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• The expansion of national economies, the global market driven by modern technologies and institutional setups that promote faster and easier flow of goods and capital

• International Financial Institutions


  Global financial institutions that support a country's economic growth through support (i.e., loans, technical assistance) to governments and now other private sectors
• Global Economy


  The economies of various countries are more interconnected from extraction, production, distribution, consumption, to disposal of goods and services
• International Monetary Fund


  An international organization with 183 member countries that promotes international monetary cooperation and exchange stability to foster economic growth and high employment and to provide short- term financial assistance to countries to help ease balance of payments adjustments
• Economic Integration


  The process of combining or increasing the interconnectivity of national economies to the regional or global economies
• World Systems


  A theory that recognizes that social and economic change is not only endogenous to a country, but is affected by its interaction to exogenous institutions
• Global Corporation


  An "enterprise that engages in activities which add value (manufacturing, extraction, services, marketing, etc.) in more than one country"
• Global Civil Society


  A system of non-government institutions that operate across geographical borders and organize and mobilize for a common issue or cause
• Market Integration


  The process by which economies are becoming more interdependent and interconnected in terms of commodity flows including externalities and spillover of impacts
• International Financial Institutions


  Institutions that provide support through loans or grants and technical advice to promote a country's economic and social development
• Corporations


  Private institutions that produce or manufacture goods, products, and services for a more expanded market usually at the reach of regions or the world
• Horizontal Integration


  Integration that happens when a firm gains control of other firms performing similar marketing functions at the same level in the marketing sequence
• Vertical Integration


  Integration that happens when one company owns the operation and products from one stage to the other along the supply chain
• Global Corporations


  One of the major players in globalization and the modern capitalist market which are commonly referred to as multinational corporations and transnational corporations
• Issues with International Financial Institutions


  • Legitimacy, Effectiveness, Support Conditionality, and Financial Capacity and Sustainability
• Global Interstate System


  An institutional arrangement of governance that addresses regional or globalized issues that go beyond the scope of a nation- state
• Internationalism


  Emphasizes diversity and celebrates multiculturalism, while globalism focuses more on the economic aspect of the exchanges among countries and society
• International Monetary Fund


  Looks at the stability of the international monetary system by monitoring the global economy, lends to countries, and provides policy and technical advisory functions to members
• World Trade Organizations


  Regulates international trades, ensures smooth flow of trade and provides a forum for negotiations for trade agreements among countries and regions of the world
• World Bank


  An international financial institution that provides loans to countries of the world for capital projects, established during the Bretton Woods Conference in 1944
• World Health Organization (WHO)


  Responsible for global research on medicines and vaccines including the World Health Report and Survey
• Organization for Economic Cooperation and Development (OECD)


  Composed of thirty-five member countries aiming to stimulate economic progress and world trade by providing a platform to compare policy experiences and identify good practices in domestic and international economic policies and programs of its members
• International Labor Organization (ILO)


  Deals with labor problems and international labor standards and social protection for workers
• Food and Agriculture Organization of the United Nations (FAO)


  Leads international efforts to defeat hunger, eliminate food insecurity and malnutrition, and increase resilience of livelihoods and food
• UNESCO


  Contributes to peace and security by promoting international collaboration through educational, scientific, and cultural reforms
• Global Governance


  The capacity within the international system, at any given moment, to provide government-like services and public goods in the absence of a world government
• United Nations


  An IGO or International Government Organization designed to make the enforcement of international law, security, human rights, economic development, and social progress easier for countries around the world
• The UN General Assembly


  The main decision-making and representative assembly and is responsible for upholding the principles of the UN through its policies and recommendations. It is composed of all the member states and headed by a president elected by the member states
• The UN Security Council


  Can authorize the deployment of UN member state`s militaries, can mandate a cease-fire during conflicts, and can enforce penalties on countries if they do not comply with given mandates. It is composed of five permanent members and 10 rotating members
• The International Court of Justice


  Can settle, according to international law, legal disputes between States and give opinions, mostly advisory, on legal questions brought to it by UN organs and agencies
• The Economic and Social Council


  Assists the UN General Assembly in promoting economic and social development, as well as cooperation of member states
• The Secretariat


  Headed by the Secretary-General, provides studies, information, and other dates when needed by other UN branches for their meetings
• Global Divides


  Global disparities, often due to stratification due to differing economic affluence but can also be in other aspects of globalization
• Social Stratification


  The phenomenon of segregating, grouping and ranking people based on differences in class, race, economic status, and other categories
• Modernization Theory


  A theory that suggests that all societies undergo a similar process of evolution- from agricultural, industrial, and urbanized and modern- that is motivated and catalyzed by internal factors
• Dependency Theories


  Theories that suggest that countries are either "core" (i.e., developed) or "peripheral" (i.e., developing) such that resources tend to flow from peripheries to the core
• World System


  Composed of boundaries, structures, member groups, rules of legitimation and coherence. It is also assumed to "compromise a single capitalist world- economy"
• First World Countries


  Compromised by the industrial/ capitalist US and the North Atlantic Alliance or also known as the Western Bloc
• Second World Countries


  Led by the communist/socialist Russian Soviet Federative Socialist Republic or also known as the Eastern Bloc
• Third World Countries


  The developing countries in Asia, Africa, Latin America and other regions