Globalization has brought significant changes to the current world economy. With increased convergence between different countries, the affluence of international trade has grown. However, this can create disparity, where developed countries become economically stronger and developing countries face marginalization. Many countries have adopted liberalization policies, resulting in increased outsourcing and privatization. As a result, some countries have been able to achieve economic consolidation, while others have seen market contraction due to protectionism policies. Although macroeconomic development has occurred, some areas experience fluctuation, which happens due to bureaucracy and policy complexities. Large companies achieve monopolization and control markets, causing small businesses to face subjugation. However, through globalization, diversification can be increased, which can bring economic stability. With proper restructuring and fair tariff policies, the global economy can become more transparent.
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Emoji
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Word | Meaning | Example Sentence | Synonyms | Antonyms |
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#1942
🌍
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globalization
ˌɡloʊ.bəl.aɪˈzeɪ.ʃən
noun
••••••
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The process by which businesses or other organizations develop international influence or start operating on an international scale.
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Globalization has connected economies across the world. |
internationalization, integration, expansion
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isolation, protectionism, nationalism
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#1943
🔗
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convergence
kənˈvɜː.dʒəns
noun
••••••
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The process or state of converging or coming together.
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The convergence of technology and healthcare has led to medical advancements. |
union, merging, alignment
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divergence, separation, deviation
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#1944
💼
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trade
treɪd
noun/verb
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The action of buying and selling goods and services.
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Trade agreements help boost economic growth. |
commerce, exchange, transactions
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self-sufficiency, hoarding, monopoly
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#1945
💰
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affluence
ˈæf.lu.əns
noun
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The state of having a great deal of money; wealth.
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His affluence allowed him to travel the world. |
wealth, prosperity, opulence
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poverty, scarcity, hardship
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#1946
⚖️
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disparity
dɪˈspær.ɪ.ti
noun
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A great difference between things; inequality.
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Economic disparity exists between rural and urban areas. |
inequality, imbalance, difference
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equality, uniformity, fairness
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#1947
🚫
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marginalization
ˌmɑːr.dʒɪ.nəl.aɪˈzeɪ.ʃən
noun
••••••
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The treatment of a person, group, or concept as insignificant or peripheral.
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Economic policies should address the marginalization of the poor. |
exclusion, discrimination, alienation
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inclusion, empowerment, recognition
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#1948
🔓
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liberalization
ˌlɪb.ər.ə.laɪˈzeɪ.ʃən
noun
••••••
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The removal or loosening of restrictions on something, typically an economic or political system.
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The liberalization of trade policies attracted foreign investments. |
deregulation, free market, relaxation
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regulation, restriction, control
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#1949
🌐
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outsourcing
ˈaʊt.sɔːr.sɪŋ
noun
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The practice of having certain job functions done outside a company instead of having an in-house department or employee handle them.
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Many companies use outsourcing to reduce labor costs. |
contracting, delegation, offshoring
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insourcing, domestic hiring, internalization
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#1950
🏢
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privatization
ˌpraɪ.vɪ.taɪˈzeɪ.ʃən
noun
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The transfer of a business, industry, or service from public to private ownership and control.
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The privatization of state-owned companies increased efficiency. |
commercialization, private ownership, de-nationalization
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nationalization, public ownership, socialization
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#1951
🤝
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consolidation
kənˌsɒl.ɪˈdeɪ.ʃən
noun
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The action or process of making something stronger or more solid.
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The consolidation of companies led to a more efficient business structure. |
merger, unification, strengthening
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fragmentation, division, separation
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#1952
🛡️
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protectionism
prəˈtɛk.ʃə.nɪ.zəm
noun
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The theory or practice of shielding a country's domestic industries from foreign competition by taxing imports.
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The government's protectionism helped local businesses grow. |
trade restriction, tariff policy, economic isolation
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free trade, liberalization, globalization
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#1953
📊
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macroeconomic
ˌmæk.roʊ.iː.kəˈnɒm.ɪk
adjective
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Relating to the large-scale or general economic factors, such as interest rates and national productivity.
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Government policies impact macroeconomic stability. |
national economy, economic trends, large-scale financial system
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microeconomic, individual finance, localized economy
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#1954
📈
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fluctuation
ˌflʌk.tʃuˈeɪ.ʃən
noun
••••••
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An irregular rising and falling in number or amount; a variation.
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The stock market experiences frequent fluctuation. |
variability, instability, volatility
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stability, consistency, predictability
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#1955
🏛️
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bureaucracy
bjʊəˈrɒk.rə.si
noun
••••••
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A system of government in which most of the important decisions are made by state officials rather than by elected representatives.
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Excessive bureaucracy can slow down decision-making. |
administration, red tape, officialdom
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flexibility, efficiency, simplicity
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#1956
👑
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monopolization
məˌnɒp.ə.laɪˈzeɪ.ʃən
noun
••••••
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The process of gaining exclusive possession or control of a trade, commodity, or service.
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The monopolization of industries can limit consumer choices. |
domination, exclusivity, control
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competition, free market, decentralization
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#1957
⛓️
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subjugation
ˌsʌb.dʒʊˈɡeɪ.ʃən
noun
••••••
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The action of bringing someone or something under domination or control, especially by force.
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The subjugation of weaker nations by colonial powers shaped history. |
oppression, domination, enslavement
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liberation, freedom, empowerment
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#1958
🌈
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diversification
daɪˌvɜː.sɪ.fɪˈkeɪ.ʃən
noun
••••••
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The process of a business enlarging or varying its range of products or field of operation.
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Companies adopt diversification strategies to reduce risk. |
expansion, variation, differentiation
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specialization, uniformity, narrow focus
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#1959
🔧
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restructuring
ˌriːˈstrʌk.tʃər.ɪŋ
noun
••••••
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The action of organizing something differently.
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The company underwent restructuring to improve efficiency. |
reorganization, reform, overhaul
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stagnation, status quo, rigidity
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#1960
💳
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tariff
ˈtær.ɪf
noun
••••••
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A tax or duty to be paid on a particular class of imports or exports.
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The government imposed high tariffs on luxury goods. |
import tax, duty, customs charge
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free trade, duty-free, exemption
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