ASSIGNMENT

1. Globalization- Globalization refers to the growing economic interdependence of countries

worldwide through the increasing volume and variety of cross- border transactions in goods and
services and of international capital flows, and also through the more rapid and wide spread
diffusion of technology.
2. WTO- The World Trade Organization (WTO) is the body through which governments and
businesses (mainly TNCs) negotiate the rules of trade, and settle trade disputes once these rules
have been established.
3. IMF- The IMF's primary purpose is to ensure the stability of the international monetary
system—the system of exchange rates and international payments that enables countries (and
their citizens) to transact with each other.
4. World Bank- The World Bank Group is a multilateral organization headquartered in
Washington, D.C., whose members include most of the world’s countries.

How does homogeneity differ from heterogeneity

The difference between homogeneity and heterogeneity is Homogeneity refers to the increasing
sameness in the world as cultural inputs, economic factors, and political orientation of societies
expand to create common practices, same economies, and similar forms of government. While,
Heterogeneity pertains to the creation of various cultural practices, new economies, and political
groups because of the interaction of elements from the different societies of the world.