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Related Flashcards
Cards In This Set
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World Trade Organization
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Like GATT, primary responsibility is policing the world trading system and making sure nation-states adhere to the rules laid down in trade treaties signed by WTO member states.
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International Monetary Fund
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Created in Bretton Woods, New Hampshire, established to maintain order in the international monetary system
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World Bank
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Set up to promote economic development… more political
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International trade
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Occurs when a firm exports goods or services to consumers in another country
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FDI
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Occurs when a firm invests resources in business activities outside its home country
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Moore’s Law
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Predicts that the power of microprocessor technology doubles and its cost of production falls in half ever 18 months...cost of global communications plummets which lowers the costs of coordinating and controlling a global organization
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Multi-national Enterprise
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Any business that has productive activities in two or more countries
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Stock of foreign direct investment
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Total cumulative value of FDI
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GATT
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As business activity transcended national borders… institutions were needed to help manage, regulate, and police the global marketplace.
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Political economy
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Used to stress that the political, economic, and legal systems of a country are interdependent
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Modern Socialists
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State ownership of the means of production, distribution, and exchange and fully compensated workers for their labor
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Social Democrats
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Achieve socialism through democratic means
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Privatization
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Selling state owned enterprises to private investors
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Totalitarianism
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Form of government in which one person or political party excercises absolute control over all spheres of human life and prohibits opposing political parties
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Communist Totalitarianism
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Most common form of totalitarianism
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