Globalization and Sustainable Prosperity

Flashcards about Public vs. Private ownership, trade liberalization, deregulation, crown corporations, privatization, foreign ownership, public-private partnerships and the knowledge economy.

Trade Liberalization

The process of reducing barriers to trade to make trade easier.

Deregulation

Opening an industry to more competition by removing government regulations (rules). Part of trade liberalization.

Crown Corporation

A government-owned business, also called public ownership, that handles essential services.

Privatization

The sale of government-owned industries (crown corporations) to private businesses; a form of deregulation.

Foreign Ownership

When a different country owns or operates a company in Canada.

Economic Nationalism

The belief that a country’s economy should belong to the people of the country and not be controlled by foreign companies.

Public-Private-Partnership (P3)

The government hires private companies to complete a major project; the company maintains the project and guarantees it works.

Knowledge Economy

Industries that use knowledge to produce economic benefits.