Topic Specific Vocabulary-Globalization

by | Apr 5, 2020 | Globalization, Vocabulary

Topic Specific Vocabulary-Globalization

Globalization Vocabulary Full List for IELTS exam 2020

  • Developing countries – countries with little industrial and economic activity where people generally have low incomes.
  • Developed countries –  countries with a lot of industrial and economic activity where people generally have high incomes.
  • emerging economy/emerging market economy – a nation’s economy progressing toward becoming developed and advanced.
  • Global village – the idea that we became a single community due to affordable and effective transportation, mass media, and electronic communications.
  • Global economy – economy of the world comprising economies of different countries closely interrelated.
  • Global Trade (often International Trade) – the exchange of goods and services between countries.
  • Sweatshop/sweat factory – a workplace with unacceptably severe conditions and usually extremely low wages.
  • Outsourcing – The act of going out to find the source of what you need, or obtain (goods or a service) by contract from an outside supplier.
  • Prosperity – the state of being successful usually by making a lot of money.
  • Human Development Index (HDI) – an index prepared by the United Nations which lists countries in the order of human achievement taking into consideration three dimensions: health, education and living standards.
  • Consumerism – Consumerism is a social and economic order that encourages the acquisition of goods and services in ever-increasing amounts.
  • immigrate – to settle in a foreign country.
  • emigrate – to leave one country in order to settle in another.
  • cultural convergence – a tendency for cultures to blend and become more alike.
  • cultural divergence – separations of cultures.
  • World Trade Organization – global organization that helps countries and producers trade fairly and effectively.
  • International Monetary Fund (IMF) – Intergovernmental organization with its headquarters in Washington, D.C. that focuses on maintaining international economic stability.
  • antiglobalization movement – s a social movement critical of the globalization of corporate capitalism.
  • local – relating to a particular area, city or town
  • national – relating to an entire nation or country.
  • domestic – relating to, or made in your own country.
  • integration – the act of bringing together smaller components into a single system that functions as

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  • cooperation – a situation in which people work together to do something
  • multilateral – involving more than two groups or countries.
  • unilateral – involving only one group or country.
  • progress – the process of improving or developing something over a period of time.
  • development – the act or process of growing or causing something to grow or become larger or more advanced.
  • protest – an event at which people gather together to show strong disapproval about something.
  • strike – a period of time when workers stop work in order to force an employer to agree to their demands.
  • demonstration – an event in which people gather together in order to show that they support or oppose something or someone.
  • standardization – is the process of implementing and developing technical standards.
  • national sovereignty – the idea that independent nations, which have declared their independence, have an organized government and are self-contained, have a right to exist without other nations interfering.
  • to accelerate – cause (something) to happen sooner or more quickly.
  • affluence – Abundance of property.
  • to dominate – to have control of or power over (someone or something).
  • economic growth drivers – something that provides development and growth of economy.
  • imbalance / inequality – a state or condition in which different things do not occur in equal or proper amounts.
  • superpower – an extremely powerful nation.
  • tariff – a tax on goods coming into or leaving a country.
  • trade barrier – a government-induced restriction on international trade.
  • borders – boundaries between countries.
  • fair trade – trade in conformity with a fair-trade agreement.
  • interdependence – the mutual reliance between two or more groups.
  • Thriving industries – The industries that are doing very well.
  • Safeguard interest – it means to protect the interest of somebody.
  • Build on the success – It means to develop previous success.

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