Global Systems and Governance | Key words (1)

cultural erosion

the reduction of a culture due to globalisation

globalisation

the growing interdependence of countries through cross-border transactions (e.g., capital, technology, migration, knowledge, culture, etc.)

offshoring

a company moves parts of its operations to another country, often to save money

trade bloc

a group of countries that act together to promote trade and a free movement of goods/services between member states

World Trade Organisation (WTO)

an organisation whose members seek substantial reductions on tariffs and trade barriers and the elimination of preferences on a mutually advantageous basis

sovereignty

control over a country's own laws and regulations

privatisation

national public services become owned by private businesses

cultural diffusion

the spread of cultural beliefs and social activities into different cultures

acquisition

a transaction where a TNC buys another company in order to expand (usually a smaller company)

containerisation

s logistical system of transporting large amounts of goods in steel containers (each carrying 25,000kg of goods)