What are the key terms of globalization
Do you speak the language of globalization?
What is international division of labor?
The international division of labor describes a situation in which individual countries specialize in the production of certain goods or services and export these to the other countries.
The international division of labor is based on the Theory of the comparative cost advantage. (please refer What does David Ricardo's comparative cost advantage mean? in "Checked Through 2". Although the international division of labor is supposed to lead to more efficiency within the world community, it is very controversial. The traditional division of labor contrasts countries with strong manufacturing industries with countries that mainly export raw products or raw materials.
What is a "consumer of last resort"?
"Consumer of last resort" are economic actors (often the citizens of a state) who can help an economy with weak exports to grow. In the euro zone, for example, the French are often referred to as consumers of last resort, as France can hardly compensate for its economic downturn with exports due to its weak consumption in neighboring countries. It owes its (small) growth to the “consumers of last resort”, that is to say to the French citizens.
What is Foreign Direct Investment?
The International Monetary Fund defines Foreign Direct Investment (FDI) as “cross-border investments that result in a permanent stake in a company abroad. A permanent participation exists if there is a long-term relationship between the investor and the investment object and the investor has a noticeable influence on the management of the investment object. "
There are several types of FDI. For example, you can buy at least 10% of the shares in a company operating abroad or you can set up a company yourself abroad.
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