TERMS
What term means the increasing connection and interdependence of countries?
Globalization
WTO
World Trade Organization
What practice involves moving jobs or production to another country?
outsourcing
Which focuses mainly on income, jobs, and wealth?
standard of living
What organization sets rules for international trade?
WTO
What term describes companies that operate in more than one country?
transnational corporations (TNCs)
NGO
Non-Governmental Organization
Which group is most likely harmed by job losses due to outsourcing?
workers in developed countries
Which includes health care, education, safety, and environment?
quality of life
What agreement reduced trade barriers between Canada, the U.S., and Mexico?
NAFTA
What is the term for lowering or removing trade barriers between countries?
trade liberalization
NAFTA (now USMCA, but still used)
North American Free Trade Agreement
What process allows goods to be shipped cheaply and efficiently worldwide?
containerization
Which is the better overall measure of how people live?
quality of life
What organization gives loans with conditions like cutting social spending?
World Bank
What term (phrase) describes competition between countries to offer the lowest wages and weakest regulations?
the race to the bottom
IMF
International Monetary Fund
Why do corporations often outsource?
to reduce costs and increase competitiveness
Name one factor that affects quality of life but NOT standard of living.
clean water / personal safety / human rights / environment?
What conference created the IMF and World Bank?
the Bretton Woods Conference
What term means development that meets present needs without harming future generations?
sustainable development
WBG
World Bank Group
Who often benefits most from globalization in developed countries?
consumers and shareholders
Why can a country have a high standard of living but low quality of life?
inequality, pollution, or lack of rights
What type of loan requires countries to cut government spending?
a structural adjustment loan