31 terms

globalization quest

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standard of living
measure of a person's wealth and material resources (to what degree does someone have both needs and wants met)
sweatshop
a factory that employs a large number of people to perform simple tasks at low wages
outsourcing
move jobs to another country for less expensive labor
political cartoons
symbols, exaggeration, labels, analogy, irony
MNC
multinational corporation; headquarters is in one country but the plants/factories exist in other countries
globalization
reduction or removal of barriers between nation's economies so that they can more easily exchange (ideas, goods, services, labor)
global economy
the actual countries and how they connect
tariffs
government taxes on imported/exported goods
WTO
World Trade Organization; oversee all international trade agreements and help ensure global security for all nation's economic well-being
Global Citizens Corps
an international movement of youth who are able to connect globally and act locally to make positive change
NAFTA
North American Free Trade Agreement; allow the countries of Mexico, Canada, and the United States to trade with each other more freely, by reducing rules and regulations between borders
fair trade
producers in developing countries are provided fair wages for their work
comparative advantage
two countries, regardless of their development status, can benefit from a division of labor through trade
Columbian Exchange
the exchange of plants, animals, and diseases between the Old and New Worlds
GATT
General Agreement on Tariffs and Trade; removal of tariffs so that the world can rebuild after WWII
GDP
gross domestic product; all income a country makes in one year
race to the bottom
the practice of relaxing health, safety, environmental, or other standards and regulations to make a region or a country more appealing to foreign businesses and investors
illicit trade
drugs, people, ideas, etc., are more easily exchanged, but transparency goes up so people are less able to lie or hide
IMF
International Monetary Fund; works to balance global currency rates to ensure some kind of buying power for each kind of currency
cultural identity
food, clothing, language, beliefs/traditions/religion, resources/climate
foreign aid
the resource transfer from one country to another
cultural homogenization
globalization can cause different cultures to become one uniform culture
maquiladora program
increased jobs in Mexico, but workers had to work under poor extremely working conditions and it made the border area one of the most polluted areas in Mexico
local resilience
local citizens encourage local developments to resist globalization and cultural homogenization
spice trade
used for preservation, flavor, cure illnesses, or pay rents
Lisbon Treaty
an important treaty in the development and future of the EU (rules to follow, two year term limit each president)
middleman
a person that helps make the buying and selling easier
European Union
27 countries operating as one country and establishing a single market, removing barriers to trade and free competition between member countries
Global Action Days
a day to help a certain cause; result of globalization and making people more aware of the issues going on around them
credit bubble
economy get stimulated but bubble then pops (purchasing goods + services with money you really do not have (credit card) there is no money actually there)
Role of Technology
trends:
-globalization has made technology production
-people around the world can talk to people using cellphones; everyone is connected--> globalization
-you can send a donation through texting