raises concerns about issues like labor exploitation and enviromental degradation in developing countries.
What is the race to the bottom?
The WTO has faced challenges in recent years, particularly regarding its dispute settlement system.
What is the Appellate Body?
Some critics argue that MNCs wield considerable power, sometimes influencing government policies.
What is corporate lobbying?
This UN initiative , launched in 2015, sets out 17 interconnected goals to address global challenges, including poverty, hunger, inequality and climate change.
What are the Sustainable Development Goals?
If country A imports significantly more goods than it exports to country B, this creates a trade _____ for country A.
What is a trade deficit?