Globalization vocabulary

border (noun): a line or boundary that separates one country from another — The United States and Canada share a long border that spans over 8,000 kilometers.

brain drain (noun): the loss of highly-skilled workers from one country to another, often due to better job opportunities or working conditions — Many developing countries experience brain drain as their best and brightest professionals move to wealthier nations.

capital (noun): money or other assets owned by an individual or business — The company used its capital to open several new factories abroad.

capitalism (noun): an economic system in which businesses are privately owned and operated for profit, with little or no government intervention — In a capitalist society, individuals and businesses are free to produce, distribute, and trade goods and services, and the market forces of supply and demand determine prices and allocation of resources.

capitalist (noun): a person who owns or invests in a business in order to make a profit — Many successful entrepreneurs are capitalists who have used their skills and resources to create and grow profitable businesses, while also creating jobs and driving economic growth.

cargo (noun): goods being transported by train, ship or other vehicle —A great deal of cargo was lost when the ship sank in the middle of the Atlantic.

commodity (noun): a raw material or primary agricultural product that can be bought and sold worldwide, such as copper or coffee — Prices on the commodity market fluctuate due to factors such as supply and demand, weather conditions and geopolitical events.

consumerism (noun): the notion that promotes the acquisition (consumption) of material goods — Society today seems to be based on pure consumerism.

cultural homogenization (noun): the process by which local cultures are replaced by a standardized global culture, often driven by the influence of Western media and consumerism — Many critics argue that globalization has led to cultural homogenization, with the spread of Hollywood movies and fast food chains around the world.

cultural imperialism (noun): the imposition of one culture's beliefs, values, and practices on another culture — Some argue that the spread of Western culture around the world represents a form of cultural imperialism.

deregulation (noun): the removal of government restrictions on businesses — The deregulation of the health sector enabled many private hospitals to extend their reach across the continent.

developing country (noun): a country with poor living standards where there is little economic or industrial activity — Famine is a major problem in many developing countries.

digital divide (noun): the gap between those who have access to digital technology (such as the internet and smartphones) and those who do not — In many developing countries, there is a significant digital divide between urban and rural areas.

domestic (adjective): happening within a particular country, and not internationall — Whilst domestic sales are down, there is still a demand for our products overseas.

economic growth drivers (noun): factors that cause an economy to grow — Technology and agriculture are among the country's greatest economic growth drivers.

economic interdependence (noun): when countries rely on each other for economic growth and stability — The European Union is an example of economic interdependence, as member countries work together to promote trade and economic growth.

emerge (verb): come out of something, come into view or economic prominence — Vanuatu is emerging as a key player in the world's coffee industry.

empire (noun): a group of countries or states under the rule of a single leader — India and Pakistan were once part of the British empire.

equity (noun): a concept that promotes fairness in the distribution of wealth, income and opportunities — In order to promote equity and fairness, the government is trying to ensure that all citizens have equal access to education, healthcare and jobs.

exchange rate (verb): the price of one country's currency against another's — He received very few euro due to the current exchange rate of the dollar.

export (noun): a product or service sent from one country to another — Saudi Arabia's exports consist principally of oil.

export (verb): sell and ship goods to another country — Brazil exports its coffee to countries on every continent.

fair trade (noun): a system of trading that ensures developing countries receive fair prices for the goods they export — As a company, we strive to promote fair trade products.

free trade (noun): a policy of eliminating or reducing trade barriers, such as tariffs and quotas, between nations to promote economic growth and cooperation — The North American Free Trade Agreement (NAFTA) eliminated most tariffs on goods traded between the United States, Canada and Mexico.

global citizen (noun): an individual who identifies with a broader, global community and recognizes his or her responsibility to address global challenges — Global citizens often prioritize issues such as climate change, poverty and human rights in their political and social activism.

global development (noun): the efforts of international organizations to promote economic growth, reduce poverty, improve human well-being, and address global challenges such as climate change and inequality, particularly in developing countries — The United Nations' Sustainable Development Goals aim to address global development challenges such as poverty, hunger, and climate change.

global governance (noun): the idea that there should be rules and regulations that govern the actions of countries and corporations on a global scale — The various international agreements on climate change are an example of global governance.

globalization (noun): the integration of the world's economies and cultures through trade, technology, and information. Globalisation offers countries access to foreign resources and labour markets and promotes interdependence among countries for the common good — Without globalization, we would see little progress in developing countries.

global supply chain (noun): the network of suppliers, manufacturers, distributors and retailers that work together to produce and distribute goods on a global scale — Apple's global supply chain includes suppliers in Asia, manufacturers in Europe and retail stores in North America.

global village (noun): the idea that technology and communication have made the world a smaller, more connected place — Social media has helped to connect people in the global village.

global warming (noun): the perceived gradual increase in Earth's temperature caused by the emission of man-made greenhouse gases — Suggestions that global warning peaked in 2015 are hotly disputed.

gross domestic product (noun): the total value of all goods produced and services provided by a country during one year — Agriculture accounts for 20% of our gross domestic product.

import (noun): a product or service brought into one country from another — China's imports include large quantities of coal from Australia.

import (verb): buy and bring in goods from another country — China imports petroleum oil and gas from Russia.

interdependence (noun): the dependence of two or more bodies (for example, countries) on each other — The interdependence of our nations has resulted in the diversity of products available to us.

international organization (noun): any institution or body that operates across national borders — The United Nations is an international organization claiming to promoting peace and cooperation among member countries.

IMF (abbreviation): International Monetary Fund

International Monetary Fund (IMF) (noun): an international organization of 190 countries based in Washington, USA and claiming to promote global cooperation, financial stability, international trade, high employment, sustainable economic growth, and reduced poverty around the world. — When the country experienced a financial crisis, the government turned to the International Monetary Fund for financial assistance and to help stabilize their economy.

JIT (abbreviation): just-in-time

just-in-time (JIT) (adjective): relating to a penny-pinching manufacturing system in which materials and components are delivered immediately before they are needed instead of being held in stock; partly responsible for the collapse of global supply chains during and after the Covid-19 fiasco — After the pandemic, many companies are re-evaluating their just-in-time stock control measures and considering a more balanced approach.

market (noun): the total number of buyers and sellers for a particular product or service within a particular region — We have been trying to expand our markets overseas for the past few years.

market forces (noun): forces that determine the cost of goods and services regardless of governmental control or interference — Weather conditions have always been one of the driving market forces in our country.

multilateral (adjective): involving two or more sides — It was a multilateral agreement between several European states.

multinational corporation: a company that operates in multiple countries, often with subsidiaries or affiliates in different regions of the world; also just called a "multinational" — Coca-Cola is a multinational corporation with operations in over 200 countries.

national (adjective): relating to a particular country or nation — Though few people have heard of him abroad, the man is a national hero.

offshoring (noun): the practice of moving a company's operations to another country in order to take advantage of lower labour costs and taxes — The Trump administration was opposed to offshoring after many American companies had offshored their manufacturing operations to China in order to reduce costs and increase profits.

outsource (verb): To obtain goods or services from an outside supplier — Many European countries outsource their jobs to Asia where labour costs are lower.

outsourcing (noun): the practice of contracting work to an external company or individual, often in a different country, in order to save costs or improve efficiency — Many companies outsource their customer service to call centers in countries such as India and the Philippines.

privatisation (noun): the transfer of publicly-owned businesses to private-sector organisations — The privatisation of hospitals has made health care inaccessible to many.

progress (noun): a process of improving towards a more advanced state — The country's technological progress has helped the standard of living in many regions.

protectionism (noun): the policy of imposing restrictions on foreign trade, such as tariffs and quotas, in order to protect domestic industries and jobs — The United States has implemented protectionist policies on steel and aluminum imports in order to support domestic producers.

regulations (noun): government-imposed rules that exercise price controls and limit who can enter a business transaction — We hope that these regulations will result in fairer, more ethical business practices.

standardisation (noun): an approach to marketing that can be used internationally — We believe that all sectors of the economy will benefit from these standardisation policies.

standard of living (noun): the level of income, comforts and materials available to the general population — Before NATO bombed Libya to destruction in 2011, the country had one of the highest standards of living on the African continent.

superpower (noun): a very powerful, dominant and influential country — Before the rise of China, the USA was for a short time considered the world's sole superpower due to its immense military strength and economic dominance.

sustainable development (noun): economic growth that balances the needs of the present with the ability of future generations to meet their own needs — Many countries have embraced sustainable development goals, such as reducing carbon emissions and protecting natural resources.

sweatshop (noun): a factory or workplace where workers are subjected to long hours, low pay and poor working conditions. Sweatshops are commonly associated with industries such as textile manufacturing, electronics assembly and agriculture. — Sweatshops are often associated with globalization as they are frequently found in poor countries where multinational corporations have outsourced their production in search of lower labour costs.

tariff (noun): a tax imposed on goods being imported and exported by a country — The government has imposed a tariff on electrical goods shipped from Asia.

trade (noun): the exchange of goods or services between two parties — The government has recently banned all trade in ivory.

trade barrier (noun): a government policy that limits or restricts international trade — The recently implemented trade barrier has resulted in a shortage of South American coffee.

trade deficit (noun): a situation where a country imports more goods and services than it exports — The United States has had a trade deficit with China for many years.

transnational (adjective): (of a company, policy etc) extending or operating across national borders — By definition, a transnational crime involves more than one country.

transnational corporation (noun): a company that operates in multiple countries — ExxonMobil is a transnational corporation with operations in over 50 countries.

transnationalism (noun): the concept of national boundaries having less relevance as people and ideas move more freely across borders — The rise of transnationalism is evident in the increasing number of dual citizens and global citizens who identify with multiple countries.

treaty (noun): a formal agreement ratified between two or more states — All three countries have agreed to sign the peace treaty.

unilateral (adjective): (of a decision or action) one-sided; performed by one person or group without consulting the parties that it might affect — Naturally, the citizens were distressed by the president's unilateral decision.

venture capital (noun): money invested in a company or project, typically with an element of risk — Without significant venture capital, we have little hope of getting the business off the ground.

WTO (abbreviation): World Trade Organization

World Trade Organization (WTO) (noun): a global organization based in Geneva, Switzerland, that claims to help countries and producers trade fairly and effectively.