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World Bank

An organization supported by the United Nations that helps expand international trade.

IMF

An entity supported by the United Nations that assists in expanding international trade.

Trade Liberalization

A process involving countries reducing or removing trade barriers such as tariffs and quotas.

Free Trade

Trade that occurs when countries eliminate tariffs and taxes on goods and services traded between them.

WTO

An organization that regulates trade in services.

GATT

An agreement where member nations aimed to gradually eliminate tariffs and other trade barriers.

Grand Exchange

A trading process initiated by Christopher Columbus that introduced new crops and livestock to the Americas.

Industrial Revolution

A period that brought about significant economic, social, and cultural changes.

Capitalism

An economic system advocating free trade, competition, and choice for prosperity.

Deindustrialization

The decline of industrial activity in a region.

Imperialism

A policy of extending a nation's power and influence over other countries.

Mercantilism

Laws requiring a colony's raw materials to be sent back to the home country.

Transnational Corporation

A large company operating in multiple countries.

Acculturation

Cultural changes from two cultures adapting to each other's worldviews.

Cultural Revitalization

The process of promoting individual and collective cultural identity.

Homogenization

The erasing of differences among cultures.

Hybridization

The blending of elements from two or more different things to form something new.

Assimilation

A process where the culture of a minority group is absorbed by another culture.