10.9 Globalization and Related Concepts

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Globalization

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Actions or processes that involve the entire world and result in making something worldwide in scope.

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Globalization of Disease

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Increase in global transportation has led to the spread of disease and the creation of pandemics.

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Criticism of Globalization

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- Workers in wealthy countries lose jobs to workers in poor countries - The environment in poor countries is damaged as a result of development - Traditional cultures are disrupted.

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Economic Aspects of Globalization

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Free Market Capitalism: Businesses compete to lower costs. Free Trade Agreements: Countries agree to eliminate tariffs.

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Mixed Economy

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An economy in which private enterprise exists in combination with a considerable amount of government regulation and promotion.

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Multinational Corporation

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An organization that manufactures and markets products in many different countries and has multinational stock ownership and multinational management.

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OPEC

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Saudi Arabia and other oil-producing countries work together to control the price of oil.

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World Trade Organization (WTO)

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A global institution to promote international trade and to settle international trade disputes.

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World Bank

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A specialized agency of the United Nations that makes loans to countries for economic development, trade promotion, and debt consolidation. Its formal name is the International Bank for Reconstruction and Development.

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International Monetary Fund (IMF)

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An international organization that acts as a lender of last resort, providing loans to troubled nations, and also works to promote trade through financial cooperation.