Chapter 14 Vocab.

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61961516	Globalization	The trend toward increased cultural and economic connectedness between people, businesses, and organizations throughout the world.
61961517	Washington Consensus	Label used to refer to the following fundamental principles of free trade: that free trade raises the well-being of all countries by introducing them to devote their resource to production of those goods they produce relatively to most efficiently/ and that competition through trade raises a country's long -term growth rate by expanding access to global technologies and promoting innovation.
61961518	Participatory Development	The notion that locals should be engaged in deciding what development means for them and how it should be achieved.
61961519	Local Exchange Trading System (LETS)	A barter system whereby a local currency is created through which members trade services or goods in a local network seperated from the formal economy.
61961520	Vertical Integration	Ownership by the same firm of a number of companies that exist along a variety of points on a commodity chain.
61961521	Synergy	The cross promotion of vertically integrated goods.
61961522	Gatekeepers	People or corporations who control access to information.
61961523	Horizontal Integration	Ownership by the same firm of a number of companies that exist at the same point on a commodity chain.
61965082	Networks	Defined by Manuel Castells as a set of interconnected nodes without a center.