EQ2 Flashcards
define capitalism
an economic system in which a country’s trade and industry are controlled by private owners
define IGO (intergovernmental organisation)
involving 2 or more nations to work on areas of common interest
define the World Bank
a global organisation whose role is to finance development
define IMF
a global organisation whose primary role is to maintain global financial stability
define WTO
a global organisation which looks at rules for how countries trade with one another
what is the WEF (world economic forum)
international organisation that aim to improve the world state by promoting globalisation
when was the WTO established
The WTO was established January 1st 1995
what is the WTO
The aim of the WTO is to free up global trade and reduce trade barriers, by negotiating free trade agreements, ensuring members follow its rules
how does the WTO impact the world
WTO agreements and globalisation has led to an explosion in global trade since 1950
TRUE or FALSE
Trade between countries has grown enormously since the end of WW2
TRUEEE
FILL THE GAP:
In 1948 the total value of exports from all countries was US$58 billion and had risen to US$ ? trillion by 2014.
US$ 18 trillion by 2014
world trade graphs:
what are the 2 types of graphs
linear graphs
logarithmic graph
whats a strength of using a linear graph
Shows exponential nature of export trade growth can be seen in
Big events are seen clearly
whats a limitation of using a linear graph
Values may be too small to see
whats a positive of using logarithmic graph
Picks out an acceleration rate efficiently
whats a weakness of using logarithmic graph
Makes big events look less significant
Easy to make errors plotting
Difficult to analyse
define TNC
They are companies that operate in more than one country
define westernisation
The process by which a country or society adopts the customs and institutions that are said to characterise the Western world
define globalisation
the growth of countries becoming interconnectedness
how does westernisation help countries stay in power
Global culture influence and westernisation is an important aspect of power, linked to economic influence and technology
How does global media play a role and how does this help enforce westernisation?
Newsfeed, films, music and TV dominate global media, spreads ideologies of the western world
How is western culture spreading around the world not always certain?
→western culture isnt adopted fully around the world
what is intellectual property
intellectual property law protects these new developments in the form of
- Patents
- Copyright
- Trademarks
How does intellectual property law help superpowers become even more influential?
→existing superpowers and developed countries paid for invention and artistic creations
→ developed TNCs invest R+D becoming patent holders