2.4 enterprise. Specialised knowledge of how a product works creates jobs in areas such as information technology (IT) support. multiculturalism the official Australian Government policy of encouraging immigration from diverse, ethnic backgrounds. It also refers to the promotion and encouragement of the retention of ethnic languages and cultures within Australian society. popular culture considered to be more mainstream than ‘high culture’. It is associated with ‘lighter’ forms of entertainment such as sporting events, television programs, comic strips and rock concerts. rationalisation to eliminate what is considered unnecessary, in order to make it more efficient. secular a term meaning ‘non-religious’. sovereignty the supreme and unrestricted power to govern a state. transnational corporations (TNCs) large international companies whose operations take place in both developed and less developed countries; their headquarters are usually located in developed countries. World Bank an international organisation made up of three United Nations (UN) agencies. It provides less developed countries (LDCs) with technical assistance and reconstruction and development finance.
Glossary of selected terms deregulation removing government controls and supervision. economic restructuring the significant and enduring changes in the nature and structure of the economy brought about, primarily, by the emergence of the global economy. globalisation the integration of the world’s economy through the mass consumption of mainly Western culture, technology and trade. Globalisation affects economic, political, social, cultural and environmental decision-making. global village a term used to describe how the world appears to be getting smaller through the accessibility of technology—especially technologies that facilitate the transfer of information. Thus, the actions that occur in one corner of the globe can rapidly and significantly affect people elsewhere. high