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Level 26

Topic 26 The Global Age


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September 11, 2001
a group of Islamic terrorists, widely believed to be part of the Al Qaeda network, hijacked three commercial airliners in midair, took over the controls, and deliberately crashed them into the Pentagon and the Twin Towers of the World Trade Center in Manhattan.
Arab Spring
a series of activities ranging from political protests to civil war that happened in a number of Arab countries, including Libya, Egypt, Tunisia, and Syria, beginning in the early months of 2011.
Globalization
a process of interaction and integration among the people, companies, and governments of different nations, a process driven by international trade and investment and aided by information technology.
Multinational Corporation
A corporation that has its facilities and other assets in at least one country other than its home country. Such companies have offices and/or factories in different countries and usually have a centralized head office where they co-ordinate global management.
OPEC
a cartel that aims to manage the supply of oil in an effort to set the price of oil on the world market, in order to avoid fluctuations that might affect the economies of both producing and purchasing countries.
WTO
the only global international organization dealing with the rules of trade between nations. At its heart are the WTO agreements, negotiated and signed by the bulk of the world's trading nations and ratified in their parliaments.
NAFTA
an agreement among the United States, Canada and Mexico designed to remove tariff barriers between the three countries.
G8
refers to the group of eight highly industrialized nations—France, Germany, Italy, the United Kingdom, Japan, the United States, Canada, and Russia—that hold an annual meeting to foster consensus on global issues like economic growth and crisis management, global security, energy, and terrorism.
World Bank
An international organization dedicated to providing financing, advice and research to developing nations to aid their economic advancement.
Asian Infrastructure Investment Bank
is an international financial institution proposed by China to provide financing for infrastructure projects in Asia. It is slated to begin operation by the end of 2015.