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Chapter 11: Expansion of Global Economy

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Chapter 11: Expansion of Global Economy

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  1. WTO or World Trade Organization-International organization that monitors trade among countries and sets up rules and regulations to improve trade. Settles disputes Develops rules of trade Removes trading barriers Those who do not comply with WTO rules will be asked to be removed from the organization. Chapter 11: Expansion of Global Economy

  2. An informal group of eight countries that are industrial and democracies. G8 leaders meet once a year to discuss economic and foreign policies. Influences global institutions. Influential countries are involved. G8: Canada, U.S., France, Germany, Russia, Italy, Japan, U.K. G8 are thought to represent elite countries who are mainly protecting their own needs. India and China are not part of the G8. Protest often occur during the G8 meetings. Group of Eight

  3. Government Agency that provides foreign aid programs in less developed countries. Canada/CIDA provides short term humanitarian aid after a natural disaster Our goal is to give “Sustainable development in developing countries in order to reduce poverty and contribute to a more secure, equitable, and prosperous world” Promote human rights, democracy, good governance CIDA: Canadian International Development Agency

  4. Businesses that are located in 2 or more countries and expand to foreign markets. Financial and market decisions become based on global markets rather than domestic. Government often encourage Trans. Co. with tax breaks or development grants. Often have access to cheaper raw materials (= to buying in bulk) Financial stability Transnational Corporations

  5. Positive Bring wealth into a country by providing jobs and investment. Growth of local business provide spin-off jobs. Ppl are making more money therefore spending more money. FtMc: Transnational companies run the oil sands. TNC pay high taxes to gov’t Creating human capital Negative Employing managers from other countries while manual labor jobs that may not pay as well are locals. Workers replaced by machines ( does not reduce poverty) Influence government to gain subsidies and grants or exceptions from environment laws. Neglect human rights-values may differ from the country. Impacts of Transnational

  6. Advanced the ability of people to communicate ATM/Debit machines/Internet have reduced costs of banking. Storing, sharing, and process information is more efficient with the use of computers. Investments can be made at any time. Using computers, fax machines, and cell phones. Tech help is available at our finger tips. We can communicate with people instantly Media updates are always available. Telecommunications

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