globalization
the growing independence of countries worldwide through an increasing volume and variety of cross-border transactions in goods and services
global interactions
phenomenon that includes all of the varied economic, social, political, cultural and environmental processes that make up globalization
transnational corporations (tnc)
corporations whose operations are spread across the world, operating in many nations as both makers and sellers of goods and services
global supply chains
network between a company and its suppliers to produce and distribute a specific product to the final buyer
neo-colonial
the indirect actions by which developed countries exercise a degree of control over the development of their former colonies. achieved by aid and loans, cultural influence or military
foreign direct investment
occurs when a company or individual from one country invests in business operations in another country. boosts economic growth and global interconnectedness
neoliberalism
philosophy that supports free markets with minimal government interference; core beliefs are free markets, free trade, less government spending, and personal responsibility
economic globalization
measured by the actual flows of trade, foreign direct investment and portfolio investment
social globalization
spread of ideas, information, images and people
political globalization
characterized by the degree of political cooperation; measured by the number of embassies, members of intâl organizations, and intâl treaties signed
space/time convergence
the impression that distances between two locations have decreased because of advanced in communications and transportation systems
space/time divergence
interconnectedness from increased technology that has increased taransportation time
the shrinking world
the idea that the world is getting smaller as a result of changes in transportation and communication technology
time distance decay / friction of distance
described the effect of distance on cultural or spatial interactions
trade
the transfer of goods or services from one person or entity to another, often in exchange for money; a system or network that allows for trade is called a market
tariff barriers
barrier on trade that is taxes on certain imports; raise the price of goods making imports less competitive
non-tariff barriers
rules and regulations which make trade more difficult
quotas
a limited placed on the number of imports
voluntary export restraint (ver)
similar to quotas, this is where countries agree to limit the number of imports
subsidies
a domestic subsidy from government can give the local firm a competitive edge
embargo
a complete ban on imports from a certain country