Key Terms

• Globalisation: The growing interdependence of countries worldwide through the increasing volume and variety of cross-border transactions in goods and services and of international capital flows, and through the more rapid and widespread diffusion of capital.
• Internationalism: The extension of economic activities across national boundaries. This is often referred to as the stage before globalization.
• Glocalisation: When TNCs adapt their products to suit the local market place e.g. McDonald in India won't sell beef and in the Middle East they won't sell pork because of the religious beliefs of locals.
• Grobalisation: The imperialistic ambitions of nations, corporations and organisations to impose themselves on various geographic areas.
• Nationalism: Refers to an ideology, a sentiment, a form of culture, or a social movement that focuses on the nation.
• Global Village: The term global village was popularised by Marshall McLuhan in 1962. He used it to refer to how the world had been contracted into a village by electric technology.
• Homogenisation: The process of everything become the same. Critics of globalisation say that globalisation is making the world more homogenised.
• Cultural Diversity: The increased variety of different cultures from around the world e.g. different foods, music, film, etc.
• Disneyfication, Mcdonaldisation, Toyotarisation: Various TNC names have been used to describe the process of globalisation and that particular company taking over a large share of the global market place.
• Anti-capitalism: A broad term that is given to any challenge to capitalism.