Globalization and the Global Economy

Flashcards covering key concepts related to globalization and the global economy based on lecture notes.

Globalization

The process of increasing international integration and interdependence across various aspects of social life.

International Trade

The exchange of goods and services between countries, involving the movement of products across national borders.

Transnational Corporations (TNCs)

Large companies that operate in multiple countries, playing a significant role in the global economy.

Global Economic Integration

The process by which countries become more interconnected through trade, investment, and economic collaboration.

Multidimensional Phenomenon

A complex event that encompasses various aspects, including political, technical, cultural, and economic dimensions.

World Trade Organization (WTO)

An intergovernmental organization that regulates international trade and aims to ensure trade flows as smoothly and predictably as possible.

Market Economy

An economic system where supply and demand determine the production and pricing of goods and services.

International Monetary Fund (IMF)

An organization that aims to promote international financial cooperation and exchange rate stability.

Global Trade System

A framework of agreements and regulations governing international trade among nations.

Gold Standard

A monetary system where a country's currency or paper money has a value directly linked to gold.