Approaches to Globalization

Globalization

The process by which businesses or other organizations develop international influence or start operating on an international scale.

GATT

General Agreement on Tariffs and Trade, an international trade treaty designed to boost economic recovery after World War II.

NAFTA

North American Free Trade Agreement, a trade deal among the United States, Canada, and Mexico.

IMF

International Monetary Fund, an organization working to promote international monetary cooperation and financial stability.

WTO

World Trade Organization, an intergovernmental organization that regulates international trade.

Bretton Woods

A conference held in 1944 that established the International Monetary Fund and the World Bank.

Liberal Economic Policies

Economic policies aimed at promoting free markets and reducing government involvement in the economy.

Proto-globalization

The early phase of globalization characterized by the beginning of global trade networks typically from 1500 to 1750.

Modern Globalization

The phase of globalization beginning around 1945 focused on institutions and economic practices leading to increased global interconnectedness.

De-globalization

The process or trend of diminishing international economic integration.

Ecosystem

A biological community of interacting organisms and their physical environment.

Cultural Homogeneity

The process by which cultures become similar due to globalization.

Transnational Corporations (TNCs)

Companies that operate in multiple countries but are managed from one country.

Communication Technologies

Technological tools that enhance the ability to communicate across distances.

World System

A perspective in sociology that argues that world systems are complex networks of economic, political, and cultural relations.

Free Trade

The international trade of goods and services without tariffs or other barriers.

Economic Crisis

A substantial decline in economic activity across the economy lasting longer than a few months.

Cultural Imperialism

The practice of promoting and imposing a culture, usually that of a politically or economically dominant nation.

Cultual Diversity

The variety of cultural or ethnic groups within a society.

Neoliberalism

A policy model that emphasizes the value of free market competition.

Migration

The movement of people from one place to another with intentions of settling temporarily or permanently.

Human Rights

Rights that are believed to belong justifiably to every person.

Colonialism

The policy or practice of acquiring full or partial political control over another country.

Globalization of Culture

The spread of cultural items—such as ideas, styles, religions, technologies, etc.—between different cultures.

Interdependence

Mutual reliance between two or more groups, especially concerning economic and economic systems.

Digital Divide

The gap between those who have easy access to digital technology and those who do not.

Consumption

The use of goods and services by households.

Fluctuations in Currency

Changes in the value of one currency compared to another.

Global Financial Systems

A framework for managing the financial connections and transactions across countries.

Transnational Networks

Networks that cross national boundaries, encompassing organizations, businesses, and institutions.

Hybridization

The combination of elements from different cultures or ideas to create something new.

Global Capitalism

An economic system in which capital is distributed on a global scale, enabling vast markets.

Economic Protectionism

A policy adopted by a government to restrict international trade to protect local businesses from foreign competition.