4.2 Global Networks and Flows
Terms in this set (9)
The value of all final goods and services produced within a nation in a given year. Based on location. Within a country.
The value of all goods and services produced within a country, together with the balance of income and payments from or to other countries. Within the country and around the world.
To return foreign-earned profits or financial assets back to the company's home country
Foreign Direct Investment
Investment by a company in the structures, equipment or organizations of a foreign country.
World Trade Organization (WTO)
a trade organization that replaced the old General Agreement on Tariffs and Trade (GATT) which was established in 1948. GATT looked at the trade of goods where this organization looks more at the trade of services and intellectual property rights.
Aims of the WTO
Liberalize (free) world trade (reduce protectionism), create a forum for governments to negotiate global trade agreements, be a place to settle trade disputes and to set and clarify trade rules. They've also been working on making LEDCs more involved
TNC/TNE or Transnational Corporations
A firm that owns or controls productive operations in more than one country through FDI. Based in one country.
MNC or Multinational Corporations
Does not identify itself with one national home. They are national companies with foreign subsidiaries, transnational corporations spread out their operations in many countries to sustain high levels of local responsiveness.
The growing interdependence of countries worldwide through the increasing volume and variety of cross-border transactions in goods and services and of international capital flows, and through the more rapid and widespread diffusion of capital
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