GLOBALIZATION VOCABULARY

Brain drain: a loss of trained professional personnel to another company, nation, etc., capitalism

Sentence: Nothing has been done to stop the brain drain as more and more doctors move away from the area.

Consumerism: the protection or promotion of the interests of consumers.

Sentence: Bottled water very clearly reflects the wasteful and reckless consumerism in this country.

Deregulation: the process of removing government controls or rules from a business or other activity:

Sentence: There were alarming increases in costs following deregulation of the wholesale electricity market.

Fair trade: an agreement between countries that trade with each other that they will not charge tax on imports from the other country or countries

Sentence: The charity says that fair trade brings a better standard of living for poor farmers in developing countries.

Interdependence: the dependence of two or more people or things on each other.

Sentence: Marriage creates a state of interdependence between spouses.

Multilateral: involving more than two groups or countries:

Sentence: Seven countries are taking part in the multilateral talks.

Offshoring: the practice of basing a business or part of a business in a different country

Sentence: She claimed that offshoring was the only way for most companies to grow to a significant size.

Privatisation: the transfer of a business, industry, or service from public to private ownership and control.

Sentence: “the workers are opposing the privatization of the national rail company”

Protectionism: the actions of a government to help its country’s trade or industry by taxing goods bought from other countries

Sentence: They oppose industrial policy, nationalisation and protectionism

Standardisation: the process of making things of the same type have the same basic features:

Sentence: The standardization of military pensions and disability payments also contributed to recruiting efforts.

Sweatshop: workplace in which workers are employed at low wages and under unhealthy or oppressive conditions.

Sentence: Her rapid rise from sweatshop worker to society portraitist is miraculous.

Transnational: extending or operating across national boundaries.

Sentence: The economic and political power of such transnational corporations is probably too great.