Globalization and Economic Transformation

These flashcards cover key concepts related to globalization, communication advancements, and economic transformations as discussed in the lecture.

Tim Berners Lee

British physicist who created the World Wide Web in the late 1980s.

World Wide Web

A system that made data accessible across the internet, revolutionizing global communications.

Monopolization

The process where a small number of companies gain control over the entire market.

Economic globalization

The increasing economic interdependence among countries through trade and capital flow.

International Monetary Fund (IMF)

An international organization that provides loans and monetary support to countries in need.

Deregulated markets

Financial markets with reduced government restrictions and regulations.

Outsourcing

The practice of relocating jobs to countries where labor costs are lower.

Cultural borrowing

The process of adopting cultural elements from other societies.

Bollywood

The nickname for the Hindi film industry in Mumbai, known for its global influence.

Forced migration

Involuntary movement of people away from their home due to conflict, persecution, or other crises.