Flows Of Globalisation Flashcards
What are flows of information
Email, internet and social media spreads information quickly
Makes the world more connected
What are flows of capital
Historically capital was invested within a country
FDI has increased international investment
ICT has made this easier
A product something manufactured for sale
Historically manufactured goods were made in HICs
Manufacturing has now decreased in HICs
Lower labour costs = production moving to LICs and NEEs
International trade in manufactured goods is increasing
What are flows of services
Services are economic activities that arnt based around producing a material good e.g banking
Improvements to ICT and the opening of international markets have made it easier for financial institutions to do business in other countries
What are flows of labour
Human resource in the economy
Flows of labour is migrating for work
Highly skilled workers are moving to HICs for better wages and working conditions
As people move they bring new cultures
This connects countries through remittance payments
