Globalization Pt. I: Context and Innovation

Front

The process in which the world is becoming more interconnected as a result of increased trade and innovation.

Back

What is globalization?

Front

How has innovation in communication affected globalization?

Back

With communication devices becoming more convenient and their range becoming longer, ideas can now be shared instantaneously.

Front

How has innovation in transportation affected globalization?

Back

With new innovations in vehicles, shipping, and standardized containment, goods can now move through the world much faster.

Front

What do advocates of Free Trade argue against?

Back

The use of Tariffs (a tax on foreign goods).

Front

What is a criticism of Free-Trade?

Back

Opponents say: Free-Trade does not equal Fair-Trade.

Front

What is a Multi-National Corporation?

Back

A business that owns or controls production of goods or services in multiple countries.

Front

How do Multi-National Corporations control production costs?

Back

By owning the raw materials, the manufacturing, and the sale of a product.

Front

Why is prosecuting a multinational company difficult?

Back

Because the company has multiple citizenships.

Front

An international organization that negotiates trade agreements between countries and helps settle trade disputes.

Back

What is the World Trade Organization?

Front

How does availability of inexpensive labor affect globalization?

Back

Companies maximize profit by finding the cheapest labor available, often in countries without labor unions or minimum wages, leading to exploitive work environments.