Globalisation

Political/economic/cultural globalization

The process of expanding and integrating political, economic, and cultural systems and activities across national boundaries, leading to greater interdependence and interconnectedness among people, companies, and governments worldwide.

Global economy

The network of economic activity and exchange of goods and services that transcends national borders and operates on a global scale.

Global trade

The exchange of goods and services across national borders, involving the import and export of products and services between countries.

Global free market

An economic system characterized by the absence of government intervention, allowing businesses and consumers to engage in market activities and transactions without regulatory restrictions or barriers.

Intertwined

Closely connected or interwoven, such that the elements or components cannot be separated easily.

Interconnected

Linked or joined together in a complex or interconnected manner, such that changes or events in one part of the system can have an impact on other parts.

Sustainable prosperity

A state of economic well-being that is achieved in a environmentally and socially sustainable manner, ensuring that resources are conserved for future generations.

To accelerate

To increase the speed or rate of something, often with the aim of achieving a particular goal or outcome more quickly.

Developing countries

Countries with relatively low levels of economic development, characterized by low per capita income, limited access to healthcare and education, and a dependence on primary industries such as agriculture or mining.

Developed countries

Countries with high levels of economic development, characterized by high per capita income, advanced healthcare and education systems, and a strong focus on service and knowledge-based industries.

High/low standard of living

A measure of the quality and availability of goods and services that are essential for maintaining a certain level of well-being, such as food, housing, healthcare, and education.

Emerging markets

Countries or regions that are experiencing rapid economic growth and industrialization, often with a growing middle class and increasing consumption, making them attractive for investment and business opportunities.

Emerging economies

Economies of countries or regions that are in the process of transitioning from developing to developed status, characterized by economic growth, industrialization, and the development of new industries and markets.

Gross domestic product (GDP)

The total value of all goods and services produced within a country's borders during a specific time period, often used as a key indicator of a country's economic performance and standard of living.

Economic disparity

Unequal distribution of wealth, income, or opportunities among individuals or groups within an economy or society, often resulting in social and economic inequalities.

Global village

A concept that refers to the idea of the world becoming a closely interconnected and interdependent community through advances in communication, technology, and transportation, leading to a sense of global unity and shared responsibility.

The World Trade Organization (WTO)

An international organization that aims to regulate and promote global trade by setting rules and resolving trade disputes among member countries.

The North American Free Trade Agreement (NAFTA)

A trilateral trade agreement between Canada, Mexico, and the United States that eliminated most tariffs and other trade barriers among the three countries, aimed at promoting trade and economic integration in North America.

Protectionism

A policy or practice of imposing restrictions, such as tariffs, quotas, or other trade barriers, on foreign goods or services in order to protect domestic industries or markets.

Trade barriers

Obstacles or restrictions that are imposed on international trade, such as tariffs, quotas, import/export licenses, or other regulations that can limit the flow of goods and services across national borders.

Import quotas

A type of trade barrier that restricts the quantity of a particular good or service that can be imported into a country during a specified time period, usually expressed as a numerical limit.

Tariffs

Taxes or duties imposed on imported or exported goods or services, typically based on their value, quantity, or weight, as a form of protectionism or revenue generation for the government.

Removal or reduction of tariffs

The act of eliminating or reducing tariffs on goods or services, often as a result of trade agreements or negotiations between countries, aimed at promoting international trade and economic integration.

International trade

The exchange of goods, services, and capital across national borders, involving the buying and selling of goods and services between countries, often facilitated by trade agreements and global supply chains.

Free flow of capital and labour

The unrestricted movement of capital (financial resources) and labour (workers) across national borders, often facilitated by globalization and liberalization of trade and investment policies.

Offshore outsourcing

The practice of contracting out business processes or services to another country, often for cost savings or access to specialized expertise, where the work is typically performed remotely or "offshore".

Moving production lines to developing countries

The relocation of manufacturing or production operations from developed countries to developing countries, often driven by factors such as lower labor costs, access to natural resources, or favorable business environments.

Cheap labor

Labor that is inexpensive or low-cost in terms of wages or compensation, often relative to labor costs in other countries, and may be a factor in outsourcing or offshoring decisions.

Exploitation

The unethical or unfair treatment of workers, often characterized by low wages, long working hours, poor working conditions, or violation of labor rights, for the purpose of gaining profit or economic advantage.

Appalling working conditions

Extremely poor or unacceptable working conditions, often involving unsafe or hazardous environments, long working hours, low wages, lack of job security, or violation of labor rights.

Sweatshops

A workplace or factory, typically in developing countries, where workers are subjected to harsh or exploitative conditions, including low wages, long working hours, unsafe working conditions, and violation of labor rights.

Inequality

The state of being unequal or having differences in wealth, income, opportunities, or privileges among individuals or groups, often resulting in social or economic disparities.

Moving production lines

The process of relocating manufacturing or production operations from one location to another, often driven by factors such as cost savings, market access, or changes in business strategies.

Closing down factories

The act of permanently shutting down manufacturing or production facilities, often due to changes in market conditions, cost considerations, or business decisions.

Cultural heritage

The accumulated traditions, customs, beliefs, values, arts, and artifacts that characterize a particular society or community, often passed down from generation to generation and considered as an important part of their identity.

Loss of cultural identity

The erosion or weakening of a group's distinct cultural characteristics, practices, or beliefs, often as a result of globalization or assimilation.

Cultural imperialism

The imposition or dominance of one culture over others, often through economic, political, or media influence, leading to the spread of the dominant culture and the erosion of local cultures.

Americanization

The process of adopting or assimilating American cultural norms, values, or practices, often resulting from the influence of American media, consumer products, or popular culture.

Westernization of culture

The process of adopting or assimilating Western cultural norms, values, or practices, often influenced by Western media, technology, or consumer products.

Cultural homogenization

The process of reducing or eradicating cultural diversity or differences, often resulting from the spread of global or dominant cultural norms, practices, or values.

Cultural convergence

The process of different cultures coming together and adopting or assimilating common cultural elements or practices, often resulting from globalization or cultural exchange.

Cultural diversity/divergence

The presence or preservation of a variety of cultural traditions, practices, or beliefs within a society or community, often considered as a source of richness and uniqueness.

Clash of civilizations/cultures

The idea or concept that different civilizations or cultures may have conflicting values, beliefs, or ideologies, leading to tensions, conflicts, or clashes between them.

Disappearance of cultures/languages/cultural diversity/local color

The decline, loss, or extinction of distinct cultures, languages, or cultural diversity, often due to factors such as globalization, and assimilation.

Brain drain

The emigration of highly skilled or educated individuals, often resulting in a loss of human capital or talent in their home country.

Global village

The concept that the world is becoming increasingly interconnected and interdependent, with information, ideas, and culture flowing easily across borders and nations, creating a sense of global community.

Consumerism

The culture or ideology that emphasizes the acquisition and consumption of goods and services as a primary source of social status, identity, and satisfaction.

The Silk Road

An ancient network of trade routes that connected Asia, Europe, and Africa, facilitating cultural exchange, economic interactions, and the movement of goods, ideas, and people.

The United Nations (UN)

An international organization founded in 1945 with the aim of promoting peace, security, and cooperation among nations, and addressing global issues such as poverty, climate change, and human rights.

Refugees and migrants

Individuals or groups who are forced to flee their home countries due to persecution, conflict, or other reasons, seeking refuge or better opportunities in other countries.

Global warming

The gradual increase in the Earth's average surface temperature, primarily caused by human activities such as the burning of fossil fuels, deforestation, and industrial emissions, leading to climate change and environmental impacts.