INTRODUCTION OF GLOBALIZATION Flashcards
If this were a country, its revenues would place it on par with the GDP of the world’s 25th largest economy, surpassing 157 smaller countries. In 2010, major American corporations had revenues exceeding the GDP of entire countries, including Norway and Thailand.
Walmart’s Revenue
Its revenue of $6.32 billion is larger than Mongolia’s GDP of $6.13 billion. If this were a country, it would rank as the world’s 138th biggest country.
Yahoo’s Revenue
It’s revenue of $8.07 billion is larger than Zimbabwe’s GDP of $7.47 billion. If this were a country, it would rank as the world’s 133rd biggest country.
Visa’s revenue
Its revenue of $19.16 billion is larger than Paraguay’s GDP of $18.48 billion. If this were a country, it would rank as the world’s 102nd biggest country.
Nike’s Revenue
Its revenue of $24.07 billion branch would rank as the world 92nd biggest country. It is bigger than Latvia’s GDP of $24.05 billion
McDonald’s
- Increased free trade
- Speed of trade (milliseconds to trade shares)
- Global economic organizations
- Regional trade blocks
For the economist
A policy followed by some international markets in which countries’ governments do not restrict imports from, or exports to, other countries. This is exemplified by the European Economic Area and the Mercosur, which have established open markets.
Free Trade
Focuses on global monetary cooperation and financial stability.
International Monetary Fund (IMF)
Deals with the rules of trade between nations.
World Trade Organization (WTO)
Provides financial and technical assistance to developing countries.
World Bank
Promotes policies to improve the economic and social well-being of people around the world.
Organisation for Economic Co-operation and Development (OECD)
Engages political, business, and other leaders to shape global, regional, and industry agendas.
World Economic Forum
An international forum for governments and central bank governors from 19 countries and the European Union.
G20
Sets international labor standards and promotes social protection and work opportunities for all.
International Labour Organization (ILO)
Supports developing countries to access the benefits of a globalized economy more fairly and effectively.
United Nations Conference on Trade and Development (UNCTAD)
Promotes free trade and economic cooperation throughout the Asia-Pacific region.
APEC (Asia-Pacific Economic Cooperation)
An intergovernmental organization consisting of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, focusing on economic policy.
G7 (Group of Seven)
A group of emerging economies working together on issues of mutual interest.
BRICS (Brazil, Russia, India, China, and South Africa)
One of the six principal organs of the United Nations, responsible for coordinating the economic, social, and related work of 15 UN specialized agencies.
ECOSOC (United Nations Economic and Social Council)
Similar to the G7 but includes Russia; however, Russia’s participation has been suspended since 2014.
G8 (Group of Eight)
A European research organization that operates the largest particle physics laboratory in the world.
CERN (European Organization for Nuclear Research)
Coordinates and unifies petroleum policies among member countries to ensure the stabilization of oil markets.
OPEC (Organization of the Petroleum Exporting Countries)
An international financial institution that fosters international monetary and financial cooperation and serves as a bank for central banks.
BIS (Bank for International Settlements)
Works in nearly 170 countries and territories to eradicate poverty and reduce inequalities through sustainable development.
UNDP (United Nations Development Programme)
