The organization that succeeded the General Agreement on Tariffs and Trade and now acts to police the world trading system.
World Trade Organization
Does not identify itself with one national home. TNCs spread out their operations in many countries sustaining high levels of local responsiveness.
Transnational companies
is a corporation that is registered in more than one country or that has operations in more than one country.
Multinational companies
Agreements among countries in a geographic region to reduce, and ultimately remove, tariff and nontariff barriers to the free flow of goods, services, and factors of productions between each other.
Economic Integration
The sale of state-owned enterprises to private investors
Privatization
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Why did the WTO go into business?
A political system that stresses the primacy of collective goals overs individual goals.
Collectivism
A political system in which one person or political party exercises absolute control over all spheres of human life and prohibits opposing political parties.
Totalitarianism
Those who believe that socialism can only be realized through violent revolution and totalitarian dictatorship.
Communism
The philosophy that an individual should have freedom in his or her economic and political pursuits.
Individualism
U.S. law regulating behavior regarding the conduct of international business in the taking of bribes and other unethical actions.
Foreign Corrupt Practices Act
the system of production and distribution and consumption.
Economic Systems
The system of government in any nation.
Political Systems
Rules that regulate behavior and the processes by which the laws of a country are enforced and through which redress of grievance is obtained.
Legal Systems
The interdependent combination of a country's political, economic, and legal systems.