Foundations of Globalization
This term describes the process of expanding world trading networks.
What is economic globalization?
Trade between countries without tariffs or trade barriers is called this.
What is free trade?
This is the opening of an industry to competition by removing government regulations.
What is deregulation?
Development that meets present needs without hurting future generations is called this.
What is sustainable development?
This technology allows people to communicate instantly around the world.
What is the internet?
This "creatively" named 1944 agreement created the IMF and World Bank.
What is the Bretton Woods Agreement?
The process of reducing tariffs and quotas is called this.
What is trade liberalization?
The selling of government-owned industries to private businesses is called this.
What is privatization?
The amount of pressure humans place on the environment is called this.
What is an ecological footprint?
This shipping method uses large metal containers to move goods efficiently.
What is containerization?
This organization provides long-term loans to countries experiencing financial difficulties.
What is the World Bank?
Large companies that operate in many countries are called these.
What are Transnational Corporations?
Government-owned businesses that provide essential services are called these.
What are Crown corporations?
This term describes people buying large amounts of goods and services.
What is consumerism?
These technologies helped information spread more freely after the Cold War.
What are communication technologies/the internet/cell phones?
This organization monitors exchange rates and helps expand international trade.
What is the IMF?
A Canadian car manufacturer sets up a factory in Mexico because labour is cheaper:
What is outsourcing?
Critics argue that after privatization, profits go here instead of helping reduce government debt.
Where do profits go to private owners/shareholders?
This term refers to protecting and caring for the environment responsibly.
What is stewardship?
One downside of cheap global transportation is this environmental problem.
What is pollution/carbon emissions?
This organization replaced GATT in 1995 and works to reduce trade barriers.
What is the WTO?
One criticism of free trade agreements is this effect on workers in developed countries.
What is job loss due to cheaper labour overseas?
This belief says a country’s economy should belong mainly to its own people and not foreign companies.
What is economic nationalism?
One major environmental criticism of Alberta’s oil sands is this global issue.
What is climate change/greenhouse gas emissions?
Industries that use technology and information to create economic benefits are part of this economy.
What is the knowledge economy?