Social Studies 10-1: Unit 3 - Economic Globalization Already Passed

Social Studies 10-1: Unit 3 - Economic Globalization Already Passed Nationalize The taking over of ownership by a government from private businesses Common Market An agreement between or among countries that includes the free trade of goods and services and the free movement of capital and labour within the trading bloc International Bank for Reconstruction and Development (IBRD) An institution of the World Bank that helps low & middle income countries re-develop International Development Association (IDA) An institution of the World Bank that focuses on building up the world's poorest countries Heavily Indebted Poor Countries (HIPCs) Countries that owe debts to more developed countries and have no hope in repaying them Austerity Programs Economic programs that aim to reduce government debt by increasing taxes and cutting social programs Trade Liberalization The process of reducing barriers to trade Crown Corporations Government-owned companies (in Canada) Deregulation Opening an industry to more competition by removing government regulations Privatization The sale of government-owned industries and services to private businesses (a form of deregulation) Economic Nationalism Concern about the impact of foreign investment on a country's economic independence and identity Outsourcing The hiring of one company by another to fulfill certain tasks in production Comparative Advantage A country's ability to produce a product or service with fewer resources than another country Organization for Economic Co-operation and Development (OECD) International organization that works to meet the challenges of globalization, helping governments achieve sustainable economic growth while maintaining financial stability World Bank An agency of the United Nations that in practice is independent and controlled by its 184 member countries, which provides loans to less developed countries in financial difficulty (created from BRA) International Monetary Fund An agency of the United Nations that works with the World Bank to bring stability to international monetary affairs and to help expand world trade (created from BRA) Bretton Woods Agreement An agreement forged after WWII in Bretton Woods, New Hampshire, by 44 countries to establish a system of rules, institutions, and procedures for the postwar global economy The Gold Standard A provision of the Bretton Woods Agreement that all printed money, such as a paper dollar, would be convertible to gold and could be cashed in at any time for that gold Inflation A situation in which the amount of currency in circulation increases yet each unit of currency buys less Floating Exchange Rates Currency rates that are not fixed by government but instead find their own value on the foreign exchange market (depend on supply and demand) Centrally Planned Economy A system under which government planners decide what goods to produce, and how many