Important Terms

Assembly Line: A system of production in which as worker performs a specific job in a sequence of activities.

Caribbean Islands: Present-day West Indies.

Colonised Societies: Those societies which had been brought under colonial domination.

Dissenter: One who refuses to accept established beliefs and practices.

Economic Stability: An economic situation in which there are no violent ups and downs.

Floating Exchange Rate: A system of exchange rate management in which the exchange rate of a currency is fixed by its demand and supply in the foreign exchange markets.

Global Agricultural Economy: Trade in agricultural goods among different nations of the world.

Indebtedness: Refers to a situation in which a person owes some money to others.

Tariff Barriers: Imposition of import duties to restrict imports of goods.

Trade Surplus: A situation in which the total value of exports of a nation during a year exceeds the total value of imports.

Meaning of a Global World

In today’s world every aspect of our lives is having influence of many parts of this world. Start thinking about anything and you will find a bit of many nations in it. In our day to day life we may be eating burger from US, pizza from Italy or noodles from China. Most of the household items we are using are being manufactured by some multinational companies. The coke and pepsi are from the US, the Hyundai is from Korea, Suzuki is from Japan selling cars under Maruti’s banner. The calculator you are using may have been manufactured in Taiwan, the English you are using is mix of US, British and Indianised version of the original language.

The whole economy, society and culture has been shaped by influences from the outer nations. These influences have developed over hundreds of years. They have developed because of flow of goods, flow of people. Along with them the flow of ideas also took place, which gave us new words and new terminologies to communicate with.