Ch. 6

Enterprise systems

Based on the principle of voluntary association and exchange.

International Financial and Trade Institutions (IFTIs)

By setting the rules by which international commerce is transacted, these institutions increasingly determine who wins and who loses in the global economy.

Civil Society

Comprises non-profit, educational, religious, community, family, and interest-group organizations;that is, social organizations that do not have a commercial or governmental purpose

Nongovernmental Organizations (NGOs)

Concerned with such issues as environmental risk, labor practices, worker rights, community development, and human rights.

Central State of Control

Economic power is concentrated in the hands of government officials and political authorities.

Transnational Corporation (TNCs)

Firms that control assets abroad

International Monetary Fund (IMF)

Founded at the same time of the bank, the IMF has a somewhat narrower purpose: to make currency exchange easier for member countries so that they can participate in global trade

World Trade Organization

Founded in 1995, is an international body that establishes the ground rules for trade among nations.

Anti-Americanism

Is present in many parts of the world that reflects resentment at the penetration of the the values of the dominant US based transnational corporations into every corner of the world.

Foreign Direct Investment (FDI)

Occurs when a company, individual, or fund invests money to a foreign in another country, for example, by buying shares of stock in or loaning money to a foreign firm

Military Dictatorship

Repressive regimes ruled by dictators who exercise total power through control of the armed forces

The World Bank (WB)

Set up in 1944 to provide economic development loans to its member nations

Globalization

The increasing movement of goods, services, and capital across national borders