Economic Globalization
The spread of trade, transportation, and communication systems around the world in the interests or promoting worldwide commerce.
Economic Globalization
WTO is the abbreviation of this organization
World Trade Organization
Communication, commercials, and celebrity endorsements are all examples of this factor that helps influence and expand economic globalization
Media
NAFTA is the abbreviation of this agreement
North American Free Trade Agreement
Competition and a want to protect or expand their source of raw materials to trade can and will result in this.
War
This economist believed that government should be involved in economic matters, especially to help people get jobs.
John Maynard Keynes
All decisions in the WTO need to come to this.
Consensus
A business strategy that involves reducing costs by using suppliers of products and services in countries where labour is cheaper and government regulation may be less strict
Outsourcing
NAFTA is an agreement between these 3 countries
Canada, U.S., and Mexico
The Russian Revolution resulted in this type of political/economic system being put into place.
Communism
This economist advocated for the "Trickle down" effect where the government lowered taxes for businesses, which would lead to more money to hire more workers.
Friedrich Hayek or Milton Friedman
WTO aims to lower this and make trade more predictable
trade barriers
These types of countries were used for access to raw materials that would be used to make products that would be traded between other countries. This has started to change.
Developing Countries
These 2 examples are why people would support NAFTA.
More jobs, raise living standards, improve employment and environmental standards, would make Mexico into developed country (any 2)
The act of making amends for wrongdoing. May include payments made by a defeated enemy to countries whose territory was damaged during a war. The Treaty of Versailles is an example of this after WWI.
Reparations
This was established to help economically unstable countries.
World Bank or IMF
The WTO have the power to use this to enforce its decisions. Its a penalty, such as boycotting.
Sanctions
The movement of buying and selling from in-person to online
E-commerce
These 2 examples are why people oppose NAFTA.
jobs leaving Canada for Mexico, "race to the bottom" for wages, undermine health, environment and safety standards, and undermine ability of member states to make their own decisions (any 2)
A period of low economic activity accompanied by high levels of unemployment. An example of this started in 1929.
Economic Depression
This event interfered with global trade because trade agreements and organizations were having trouble resolving issues between communist and non-communist countries
The WTO emerged from this agreement
GATT or General Agreement on Tariffs and Trade
Theses countries benefit from economic globalization the most.
Developed Countries
a policy that deliberately depresses wages to attain higher competitiveness in the global market
"race to the bottom"
This rose after World War I when the need for weapons manufacturing was not needed and more people started returning back from war.
Unemployment