1,Multinational corporation
A firm which has the power to coordinate and control operations in more than one country,even if it doesn’t own them
Multinational corporation (MNC) or transnational corporation (TNC) is a corporation or enterprise that manages production or delivers services in more than one country.
2Free trade
Free trade is a system in which the trade of goods and services between or within countries flows unhindered by government-imposed restrictions.Such government interventions generally increase costs of goods and services to both consumers and producers.Interventions include taxes and tariffs,non-tariff barriers,such as regulatory legislation and quotas,and even inter-government managed trade agreements such as the North American Free Trade Agreement (NAFTA) and Central America Free Trade Agreement (CAFTA) (contrary to their formal titles.) The most extreme version of Free Trade opposes all such interventions.Trade liberalization entails reductions to these trade barriers in an effort for relatively unimpeded transactions.
3Trade Protection/Protectionism
Protectionism is the economic policy of restraining trade between nations,through methods such as tariffs on imported goods,restrictive quotas,and a variety of other restrictive government regulations designed to discourage imports,and prevent foreign take-over of local markets and companies.This policy is closely aligned with anti-globalization,and contrasts with free trade,where government barriers to trade are kept to a minimum.The term is mostly used in the context of economics,where protectionism refers to policies or doctrines which "protect" businesses and "living wages" within a country by restricting or regulating trade between foreign nations.
4WTO(World Trade Organization)
The World Trade Organization (WTO) is an international organization designed to supervise and liberalize international trade.The WTO came into being on 1 January 1995,and is the successor to the General Agreement on Tariffs and Trade (GATT),which was created in 1947,and continued to operate for almost five decades as a de facto international organization.
5International Division of Labor
The allocation of various parts of the production process to different places in the world.In theory,different regions specialize in different activities,and everyone benefits,but some studies indicate that,in practice,low-skilled,poorly paid,and ecologically damaging work is switched to newly industrializing and developing countries,where the work is often done by non-unionized,female labour,working in poor conditions.