Chapter 12 definitions Flashcards
(16 cards)
MERCOSUR
Mercado Comun del Sur (Common Market of the South). A major trade organization in South America.
Deregulation
opening an industry to more competition by removing government regulations
CAN
Communidad Andina de Naciones (Andean Community of Nations). Another major
trade organization in South America.
privatization
the sale of government-owned industries to private businesses
common market
an agreement between or among countries that includes the free trade of goods and services and the free movement of capital and labour within the trading bloc
economic nationalism
concern about the impact of foreign investment on a country’s economic independence and identity
anti-globalization
individuals and groups opposed to global trade agreements and their negative consequences for people in less developed countries, for the environment and for peace
FIRA
Foreign Investment Review Agency, established by Pierre Trudeau in 1973 to ensure that the foreign acquisition and establishment of businesses in Canada was beneficial to the country
HIPC
heavily indebted poor country. A country that owes debt to more developed countries
with little or no hope or repaying it.
Outsourcing
the hiring of one company by another to fulfill certain tasks in production
austerity program
an economic program that aims to reduce government debt by increasing taxes and cutting social programs
comparative advantage
a country’s ability to produce a product or service with comparatively fewer resources than another country
trade liberalization
the process of reducing barriers to trade
OECD
Organization for Economic Co-operation and Development. An international organization that works to meet the challenges of globalization, helping governments achieve
sustainable economic growth while maintaining financial stability
crown corporation
government owned company
nationalization
the taking over of ownership of a company by government from a private business
