Globalization

2. labour employees working very long hours for very low wages
4. An economic system based on private ownership of capital
7. An international organization dealing with the global rules of trade between nations. Its main function is to ensure that trade flows as smoothly, predictably, and freely as possible.
8. corporation A company that conducts research, operates factories, and sells products in many countries, not just where its headquarters or shareholders are located.

1. The growing interdependence of countries worldwide through the increasing volume and variety of corssborder transactions in goods and services and of international capital flows, and through the more rapid and widespread diffusion of technology
3. a United Nations agency to promote trade by increasing the exchange stability of the major currencies
5. capitalism A broad term which can cover any challenge to capitalism as the best or only way to organize the world.
6. shift The large-scale filter-down of economic activity from developed countries to NICs and developing countries.
7. bank A specialized agency of the United Nations that makes loans to countries for economic development, trade promotion, and debt consolidation. Its formal name is the International Bank for Reconstruction and Development.