Topic Specific Vocabulary-Globalization

• Developing countries – countries with little industrial and economic activity where people generally have low incomes.
• Developed countries –  countries with a lot of industrial and economic activity where people generally have high incomes.
• emerging economy/emerging market economy – a nation’s economy progressing toward becoming developed and advanced.
• Global village – the idea that we became a single community due to affordable and effective transportation, mass media, and electronic communications.
• Global economy – economy of the world comprising economies of different countries closely interrelated.
• Global Trade (often International Trade) – the exchange of goods and services between countries.
• Sweatshop/sweat factory – a workplace with unacceptably severe conditions and usually extremely low wages.
• Outsourcing – The act of going out to find the source of what you need, or obtain (goods or a service) by contract from an outside supplier.
• Prosperity – the state of being successful usually by making a lot of money.
• Human Development Index (HDI) – an index prepared by the United Nations which lists countries in the order of human achievement taking into consideration three dimensions: health, education and living standards.
• Consumerism – Consumerism is a social and economic order that encourages the acquisition of goods and services in ever-increasing amounts.
• immigrate – to settle in a foreign country.
• emigrate – to leave one country in order to settle in another.
• cultural convergence – a tendency for cultures to blend and become more alike.
• cultural divergence – separations of cultures.
• World Trade Organization – global organization that helps countries and producers trade fairly and effectively.
• International Monetary Fund (IMF) – Intergovernmental organization with its headquarters in Washington, D.C. that focuses on maintaining international economic stability.
• antiglobalization movement – s a social movement critical of the globalization of corporate capitalism.
• local – relating to a particular area, city or town
• national – relating to an entire nation or country.
• domestic – relating to, or made in your own country.
• integration – the act of bringing together smaller components into a single system that functions as
  one

• cooperation – a situation in which people work together to do something
• multilateral – involving more than two groups or countries.
• unilateral – involving only one group or country.
• progress – the process of improving or developing something over a period of time.
• development – the act or process of growing or causing something to grow or become larger or more advanced.
• protest – an event at which people gather together to show strong disapproval about something.
• strike – a period of time when workers stop work in order to force an employer to agree to their demands.
• demonstration – an event in which people gather together in order to show that they support or oppose something or someone.
• standardization – is the process of implementing and developing technical standards.
• national sovereignty – the idea that independent nations, which have declared their independence, have an organized government and are self-contained, have a right to exist without other nations interfering.
• to accelerate – cause (something) to happen sooner or more quickly.
• affluence – Abundance of property.
• to dominate – to have control of or power over (someone or something).
• economic growth drivers – something that provides development and growth of economy.
• imbalance / inequality – a state or condition in which different things do not occur in equal or proper amounts.
• superpower – an extremely powerful nation.
• tariff – a tax on goods coming into or leaving a country.
• trade barrier – a government-induced restriction on international trade.
• borders – boundaries between countries.
• fair trade – trade in conformity with a fair-trade agreement.
• interdependence – the mutual reliance between two or more groups.
• Thriving industries – The industries that are doing very well.
• Safeguard interest – it means to protect the interest of somebody.
• Build on the success – It means to develop previous success.

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