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1/10/21 - Coggle Diagram
1/10/21
Globalisation
The process by which businesses or other organizations develop international influence or start operating on an international scale.
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Shrinking
world
The term shrinking world, or often referred to as time space compression, suggests that this rapid rate of globalisation has made the world feel smaller
Time-space
compression
Time-space compression refers to the set of processes that cause the relative distances between places (i.e., as measured in terms of travel time or cost) to contract, effectively making such places grow “closer
Free
trade
Countries are able to trade relatively freely with one another, selling as much as they want without limitations
FDI
Foreign Direct Investment is the financial capital flow from one country to another for the purpose of constructing physical capital
IMF
The International Monetary Fund (IMF) is an organization of 190 countries, working to foster global monetary cooperation, secure financial stability
WB
The World Bank is an international financial institution that provides loans and grants to the governments of low- and middle-income countries for the purpose of pursuing capital projects
Free
Market
The free market is an economic system based on supply and demand with little or no government control.
Economic
liberalisation
Economic liberalization is the lessening of government regulations and restrictions in an economy in exchange for greater participation by private entities
Privatisation
Privatisation means the transfer of assets from the public (government) sector to the private sector
Tariff
Tariffs are taxes imposed on imports, which make foreign goods more expensive to the consumer
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Start-ups
start-up is a company or project undertaken by an entrepreneur to seek, develop, and validate a scalable business model
Offshoring
Offshoring, the practice of outsourcing operations overseas, usually by companies from industrialized countries to less-developed countries, with the intention of reducing the cost of doing business.