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Description
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Term
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That which is criticised for the spread of Western culture it facilitates posing a threat to indigenous cultures and traditions
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Globalisation
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That which is caused by trade liberalisation as encouraged by the World Trade Organisation, technological and communications improvements, the growth of multinational companies, increased capital (financial, human, etc.) mobility, and increased skill levels globally (English, IT, etc.)
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Globalisation
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A decrease in the value of a currency/the exchange rate, such as due to inflation
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Depreciation
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Economies that have experienced rapid economic growth with some industrialisation and characteristics of developed markets such as the Asia Tigers in the 1960's - 1990's and the BRICs
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Emerging Economies
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Wealth that consists of those assets that cannot be bought or sold such as pension rights
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Non-Marketable Wealth
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That the benefits of which to members is much determined by the proportion of their trade that is with other members, and the extent of their pre-existing integration
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Single Currency
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A theory stating that in the long-run, exchange rates (in a floating exchange rate system) are determined by relative inflation rates in different countries
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Purchasing Power Parity Theory of Exchange Rates
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The relationship between development and income inequality, though with notable exceptions in countries such as Afghanistan and Saudi Arabia
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inverse
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The trend in financial markets that has much facilitated globalisation, somewhat reversed since the financial crisis
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Deregulation
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A system set up by a group of European countries in 1979 to keep member countries' currencies relatively stable against each other, being a managed exchange rate, with eleven realignments between 1979 and 1987
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Exchange Rate Mechanism (ERM)
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That for exports and imports is determined by relative prices, the price and existence of substitutes, consumer incomes and preferences, and the exchange rate
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Demand
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The only region non seeing a significant or any improvement in the proportion of people in absolute poverty
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Sub-Saharan Africa
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Limits set on imports of particular products
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Selective Import Restrictions
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An adverse effect of globalisation in which skilled people such as doctors or entrepreneurs leave a country for better wages or lower income tax rates in another
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De-skilling
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A multilateral body founded in 1995 responsible for overseeing the conduct of international trade
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World Trade Organisation
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The process whereby firms in one country arrange part or all of their production in plants they own in other countries
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Offshoring
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That which to measure it is necessary to use the real exchange rate, inflation rate, productivity (GDP per hour worked, total factor productivity, etc.)/relative costs of production, and marketing skills (such as language proficiency)
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International Competitiveness
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That the most controversial aspect of which is the presence of a fixed exchange rate/single currency, as where an individual country is in a different stage of the economic cycle such as recession, it is no longer able to use monetary policy to address it such as Greece during the financial crisis
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Economic Union
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Those which are affected by globalisation in that they must increase efficiency due to global competition, while brand variation across countries decreases - such as opal fruits becoming starburst in the UK - so as to take advantage of marketing economies
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Firms
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The situation of a household whose income is insufficient to allow it to purchase the minimum bundle of goods and services regarded as necessary for survival, calculated as $1.90 PPP$ by the World Bank ($2.16 adjusted for inflation in 2019), often used for worldwide poverty measures
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Absolute Poverty
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