Economic Globalization and Sustainable Prosperity
Economic globalization
The process of expanding world trading networks.
Heavily Indebted Poor Country (HIPC) -A country with high levels of poverty and debt
overhang that is eligible for special assistance from the International Monetary Fund (IMF) and
the World Bank.
Market Economy -An economy where the production and distribution of goods is based on
supply and demand, and the prices of goods and services are determined in a free price system.
Bretton Woods -An agreement signed by the Allied countries in 1944 that established a number
of financial institutions and a system of rules and regulations to promote international trade in
the global economy.
World Bank -An international financial institution that provides loans to developing countries
for capital programs.
International Monetary Fund -Formed at the Bretton Woods conference, an international
organization that works to facilitate international trade and reduce poverty around the world.
GATT- General Agreement on Tariffs and Trades
World Trade Organization -A global international corporation that deals with the rules of
trading between nations.
Outsourcing -One company hiring another company to fulfill certain tasks in production.
Containerization A shipping method in which large amounts of goods are packaged into larger
containers for efficient transport and handling.
Free Trade -Trade between countries with relatively few restrictions.
Trade liberalization -The process of reducing barriers to trade.
NAFTA -North American Free Trade Agreement
European Union -Countries working together in Europe to ensure economic cooperation, and
the free movement of people, goods and services in Europe.
Transnational Corporation - A corporation that operates in two or more countries.
Ecological Footprint -A measurement of someone's impact on the environment based on their
levels of consumption.
Economic globalization
The process of expanding world trading networks.
Heavily Indebted Poor Country (HIPC) -A country with high levels of poverty and debt
overhang that is eligible for special assistance from the International Monetary Fund (IMF) and
the World Bank.
Market Economy -An economy where the production and distribution of goods is based on
supply and demand, and the prices of goods and services are determined in a free price system.
Bretton Woods -An agreement signed by the Allied countries in 1944 that established a number
of financial institutions and a system of rules and regulations to promote international trade in
the global economy.
World Bank -An international financial institution that provides loans to developing countries
for capital programs.
International Monetary Fund -Formed at the Bretton Woods conference, an international
organization that works to facilitate international trade and reduce poverty around the world.
GATT- General Agreement on Tariffs and Trades
World Trade Organization -A global international corporation that deals with the rules of
trading between nations.
Outsourcing -One company hiring another company to fulfill certain tasks in production.
Containerization A shipping method in which large amounts of goods are packaged into larger
containers for efficient transport and handling.
Free Trade -Trade between countries with relatively few restrictions.
Trade liberalization -The process of reducing barriers to trade.
NAFTA -North American Free Trade Agreement
European Union -Countries working together in Europe to ensure economic cooperation, and
the free movement of people, goods and services in Europe.
Transnational Corporation - A corporation that operates in two or more countries.
Ecological Footprint -A measurement of someone's impact on the environment based on their
levels of consumption.
