EQ - 1

Question 1

What is Globalisation?

Answer 1

The increasing integration of economies around the world particularly the through movement of goods, services and capital across borders. There are also broader cultural, political and environmental dimensions of globalisation.

Question 2

Time-Space Compression

Answer 2

AS travel times fall due to new inversions, different places approach each other in ‘space the’ and they begin to feel closer together than in the past. This is called the shrinking world effect

Question 3

positives of globalisation

Answer 3

• tweets about natural disaster
• new technology
• domestic sports teams getting the best talent from abroad

Question 4

negatives of globalisation

Answer 4

• the worlds rich tend to employ worlds poor
• TNC’s being more powerful than governments

Question 5

what is capital in the global flow?

Answer 5

The movement of money e.g. in the trade of goods between countries

Question 6

what are commodities in the global flow?

Answer 6

The goods a country has e.g. Middle Eastern countries oil which makes lots of money

Question 7

what is information in the global flow?

Answer 7

Info + news show across the world e.g. international news about wars

Question 8

what are tourists in the global flow?

Answer 8

People visit countries and spend money via air or train e.g. flying abroad

Question 9

what are migrants in the global flow?

Answer 9

The permanent movement of people e.g. people moving as refugees or like in Qatar where Indian workers are there to build.

Question 10

Capitals impact on globalisation

Answer 10

helps develop countries and helps improve countries standards but could not be spread out leaving people not benefiting

Question 11

Commodities impact on globalisation

Answer 11

money is gained by countries selling goods and the country gains that product they may not have in their country

Question 12

Informations impact on Globalisation

Answer 12

leads to making people more aware across the world and maybe want to help by donating

Question 13

Tourists impact on globalisation

Answer 13

leads to people from other countries putting money into the country they are visiting

Question 14

Migrants impact on globalisation

Answer 14

can lead to cultures and religions being spread and shared across the world

Question 15

Types of transport and trade that accelerated or is accelerating globalisation

Answer 15

• steam power
• railways
• telephone and telegraph
• jet aircraft
• container shipping

Question 16

How did steam power accelerate globalisation?

Answer 16

Britain became the leading world power in the 1800s using steam tech.
- steamships and trains moved goods quickly along trade routes

Question 17

How did Railways accelerate globalisation?

Answer 17

in the 1800s railway networks expand globally. by 1904 the 9000km trans-surburban railway connected Moscow, China and Japan. Today trains are still a priority and used for trade. Trade with trains made it much faster

Question 18

How did telephones and telegraphs accelerate globalisation?

Answer 18

They first had telephones and telegraph cables across the Atlantic I’m the 1860s which replaced a 3-week boat trip. This revolutionised communication. in some countries, they never got phone lines so they just jumped straight to mobile phones.

Question 19

How did the jet aircraft accelerate globalisation?

Answer 19

The arrival of the international Boeing 747 in the 1960s made international travel more commonplace while the recent expansion of cheaper flights.

Question 20

What is a tariff?

Answer 20

A tax on imports

Question 21

What is a subsidy?

Answer 21

Financial assistance to a business by the government to make it competitive or prevent collapse

Question 22

What is a quota?

Answer 22

A limit on the quantity of a good a country allows into the country

Question 23

what is protectionism?

Answer 23

policies to protect businesses and workers in a country by restricting and regulating trade with foreign nations

Question 24

what is a free-market economy?

Answer 24

A market economy based on supply and demand with little to no gov control

Question 25

what is free-trade?

Answer 25

A policy where a gov doesn’t intervene with imports or exports by applying tariffs, subsidies or quotas

Question 26

what is privatisation?

Answer 26

transferring ownership of a public service/agency/property into private ownership run for profit

Question 27

what is neoliberalism?

Answer 27

A political philosophy of free markets and free trade and business running the economy and society with less gov intervention. thought to make trade easier leading to more and a reduction in poverty

Question 28

What is the International Monetary Fund?

Answer 28

• Based in Washington DC
• Gives loans to countries that need them
• in return for a loan receiving country must agree to run free market economies
• open to outside investment so TNC’s can enter these countries more easily

Question 29

What is the IMF’s impact on globalisation?

Answer 29

• The IMF rules + regulations can be cintavertial
• Some countries may be required to cut back on things like schools
• Voting rights are proportional to the amount invested into the fund therefore poorest countries have little influence

Question 30

What is the World Bank?

Answer 30

• began in 1950s by financing the development of ex-colonies
• but it has funded damaging environmental projects that developing countries can’t repay
• They aim to eliminate poverty and implement sustainable development
• Gives direct grants to developing countries but they have conditions attached
• In 2014 $65 billion was given in loans and grants

Question 31

What is the World Bank’s impact on globalisation?

Answer 31

• allows countries to develop infrastructure through grants or loans
• the wealthiest economies have the most power so globalisation may vary
• conditions on the countries which may put them in debt

Question 32

What is the World Trade Organisation?

Answer 32

• It has rules for international trade as it intends to supervise and liberalise
• asks for tariffs and taxes on foreign imports and make trade more free and without barriers
• when a country receives international loans they must agree to the WTO’s rules
• With international trade homegrown products are exposed to foreign competition as they are cheaper than local firms and the locals go out of business and employment falls

Question 33

What is the World Trade Organisation’s impact on globalisation

Answer 33

• The WTO’s rules can lead to countries getting unfavourable deals
• Helps with globalisation as it helps connect countries better