WORD ENGLISH DEFINITION

Globalization  Globalization is the process by which people and goods move easily across borders.

Social Globalization or Social globalisation is also known as cultural globalization it refers to the sharing of
Cultural Globalization ideas and information between and through different countries. Example: Avocado
is a fruit that used to be grown in Mexico but now it is enjoyed as Guacamole

Political Globalization Political globalization refers to the growth of the worldwide political system, both in

size and complexity. Formation of the UN.

Economic Globalization Economic globalization refers to the increasing interdependence of world economies

Sovereignty Sovereignty is the full right and power of a governing body over itself, without any
interference from outside sources or bodies. 

Protectionism Protectionism refers to government policies that restrict international trade to help

domestic industries.

Nationalism Nationalism is an idea and movement that promotes the interests of a particular
nation.

Core Country Core countries control and benefit from the global market. They are usually
recognized as wealthy nations with a wide variety of resources and are in a
favorable location compared to other states.

Periphery Country Periphery countries are those that exist on the outer edges of global trade. 

Migration  Migration is a movement to another place, often of a large group of people or

animals.

Multinational Multinational corporations (MNC) or enterprises (MNE) are organizations which

Corporation (MNC) own or control production of goods or services in countries other than the home
country.

Small/medium-sized Small and medium-sized enterprises (SMEs) are non-subsidiary, independent firms

enterprise (SME) which employ fewer than a given number of employees.

Free Trade A policy by which a government does not discriminate against imports or interfere

with exports by applying tariffs (to imports) or subsidies (to exports).

Fair Trade Is when producers in developing countries are paid a fair price for their work, by
companies in developed countries.

Free Trade Area Free trade area is a grouping of countries within which tariffs and non-
tariff trade barriers between the members are generally abolished but with no
common trade policy toward non-members.

Trade Agreement A free trade agreement is a pact between two or more nations to reduce barriers to
 imports and exports among them.

Schengen Agreement A treaty that led most of the European countries towards the abolishment of their
national borders, to build a Europe without borders known as “Schengen Area”.

North American Free The North American Free Trade Agreement (NAFTA) was implemented to
Trade Agreement promote trade between the U.S., Canada, and Mexico.
(NAFTA)

World Trade WTO was formed in 1995 to regulate trade between various countries. It has 164
Organization (WTO) member nations and its headquarters are in Geneva, Switzerland.

Economic Sanctions Economic sanctions are commercial and financial penalties applied by one or more
countries against a targeted self-governing state, group, or individual. Tariff/tax