Economic Globalisation Key Terms Flashcards
Free-Market Economy
a market economy based on supply and demand with little of no government control
Free-Trade
a policy where a government does not interfere imports or exports by applying tariffs, subsidies or quotas
Privatisation
transferring ownership of a public service/agency,property into private ownership run for profit
Neoliberalism
a political philosophy of free markets, free trade, privatisation and increasing the role of business in society (while decreasing the influence of government). It is thought that by making trade easier, there will be more of it, meaning wealth and reduction of poverty
Protectionism
policies to protect businesses and workers in a country by restricting/regulating trade with foreign nations
Tariff
a tax imposed on imports
Subsidy
financial assistance to a business by government to make it competitive or prevent collapse
Quota
a limit on the quantity of a good a country allows into the country