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Global governance > 3.2.1.1 Globalisation > Flashcards

3.2.1.1 Globalisation Flashcards

1
Q

Define globalisation

A

A process where national economies, societies and cultures have become increasingly integrated through communities, trade and transportation

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2
Q

Define labour

A

The aggregate of all human physical and mental effort in production

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3
Q

Define foreign direct investment (FDI)

A

Net transfer of funds to acquire physical capital overseas

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4
Q

Give an example of FDI

A

Nissan building a car factory in the UK

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5
Q

Define diaspora

A

Group of people with similar heritage who have settled elsewhere

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6
Q

Define leakages

A

Loss of income from an economic system
Can include people

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7
Q

Define repatriation profit

A

TNCs sending profits back to country of origin

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8
Q

Define aid

A

Financial support for poor countries

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9
Q

Define remittance payments

A

Transfers of money by foreign workers back home

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10
Q

Define the BRIC acronym

A

Identify four countries who have rapidly advanced economically (Brazil, Russia, India and China)

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11
Q

Define the MINT acronym

A

Identifies recently emerging economies (Mexico, Indonesia, Nigeria and Turkey)

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12
Q

Outline the flows of capital

A
  • money that moves
  • deregulation of financial markets allows for financial institutions not to be confined to a single nation
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13
Q

What problems can occur with the flows of capital

A
  • 40% of Somalians rely on remittance payments
  • this promotes an informal economy
  • this money could be going to terrorist group Al-Shabaab
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14
Q

Outline the flows of information

A
  • boosted by the development of the internet
  • cheap and easy communication
  • quickly reaches a global audience
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15
Q

Define containerisation in terms of the flow of products

A
  • standardised shipping containers
  • makes transporting products cheap and efficient
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16
Q

Define protectionism

A
  • attempts to restrict trade from overseas
  • promotes home products
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17
Q

Define tariffs

A

Taxes on imported goods

18
Q

Outline flows of labour

A
  • the movement of people (harder)
  • generally seen in outmigration of educated people from LICs to HICs
  • largest flows are in Asia
19
Q

Outline flows of services

A
  • traded without any production
  • high level services tend to be in world cities
  • decentralised, low level services tend to be in LICs (call centres)
20
Q

Define economies of scale

A

The cost advantages of having a larger operation

21
Q

What are the 7 factors in globalisation

A
  • development of technology
  • financial systems
  • transport systems
  • communications
  • trade agreements
  • management and information systems
  • security
22
Q

How is the development of technology a factor in globalisation

A
  • 3 billion internet users
  • very few digital borders
  • information can be shared easilyH
23
Q

How are financial systems a factor in globalisation

A
  • the deregulation of these systems allowed for more relaxed or removed barriers
  • increased repatriation profits and remittance payments
24
Q

How is transport a factor in globalisation

A
  • products and commodities can be shipped more quickly and in larger quantities
  • the growth of low cost airlines makes more areas accessible
  • containerisation
25
Q

How is security a factor in globalisation

A
  • restricts more open trade
  • anti terrorism and crime
  • food and biological security
  • anti smuggling laws
26
Q

How are management and information systems a factor in globalisation

A
  • large production and assembly plants accommodate for economies of scale
  • different stages of the production line are situated in different countries
27
Q

How is Boeing an example of a management and information system

A

Various parts to create the plane originate from 15 different places

28
Q

Define marketing

A

Promoting, advertising and selling services

29
Q

Define the patterns of production in the 1950s

A

95% of manufacturing concentrated in Western Europe, North America and Japan

30
Q

Define the global shift

A

FDI from TNCs resulted in a shift in the manufacturing industry to LICs

31
Q

What percentage of manufacturing jobs are in the developing nations

A

50%

32
Q

Name an example of TNCs investing in deindustrialised areas

A

Smirnoff in Scotland

33
Q

What are the patterns of consumption

A

Products are typically being consumed in the richer countries while being produced in poorer countries

34
Q

Name an example of the patterns of consumption

A

Dyson is manufactured in Malaysia but sells in Europe

35
Q

Define a free trade area

A

Reduce trade barriers to increase the trading of goods in a bloc

36
Q

Define a customs union

A

Applying similar tariffs to external countries but maintaining free trade with the members

37
Q

What is the Common Agricultural Policy (CAP)

A

Subsidies and support programs from the EU for agriculture.

38
Q

Name 3 disadvantages for trade agreements

A
  • loss of sovereignty
  • some loss of financial controls
  • pressure to adopt central legislation
39
Q

What are the aims of NAFTA

A
  • elimination of trade barriers
  • increased investment opportunities
  • improved co-operation between the three member states
40
Q

Pros of NAFTA

A
  • trade has tripled between 1993 and 2007
  • manufacturing grew in USA
  • FDI in Mexico (maquiladora)
41
Q

Cons of NAFTA

A
  • Canadian companies have closed down due to competition from lower cost US firms
  • US firms moving to Mexico causes a loss of jobs
  • food surpluses thrusted onto Mexico affecting agriculture
42
Q

What are the dimensions of globalisation

A
  • flows of services and products
  • flows of capital
  • flows of labour

Global governance (6 decks)

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