Globalization

Vocabulary
Open market
Free trade
multilateral trade deals

protectionism
trade liberalisation
A backlash against sth
equitable
welfare
income disparities
Under fire
interconnected world
closed-off world
Marginalize
Fiscal
sovereignty
Ratify trade agreement
Roll sth back
pro-globalization
Multi-national/ transnational corporation
Mutual benefits
Reciprocal support/benefits
win-win situation

Definition
An unrestricted market with free access by
and competition of buyers and sellers
International trade left to its natural course
without tariffs, quotas, or other restrictions.
Trade deals that are agreed upon or
participated in by three or more parties,
especially the governments of different
countries.
The theory or practice of shielding a
country's domestic industries from foreign
competition by taxing imports
The removal or loosening of restrictions on
trade
A strong negative reaction by a large
number of people, especially to a social or
political development
Fair and impartial
North American Financial support given to
those who are unemployed or otherwise in
need.
Income differences
Being rigorously criticized
Treat sth as insignificant
Relating to government revenue
fiscal policy

Supreme power or authority; A selfgoverning state

Sign or give formal consent to trade
agreement
Reverse the progress or reduce the power
or importance of sth
In favor of policies that encourage
increased trade, open communication
= mutual benefits
a situation in which the outcome benefits
each of two often opposing groups

tariff removal
state-owned >< foreign-owned
Erosion of national identity
NAFTA
TPP
WTO
IMF
EU
ASEAN
trade deficit/gap
value added taxes (VATs)
Pay cut
safety net
subsidize
undercut
outsource
The race to the bottom
economic integration
Capitalize on sth

xo b hng ro thu quan

North American Free Trade Agreement
Trans-Pacific Partnership Agreement
World Trade Organization
International Monetary Fund
European Union
Association of South East Asian Nations
The amount by which the cost of a
country's imports exceeds the value of its
exports
A reduction in wages or salary
A safeguard against possible hardship or
adversity
a safety net for workers who lose their
jobs

Support (an organization or activity)

financially
Offer goods or services at a lower price
than (a competitor)
Obtain (goods or a service) by contract
from an outside supplier
An economic term for when governments
reduce regulations and taxes in order to
attract investing companies
Take the chance to gain advantage from