Public vs. Private Ownership and Globalization

Flashcards covering key concepts related to public vs. private ownership, trade liberalization, privatization, foreign ownership, and the knowledge economy.

Trade Liberalization

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

Deregulation

The removal of government regulations to allow more competition in an industry.

Crown Corporation

A government-owned business that focuses on providing essential services rather than making profits.

Privatization

The sale of government-owned industries to private businesses, leading to less government control.

Foreign Ownership

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

Economic Nationalism

The belief that a country’s economy should be owned and operated by its citizens rather than foreign entities.

Public-Private Partnership (P3)

A financing and management model where the government partners with private companies to complete major projects.

Knowledge Economy

Industries that use knowledge to produce economic benefits, emphasizing skills like creativity, problem-solving, and teamwork.