Match the expressions with expressions of similar meaning. Follow the example.
flight of capital
reduce wage bills
rise in employment
gives them a free hand
highly-skilled labour force
Listen and repeat.
Before you listen to global economist Harry Worth read the following notes on
Increases competition and makes international trade
Developing countries have higher
and national .
Countries open to world trade have seen a reduction in the gap between the
Companies save money on and.
Governments have less money for .
Workers are by multi-national
companies and have little protection for
In some countries may be
Because of low production costs, companies in the West cannot
with firms manufacturing in
have less control over large
As more companies relocate and capital moves to developing countries, we
may have a serious problem of in
Look at the
following table of nouns and verbs from the previous listening and write the
Listen and repeat.
Globalization) has become identified with a number of trends, most of
which may have developed since World War II. These include greater
international movement of commodities, money, information, and people;
and the development of technology, organizations, legal systems, and
infrastructures to allow this movement.
Increase in international trade(1)
at a faster rate than the growth in the world economy.
Increase in international flow (movement) of capital including foreign direct
Creation of international agreements leading to organizations like the
WTO (World Trade Organization) and OPEC (Organization of the
Petroleum Exporting Countries).
Development of global financial systems(3)
Increased role of international organizations that deal with
Increase of economic practices like outsourcing
(4), by multinational corporations.
Reduction or elimination of tariffs(5);
construction of free trade zones(6)
with small or no tariffs.
Reduced transportation costs.
Reduction or elimination of capital controls.
Reduction, elimination, or harmonization of subsidies for local
International trade is the exchange of goods and services across
international boundaries or territories. (2) Foreign direct
investment (FDI) is the movement of capital across national frontiers in
a way that gives the investor control over his/her investment. It is different from portfolio investment which may cross borders, but
does not offer such control. (3) The global financial
system (GFS) refers to those financial institutions and regulations that
act on the international level, as opposed to those that act on a
national or regional level. (4) ) Outsourcing (or
contracting out) is the transfer of jobs from internal production inside
a business to an external company (such as a subcontractor) that
specializes in that operation. Outsourcing is a business decision that
is often made to lower costs. A related term, offshoring, means
transferring work to another country, usually overseas. (5) A tariff is a tax on
imported goods. (6) A free trade zone (FTZ)
or export processing zone is one or more areas of a country where
tariffs and quotas are eliminated and bureaucratic requirements are
lowered in order to attract companies by raising the incentives for
doing business there.