Key Terms

• comparative advantage


  something that a country can make or has that others don't
• homogeny


  the same
• ghettoisation


  when cultures move
• diaspora


  people have left their country hoping to return
• consumerism


  buying and wanting goods
• globalisation


  the process by which people, their cultures, money, goods and information can be transferred between countries with few or no barriers
• space-time compression (shrinking world)


  it's easier to get all around the world, travel, talk to people
• what does IMF stand for?

  international monetary fund
• what does WB stand for?

  world bank
• nationalism


  love for your country
• social darwinism


  successful societies control weaker cultures and spread their influence
• imperialism


  political and economic control of an area/territory
• divide and rule


  splitting up countries so it was easier to rule
• trade liberalisation


  making trade more fair and easy
• the brandt line


  divides the more developed north from the less developed south
• modernisation


  the founder of global trade and globalisation
• trade


  enables places to obtain food and materials that they can't produce themselves
• trade liberalisation


  countries can specialise in producing goods that they can produce most efficiently- getting surplus then trading with other countries