1. Some important Globalization terms…

2. Globalization… A trend whereby local, provincial or national activities become global. There are different kinds of Globalization; economic Globalization involves economies operating in an increasingly global context A trend whereby local, provincial or national activities become global. There are different kinds of Globalization; economic Globalization involves economies operating in an increasingly global context General Agreement on Tariffs and Trade (GATT)… Never a formal institution or organization, GATT was founded in 1948 to develop common rules and agreements for international trade and goods. GATT was replaced by the WTO in 1995 Never a formal institution or organization, GATT was founded in 1948 to develop common rules and agreements for international trade and goods. GATT was replaced by the WTO in 1995

3. Some important Globalization terms… World Trade Organization (WTO)… A global free trade institution based in Geneva and created in 1995. It has 155 member countries (as of 2012) and deals with “the rules of trade between nations”. It’s a negotiating forum. it’s a set of rules. It helps to settle trade disputes. A global free trade institution based in Geneva and created in 1995. It has 155 member countries (as of 2012) and deals with “the rules of trade between nations”. It’s a negotiating forum. it’s a set of rules. It helps to settle trade disputes. Multilateral Trading System… A trading system where trade agreements, treaties, conferences etc. have 3 or more participants. A trading system where trade agreements, treaties, conferences etc. have 3 or more participants.

4. Some important Globalization terms… Subsidies… Money granted by the government to producers of certain goods to enable them to compete within the global marketplace. Money granted by the government to producers of certain goods to enable them to compete within the global marketplace.Tariff… A duty (customs tax) on a particular class of imports or exports. A duty (customs tax) on a particular class of imports or exports.

5. Some important Globalization terms… Trade Barrier… A policy or regulation that restricts trade between countries, provinces, etc. A policy or regulation that restricts trade between countries, provinces, etc. Transnational/Multinational Corporation… Although there are differences, both are corporations with offices and plants/factories in countries other than where the corporate headquarters are located. Although there are differences, both are corporations with offices and plants/factories in countries other than where the corporate headquarters are located.