Globalization refers to the shift toward a more integrated and interdependent world economy.
Globalization of markets and globalization of production. See end of page note
Factors of Production: Land, labor, energy and capital
WTO: The World Trade O
Types of Totalitarianism:
1. Communist is a version of collectivism advocating that socialism can be achieved only
through a totalitarian dictatorship.
2. Theocratic is found in states where political power is monopolized by a party or group or
Communism : system of social organization in which all economic and social activity is
controlled by a totalitarian state dominated by a single and self-perpetuating political party.
Consequences of Globalization: