Globalization and Business Responsibilities

This set of flashcards covers key concepts and definitions related to Globalization and Business Responsibilities as outlined in the lecture notes.

Globalization

The process of decreasing constraints on the interactions among nations and people.

Economic Globalization

Integration of fragmented markets leading to free trade, despite existing barriers.

Political Globalization

Changing world power relationships with less sovereignty for states and increased power for multinational corporations.

Social/Cultural Globalization

The emergence of a worldwide cultural system.

United Nations Global Compact - Human Rights

Businesses should support and respect human rights and ensure they are not complicit in abuses.

United Nations Global Compact - Labour Standards

Uphold collective bargaining rights, eliminate forced and child labour, and discrimination in the workplace.

United Nations Global Compact - Environment

Adopt a precautionary approach and develop environmentally friendly technologies.

United Nations Global Compact - Anti-Corruption

Work against all forms of corruption.

Corruption

The abuse of entrusted power for private gain.

Pros of Globalization

Encourages trade, better dissemination of goods, employment opportunities, increased living standards, and reduced cost of living.

Cons of Globalization

Includes profit-driven greed, unemployment, poverty, financial crises, environmental destruction, and human rights abuses.

Corporate Watch

An international NGO holding corporations accountable for human rights and environmental practices.

Oxfam International

An international NGO focusing on finding solutions to poverty and injustice.

Amnesty International

An NGO campaigning for international human rights.

Greenpeace

An NGO focusing on worldwide threats to biodiversity.

Fundamental rights and freedoms

Rights to which all individuals should be entitled.

Tax Havens

Countries or jurisdictions where taxes are levied at a low rate, used to hide wealth.

Fairtrade

A movement aimed at helping producers in developing countries achieve better trading conditions.

Microfinance

Financial services provided to low-income individuals or those without access to typical banking services.

Least Corrupt Countries

Countries like Denmark, New Zealand, Finland, Singapore, and Sweden known for minimal corruption.

Most Corrupt Countries

Countries like North Korea, Yemen, South Sudan, Syria, and Somalia with high levels of corruption.