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eq1 Flashcards

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1
Q

whats globalisation?

A

The growing economic interdependence of country’s world wide through the increasing volume and variety of cross border transactions in goods and services, freer international capital flows, and more rapid and widespread diffusion of technology.

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2
Q

whats interdependence?

A

The mutual dependence of two or more countries, in which there is a reciprocal relationship

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3
Q

what are TNCs?

A

TRANS NATIONAL CORPORATIONS

Companies that operate in more than one country

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4
Q

whats westernisation?

A

The promotion of European and north American cultural values

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5
Q

list each type of flows

A

Goods
Capital
People
Ideas

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6
Q

5 forms of globalisation

A 
Economic
Political
Social
Cultural
Environmental
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7
Q

what are some contributions towards economic globalisation?

A

the growth of transnational corporations which have a global brand image (Disney)
The spread of investment around the globe and rapid growth in world trade

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8
Q

what are some contributions towards political globalisation?

A

the dominance of western democratises in political decision making
The view that democratic consumerist society’s are the most successful

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9
Q

what are some contributions towards social globalisation?

A

occurs as migration and tourism increases

Population become more mobile and mixed

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10
Q

what are some contributions towards cultural globalisation?

A

people increasingly eating similar food, wearing similar cloths, listening to similar music, and sharing similar values (westernisation)

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11
Q

what are some contributions towards environmental globalisation?

A

an awareness of global environmental concerns, such as climate change and threats to America, and the need to address them at a global scale

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12
Q

what technological advancements have caused the shrinking world?

A 
development of containers
Growth of logistics industry
Developments In ICT used by
- businesses
- social networking
- cyber security based industry's
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13
Q

what is the shrinking world?

A

the notion that the world feels smaller over time, because places are closer in terms of travel or contact time

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14
Q

what is time/space compression?

A

the cost of communicating over distance has fallen rapidly.

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15
Q

what is free trade?

A

an agreement between a group of country’s to remove all barriers to trade, such as taxes, tariffs and quotas.

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16
Q

what is the FDI?

A

FOREIGHN DIRECT INVESTMENT

money invested into a country by TNCs or by other national governments

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17
Q

what is the WTO?

A

WORLD TRADE ORGANISATION
reduces trade barriers between country’s
facilities free trade through a series of global agreements
The latest found of talks began in Doha in 2001 but has not yet been agreed

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18
Q

what is a trade bloc?

A

A trade bloc describes a group of countries with an agreement to trade without as many barriers to the movement of goods. It is a type of intergovernmental agreement that usually goes along with other treaties about the free movement of people.

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19
Q

what is The Schengen Agreement?

A

The Schengen Agreement allows people who are from countries that have signed the agreement to move across most EU borders without being subject to border checks.

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20
Q

whats cultural globalisation?

A

Cultural globalisation describes the spread of Western ideas and culture such as American films, fast food and fashion. Tom Cruise films, Justin Bieber, Shawn Mendes, Logan Paul, Netflix and McDonalds are found in almost every country in the world nowadays.

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21
Q

what is containerisation?

A

Containerisation accelerated globalisation materially.
Containerisation is the protocol of a uniform container size that can be placed on all ships and transported all over the world.
They can also be called intermodal containers.
The key idea is that by making sure that all containers are the same size, ships and ports around the world can be fitted to deal with all types of goods in the containers. This makes global shipping become far quicker and cheaper.

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22
Q

what are special economic zones?

A

National Governments can set up Special Economic Zones (SEZs) that help to attract FDI (Foreign Direct Investment) into a region.
SEZs have been particularly important in new global regions- regions that weren’t previously a key part of the global economy.
Southern China has lots of SEZs, which are also known as Export Processing Zones.
China encourages TNCs to locate there by offering low taxes and low labour costs (China’s population is very large).
These SEZs have helped China’s economic growth and have helped it to become the ‘workshop of the world’.

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23
Q

what do free trade blocs do?

A

Free trade blocs can increase the interconnections between countries by removing tariffs and quotas for trade in goods and services. The EU and NAFTA are examples of free trade blocs.

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24
Q

define the flow of goods

A

products, companies and services

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25
Q

define the flow capital

A

money between people, banks, businesses, and governments

26
Q

define the flow of people

A

migrants and tourists

27
Q

define the flow of ideas

A

information, both political and cultural

28
Q

what does globalisation mean?

A

the process by which national and regional economies, societies and cultures have become integrated through the global network of trade, communication, immigration and transportation.

29
Q

what is interdependence

A
  • the success of one place depending on the success of other places.
  • countries which rely on each other to trade goods and services
30
Q

what are flows and what are some examples?

A

lows are a pattern of movement

  • goods: products and commodities
  • capital: money (between banks, people, businesses and government)
  • information: data transferred between business and people (often involving the internet)
  • People: the flow of migrants and tourists from one part of the world to another
31
Q

what are some forms of globalisation?

A

Economic globalisation: involves the growth of global TNC’s.
Cultural globalisation: involves people increasingly doing similar things globally (food, style, music, values)
Political globalisation: dominance of western democracies in political and economic decision making
Demographic globalisation: occurs as migration and tourism increases: populations become more fluid and mixed
environmental globalisation: the realisation that global environmental threats require global solutions.

32
Q

How have the key factors ‘Transport and trade developments’ helped to drive and accelerate globalisation.

A

They’ve encouraged growth in trade, as transporting goods and people around the world has become cheaper over time

33
Q

what does trade mean?

A

the exchange of goods and services between people and companies (usually across borders)

34
Q

what is meant by a shrinking world?

A

the idea that the world is so interconnected, that we feel closer in terms of travel time.

35
Q

what is arguably the most important development in transportation?

A

shipping containers.

efficient and cheap ways of transporting consumer goods across the world.

36
Q

how has communication revolutionised?

A
  • the late 20th century and early 21st century have been dominated by developments in ICT (ie information and communication technologies- landline telephones and electric telegraph)
  • mobile phones (mid-1990’s)
  • interent access (mid 1990’s)- now 50% of population have interent access
37
Q

what is time-space compression

A

the idea that the cost, in terms of time or money, of communication over distance has fallen rapidly.

38
Q

what technology carries internet data across oceans?

A

subsea fibre optic cables

39
Q

why is revolutionised mobile and internet communication important for businesses?

A
  • keep in touch with all parts of their production
  • transfer money and investments instantly
  • instantly analyse data on sales, employees, or orders
40
Q

what is a consequence of internet use in business mainly?

A

many interactions that were once ‘face to face’ or ‘voice to voice’ are now done without person to person interaction (i.e banking or shopping- moved online) putting skilled people out of jobs.

41
Q

how has the pattern of global flows of exports and goods influenced globalisation

A
  • increased trade (in late 70’s and mid 90’s)
  • a huge growth in export trade after 2002
  • a sharp dip in 2008-09 (global financial crisis
  • return to normal export levels by 2011 but slow growth since.
42
Q

In the past, how have countries protected their own industries and businesses?

A
  • demanding payments of taxes and tariffs on imported goods, so making them more expensive than home-produced products
  • setting quotas to limit the volume of imports, protecting home producers from foreign competition
  • banning foreign firms operating services like banking
  • restricting or banning foreign companies (FDI’s or TNC’s) from investing in their country
43
Q

what is ‘free trade’?

A

Trade that’s free of taxes, tariffs and quotas)

44
Q

what are FDI’s

A

Foreign Direct Investments

when a business from one country invests in another such as opening a chain of shops or building factories.

45
Q

what are the three main global organisations?

A

World trade organisation
international monetary funds
world bank

46
Q

what does the world trade organisation do?

A

it is an international organisation that works to reduce trade barriers and create free trade. A series of global agreements have gradually reduced trade barriers and increased free trade.

47
Q

what does the international monetary fund do?

A

since 1945, the IMF has worked to promote global economic and financial stability, and encouraging more open economies. part of this means encouraging developing countries to accept FDI and open up their economies to free trade. The IMF has been criticised for promoting a ‘western’ model of economic development that works in the interest of developed countries and their TNC’S.

48
Q

What does the World Bank do?

A

the WB’s role since 1944 has been to lend money to the developing world to fund economic development and reduce poverty. It has helped developing countries develop deeper ties to the global economy but has been criticised for having policies that out economic development before social development.

49
Q

what are some ways governments can promote globalisation?

A
  • joining free trade blocs such as the EU; allow free movement of people between countries
  • open up market competition; moves towards free market liberations.
  • privatisation; sold of industries (nationalised them)
  • grants and loans made to new businesses.
50
Q

what are free trade blocs?

A

an agreement between a group of countries to remove all barriers to trade e.g import/export taxes, tariffs and quotas

51
Q

what is free market liberation?

A

refers to the lessening of government regulations and restrictions in an economy in exchange for greater participation by private entities

52
Q

what are special economic zones?

A

A special economic zone is an area in which business and trade laws are different from the rest of the country so aim to attract foreign investment.

53
Q

how to special economic zones attract FDI?

A

they’re tariff and quota free, manufactured goods can be exported no cost

  • unions are usually banned so workers cannot strike or complain
  • infrastructure is provided by government, so allow a subsidy for investors thus lowering their cost.
  • environmental regulations are usually limited.
54
Q

where’s an example of special economic zones contributing hugely?

A

CHINA over the last 30 years

western consumers benefit from low-cost goods, however questions are raised on pay and working conditions.

55
Q

what does the KOF index measure?

A 
the degree of globalisation of countries on an annual basis. 
measures 3 aspects of globalisation 
Economic- trade and money flows 
social- calls, tourist flows, media 
political- embassies, number of IO's.
56
Q

what does the AT Kearney index measure?

A

how economically successful a city is.

57
Q

what are TNC’s?

A

trans-national corporations

companies that operate in more that one country

58
Q

what are two of some the largest TNC’s?

A

Toyota

was-mart stores

59
Q

how have TNC’s contributed to globalisation?

A

out-sourcing some parts of their business
offshoring some of their business
developing new markets (factories in Asia etc.)
glocalisation- adapting brands and products to suit local market tastes.

60
Q

what are the downsides of TNC’s?

A
  • accuses of exploiting workers by paying low wages
  • local cultures and traditions can be eroded by westernised ideas brought by TNC’s.
  • outsourcing jobs may lead to job loss in the developed world
61
Q

what is the difference between offshoring and outsourcing?

A

outsourcing refers to an agreement in which one company hires another company to be responsible for an existing internal activity.
offshoring is the practice of basing some of a companies service or processes overseas, so as to take advantage of lower costs

62
Q

why are some places switched off from globalisation?

A

political isolation- North Korea (limited access to media etc.)
economic isolation- rural Africa like Sahel are poorer so connections are limited
physical isolation- Himalayas isolated from outside contact (tourism is changing this)
environmental barriers- harsh climates like deserts and rainforests means limited transport and connection to outside influence.

geography globalisation (3 decks)

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