Globalization and Its Impact

A comprehensive set of vocabulary flashcards based on the notes covering various aspects of globalization, its economic, political, and social implications.

Globalization

Refers to an expansion in the quantity and quality of interaction and exchange among countries.

Economic Globalization

The process of increasing interdependence among national economies through trade, foreign investment, and capital flows.

Foreign Direct Investment (FDI)

Investment made by a company or individual in one country in business interests in another country.

Container Shipping

A method of transporting goods in large, standardized containers, which has revolutionized global trade.

Bretton Woods Institutions

Multilateral institutions created after WWII, including the IMF and World Bank, aimed at fostering international economic cooperation.

Glocalization

The adaptation of global products and services to local markets.

Civil Society

A sector of society that is distinct from the government and commercial institutions, involving citizens and groups organized for collective action.

Sovereignty

The authority of a state to govern itself or another state, characterized by independence from external control.

Democratic Deficit

A term referring to the gap between the official and actual representation in a political body, such as an international organization.

KOF Index of Globalization

A measure of the degree of globalization based on various dimensions including economic, social, and political aspects.

EU Integration

The process through which European nations interact and collaborate economically and politically to create a more unified region.

Multinational Corporations (MNCs)

Large companies that operate in several countries, often influencing global economic dynamics.

Social Movements

Organized efforts by a large group of people to promote or resist change in society.

International Non-Governmental Organizations (INGOs)

Organizations that operate independently of government, often focused on humanitarian or social issues across borders.

Economic Liberalism

An economic ideology advocating for free markets, free trade, and minimal government intervention in the economy.

Political Globalization

The process of increasing political interdependence among nations, including international laws and policies.

International Law

A set of rules and principles that govern relations between nations and international entities.

Global Civil Society

A sphere of social life that is autonomous from the state and market, where individuals come together for collective action.

Trade Liberalization

The reduction of tariffs and other barriers to trade, aimed at promoting international trade.