What is Economic Globalization?
Increasing interconnectedness of countries through trade, multinational companies, and exchange of ideas.
What is Economic Liberalization?
Removal of government intervention in trade, investment, and capital flows.
Define Tariffs.
Taxes on imported goods, often reduced or eliminated during economic liberalization.
What are Multinational Companies (MNCs)?
Companies operating in multiple countries, seeking resources, cheaper labor, and new markets.
What is the IMF?
International Monetary Fund. An international organization pushing for economic liberalization and advocating for economic growth.
What is the WTO?
World Trade Organization. An international organization pushing for economic liberalization and advocating for economic growth.
Cause and effect of technology advancements?
Cause: Advances in transportation, internet. Effect: Easier for nations to connect, increased global trade.
Cause and effect of MNC operations?
Cause: MNCs seek resources and cheaper labor. Effect: Potential conflicts with local laws on labor and environment.
Cause and effect of economic liberalization?
Cause: Reducing tariffs and creating free trade agreements. Effect: Easier for countries to trade, increased competition.
Cause and effect of globalization?
Cause: Increased interconnectedness. Effect: Rise of nationalist and populist groups blaming globalization for changes.
Cause and effect of civil society demands?
Cause: Increased demands on governments for action on environmental and labor issues. Effect: Government crackdowns in authoritarian regimes.
What is the effect of reducing tariffs?
Makes it easier for countries to trade, promoting economic liberalization.
What is the impact of creating free trade agreements?
Facilitates trade and economic growth between participating countries.
