Module 4: The Economics of Globalization

Glossary

Section 3 Glossary

anti-globalization: the position on the issues of globalization held by individuals and groups opposed to the expansion of global trade, global trade agreements, and multinational corporations because of the negative consequences on the quality of life and environment of people around the world, especially in less-developed countries

average gross national income per capita: the amount of income earned on a yearly basis calculated on total value of currently produced goods and services of a country divided by the population of the country

barrier: a condition that blocks or impedes an opportunity

child mortality: refers to the death of a child within the first five years of life

The child mortality rate is used to classify the ability of a country to meet the basic needs of its citizens. A high child mortality rate is related to a low standard of living and issues related to access to basic services such as adequate food, health care, and education.

corporate citizenship: refers to the extent that the actions and decisions of a multinational corporation are responsible and consider the impacts on people and the environment

A trend of the last few decades has been to align corporations with humanitarian causes to present an image of good corporate citizenship.

Digital Divide: refers to the gap between citizens of countries in the access to digital and information technologies

This gap may be a factor in the country’s ability to participate in the global economy.

equity: equal access to opportunities and the absence of barriers to the basic needs of life

G8 (Group of 8): a group of eight highly industrialized and democratic nations that agree to regularly meet and discuss economic and foreign policies

gender equality: the degree to which opportunities are accessible by both men and women in a country

greenwashing: refers to the strategy used by some businesses to persuade consumers that they align their business actions to efforts to sustain the environment

This is often a marketing strategy.

hunger: an issue that affects individuals and population when access to food is limited over a considerable period of time

IMF (International Monetary Fund): a global network of institutions created in 1945 to promote international trade and the regulation of currency among Western countries

This organization has grown from a membership of 45 countries to 185. The original role of the IMF was to stabilize the global economy after the Second World War. It is now involved in providing emergency short-term loans to less-developed countries and promotes reforms for economic growth and stability in countries experiencing economic and political issues.

inequity: a condition of unfairness or injustice

international trade: the exchange of raw resources and manufactured goods and services between countries around the world

Millennium Development Goals (MDG): a list of eight goals developed in the year 2000 by the United Nations in collaboration with world leaders to set goals for the reduction and elimination of poverty, hunger, disease, illiteracy, environmental degradation, and discrimination against women

The target date for achieving measurable results is 2015.

pro-globalization: support of the free flow of influences and forces throughout the world

trading blocs: countries that have an agreement to trade freely between member countries at the exclusion of non-member countries

World Trade Organization (WTO): an international organization of 152 members that works to improve trade relations between its members and to remove tariffs and trade barriers; formerly the General Agreement on Tariffs and Trade