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A2 Geography > Global Systems > Flashcards

Global Systems Flashcards

1
Q

Define Globalisation

A

Widening, deepening and speeding up of interconnevity between countries.

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2
Q

What does the International Monetary Fund do?

A

IMF: Intervenes in situations of financial crisis to provide loans and conditions for restructuring the economy to avoid future crisis.

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3
Q

What direction are high value manufactured goods moving?

A

HICs > LICs

HICs > NICs

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4
Q

What direction are low value manufactured goods moving?

A

NICs > HICs

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5
Q

What direction are raw materials moving?

A

LICs > HICs

LICs > NICs

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6
Q

What is Primary Product Dependency?

A

A country’s entire economy is reliant on the production of one product for exports, usually raw materials.

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7
Q

Advantages of International Trade

A
  • Comparative advantage
  • Economies of Scale
  • Fewer domestic monopolies
  • Purchasing power
  • Multiplier effect (in terms of job creation and increased services)
  • Technology transfer
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8
Q

Disadvantages of International Trade

A
  • Decline of local industries
  • Protectionism
  • Deskilling
  • Exploitative work practices
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9
Q

What are Economies of Scale?

A

Increasing production causes lower cost per unit. Greater profits, lower prices.

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10
Q

What is Comparative Advantage?

A

Countries specialises in producing a good that can be produced more efficiently and at a lower cost than other areas Higher profits.

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11
Q

Why might specialisation in one product be problematic?

A

They will be dependent on supply, which can be finite, and can’t adapt or develop.

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12
Q

What is Deskilling?

A

As goods produced elsewhere, quality and usage of (traditional) knowledge and skills decreases.

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13
Q

Positive of Primary Product Dependency

A
  • Comparative advantage
  • Low upfront investment
  • Attracts FDI
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14
Q

Negative of Primary Product Dependency (Issues caused by it)

A
  • Supplies are finite
  • Resource curse
  • Discourages investment in other areas/ less diversification of manufacturing
  • Volatile prices as supply fluctuates but demand remains the same
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15
Q

What is Fair Trade?

A

Provides a fair price to producer as their is a common minimum price. Includes Fair Trade Premium, which is additional money for investment in Socioeconomic Welfare. Involves a compliance with environmental standards and Human Rights control.

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16
Q

Positives of Fair Trade

A
  • Minimum prices set
  • Social premium
  • Human Rights consideration
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17
Q

Negative of Fair Trade

A
  • Minimum price encourages over supply creating a Fair Trade dependency. Producers prices then fall
  • Fair trade is on primary products so there is no encouragement to diverse.
  • Inefficient > money stys in HICs
  • Farmers in HICs benefit more than LICs
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18
Q

What are the SIX Barriers to Trade?

A
  • Tariffs
  • Quotas
  • Subsidies
  • Import Licensing
  • Voluntary Export Restraint (VER)
  • Embargoes
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19
Q

What are Tariffs and why are they a barrier to trade?

A

Tax on imports. Imports are more expensive therefore people buy domestically. E.g. Smoot-Hawley tariffs 1930 > tit for tat retaliation.

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20
Q

What are Quotas and why are they a barrier to trade?

A

Physical limit of imports. Reduce imports so people buy domestically which increases consumer prices.

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21
Q

What are Subsidies and why are they a barrier to trade?

A

Grants to domestic products and producers to cover the costs. This lowers prices. E.g. US Cotton Subsidies. However, LICs often lose out.

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22
Q

What is Import Licensing and why is it a barrier to trade?

A

License to import. Prevents countries from importing so buy domestically.

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23
Q

What are Voluntary Export Restraints and why are they a barrier to trade?

A

Reduce exports agreement. Very politically based.

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24
Q

What are Embargoes and why are they a barrier to trade?

A

Ban imports of a certain good/ or from a certain country.

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25
Q

What is the World Trade Organisation?

A

WTO: Deals with the rules of trade between nations at a global or near global level. Has 164 members, representing 98% of World trade.

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26
Q

What are the FOUR WTO rules of trade ?

A
  1. Countries promote free trade
  2. Countries cannot give special access to certain countries
  3. Countries should act predictably in their trading
  4. There should be fair competition
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27
Q

Strengths of the WTO

A
  • 164 members. Democratic
  • No major trade disputes
  • 1930s- 65% tariffs. Now 9%
  • Successful introduction of free trade.
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28
Q

What is Free Trade?

A

International trade left to its natural course without the presence of tariffs, quotas or any other restrictions.

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29
Q

Weaknesses of the WTO

A
  • Free Trade means LICs can’t develop infant industries.
  • Can’t protect against TNCs. No developed country has become so without protectionism.
  • Race to the Bottom. To compete they exploit workers to get prices down.
  • There are trade agreements outside the WTO
  • Patents unfair. Prevents LIC developing. Indigenous knowledge.
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30
Q

What is Ethical Investment?

A

Investors make a deliberate choice to invest capital based on the activities of the firm/organisation.

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31
Q

Strengths of the IMF

A
  • Provides loans to countries in need of a bailout. E.g. Iceland $1.6 bln Iceland after eruption
  • 290 members > inclusive
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32
Q

Weaknesses of the IMF

A
  • Conditions attached to loans exacerbate financial problems.
  • Decline of public services as a result of spending cuts
  • Removes political sovereignty
  • Total staff from 185 countries always elect a European director
  • Voting power based on capital contribution
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33
Q

What is the World Bank?

A

WB: Provides loans for developing countries to reduce poverty. Funds a variety of projects either ‘bottom-up’ or ‘top-down’.

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34
Q

What is a Top-Down project?

A

Decision to undertake projects or developments made by a central authority. Little or no consultation with the local people who may be affected.

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35
Q

What is a Bottom-Up project?

A

When local people are consulted and supported in making decisions to undertake projects based on their specific needs.

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36
Q

Strengths of the WB

A
  • Long term investment and development
  • Low interest
  • Promotes private businesses/infrastructure
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37
Q

Weaknesses of the WB

A
  • Top-down > little consideration of local people
  • Conditions may cause more problems
  • Always had an American Director
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38
Q

What are FOUR Global Institutions?

A
  • New Development Bank
  • G 7/8 and G20
  • Organisation for Economic Cooperation and Development
  • Organisation of the Petroleum Exporting Countries
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39
Q

New Development Bank

A

BRICs countries alternative to Bretton Woods institutions. Increasing swing of political power towards the East.

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40
Q

G 7/8 and G20

A

Since 1975, groups of the World’s most powerful nations met to coordinate responses to shared economic challenges, but the traditional G 7/8 countries are of declining importance

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41
Q

Organisation for Economic Cooperation and Development

A

36 high and middle income countries aiming to improve social and economic well-being across the globe.

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42
Q

Organisation of the Petroleum Exporting Countries

A

Cartel of 15 oil-producing countries, global oil dependency gives these countries power on a global scale

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43
Q

What are Trade Agreements?

A

Two or more countries agree on terms that help with trade.

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44
Q

What are the Trade Blocs?

A

Group of countries with a common agreement that promotes and manages trade. Removes barriers between members, while keeping common barriers with non-members.

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45
Q

FOUR forms of Trade Groupings

A
  • Free Trade areas
  • Custom Unions
  • Common Markets
  • Economic Unions
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46
Q

What are Free Trade Areas?

A

Lower barriers to trade between members

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47
Q

Common Markets

A

Free trade of goods, services, people, capital

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48
Q

Economic Unions

A

Shared currency

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49
Q

THREE examples of Trade Blocs

A
  • Transatlantic Trade and Investment Partnership (TTIP)
  • NAFTA
  • EU
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50
Q

What is the North American Free Trade Agreement?

A

NAFTA:

  1. It’s an agreement between Mexico, USA and Canada
  2. Responsible for making N. America one of the most active trade regions and accounts for 19% of global exports ad 25% of imports
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51
Q

Advantages of NAFTA

A
  • Has quadruples trade. Three countries trade went from $290 billion to $1.23 trillion from 1993 to 2019
  • Lower tariffs reduced import prices
  • Increased FDI
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52
Q

Disadvantages of NAFTA

A
  • U.S jobs lost
  • Suppression of wages
  • Deteriorated Mexico’s environment
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53
Q

Positives of Trade Blocs

A
  • Larger captive market for businesses
  • Economic growth due to increased trade
  • Economic peaks and troughs are filtered through the group.
  • Increased output > greater employment opportunities
  • Can set higher environmental standards
  • Greater negotiating power
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54
Q

Negatives of Trade Blocs

A
  • Trade diversions as members products are artificially cheaper. Negative impacts on non-members
  • Declining domestic capacity to produce certain food, manufactured goods or services > over-specialisation
  • Spacial division of labour: manufacturing moves to lower costs within the same bloc as manufacturers can still benefit from lower tariffs E.g. factories moving from the US to Mexican Maquiladora along the border
  • Loss of sovereignty/ some financial control (European Central Bank)
  • Trade disputes between blocs E.g. EU & US Estradiol
  • Expensive E.g. EU cost $960 bln approx between 2004-14
  • Issues with shared resources E.g. Scallop wars in the UK
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55
Q

What are Transnational Corporations?

A

TNCs: Companies that produce, sell or are located in two or more countries. On 2013, 80% of global trade was linked to TNCs. They operate in all forms of industry/don’t just originate in HICs anymore.

56
Q

Different types of TNC spatial organisation?

A
  • Global Supply chain HQ
  • Subsidiary HQ
  • Research and Development
  • Production
57
Q

Global Supply Chain HQ in relation to TNC spatial organisation

A

Mostly in HIcs. Good Infrastructure. With highly skilled population.

58
Q

Subsidiary HQ in relation to TNC spatial organisation

A

On other continents to access market. Involves glocalisation.

59
Q

Research and Development in relation to TNC Spatial Distribution

A

In HICs due to good education.

60
Q

Production in relation to TNC Spatial Distribution

A

Primary: in NICs/LICs as not overused resources but tech changes
Secondary/Tertiary: In NICs as labour costs are low. Good education and same languages

61
Q

How do TNCs promote globalisation?

A
  • Spatial organisation
  • Organise production to take advantage of the global supply chain
  • Investment, spreads new techniques and promotes cultures.
62
Q

Examples of Global Production Networks

A
  • Subtractors (outsourcing)
  • Offshoring
  • Mergers
  • Acquisitions
  • Joint Ventures
63
Q

What are Subtractors (Outsourcing)?

A

Use of foreign companies to manufacture products without actually owning the businesses. Race to the Bottom. Reputational Risk.

64
Q

What is Offshoring?

A

TNCs move parts of their own production process to other countries to reduce labour and other costs. E.g. Dyson

65
Q

What are Mergers?

A

When two companies (usually of the same or similar sizes) agree to become one bigger company. E.g. BP and Amoco

66
Q

What are Acquisitions?

A

One company buys another. Unequal flows of money.

67
Q

What are Joint Ventures?

A

Two companies form a partnership to handle business in a particular territory bu without actually merging to become a single entity. Legally binding. E.g Indian Investment Laws. Glocalisation > local businesses know local people.

68
Q

Vertical Integration

A

Supply chain of a company is owned entirely by that company from raw material to finished product.

69
Q

Horizontal Integration

A

Company buys other companies at the same level on the supply chain.

70
Q

Issues surrounding TNCs

A
  1. Tax Avoidance
  2. Horse Meat Scandal
  3. Pakistan & Bangladesh
71
Q

Tax Avoidance issue surrounding TNCs

A

Companies have found many ways to avoid paying higher tax. They do this by relocating parts of the company countries with looser tax rules (transfer pricing)

72
Q

What is Transfer Pricing?

A

Buying from other area of the same TNC in lower tax country

73
Q

Horse Meat Scandal issue surrounding TNCs

A

Traces of horse and pig meat were found in frozen beefburgers. There was a crunch down on government control of food safety. This was hard to track down due to many suppliers and extensive supply chain.

74
Q

Pakistan and Bangladesh scandal surrounding TNCs

A

Series of fires, usually due to illegal activity, lead to worker deaths both from the fire itself and building collapse.

75
Q

THREE risks of interdependence to TNCs

A
  • Geopolitical Risks
  • Reputational Risks
  • Physical risks
76
Q

Geopolitical Risk of Interdependence to TNCs

A
  • Government sanctions (E.g. EU & Russia)
  • Conflict and Political Instability (E.g. Arab spring 2011)
  • Resource Nationalism (E.g. Venezuela-Hugo Chavez
77
Q

Reputational Risk of Interdependence to TNCs

A

Unethical treatment of worker and environments by outsourcing companies jeopardises TNCs reputations

78
Q

Physical Risk of Interdependence to TNCs

A

Natural Hazards E.g. Eyjafjallajokull eruption

79
Q

what is reshoring?

A

TNCs adapt to increasing human and physical risks by building more resilient supply chains and spreading operations less thinly over few countries.

80
Q

Example of Reshoring

A

Apple: invested $100 million into making some products in the USA

81
Q

What direction are Flows of Labour going?

A

LIC/NIC > HIC

82
Q

What direction are Flows of Capital going?

A

Profit repatriation: NIC > HIC

Everything else: HIC > LIC

83
Q

What direction are Flows of Ideas going?

A

HICs > LICs/NICs

84
Q

What direction are Flows of Tech going?

A

HIC > LIC/NIC

85
Q

What is Interdependence?

A

Societies, states and businesses have become mutually dependent on one another due to complex ways global systems have evolved.

86
Q

Different types of Economic Interdependence

A
  • Trade
  • Technology Advances
  • Employment
  • INternational Economic MIgration
  • TNCs & Investment
  • Supply chains
87
Q

Different types of Political Interdependence

A
  • IGOs
  • Security & Stability
  • World Peace
88
Q

Different types of Social Interdependence

A
  • Education
  • Culture (Diaspora)
  • Remittances
89
Q

Trade as Economic Interdependence

A

Specialisation in comparative advantage. Dependence on primary products that bring profit.

90
Q

Technology Advances as Economic Interdependence

A

Driven by consumers > TNCs

91
Q

International Economic Migration as Economic Interdependence

A

20% of total population in 48 countries are migrants > remittances

92
Q

IGOs as Political Interdependence

A

Relationship between global systems

93
Q

World Peace as Political Interdependence

A

Golden Arches theory Thomas Friedman.

94
Q

Culture as Social Interdependence

A

Social ties. Ireland > 70 million claim heritage

95
Q

Education as Social Interdependence

A

Foreign exchange

96
Q

How do HICs have more power in a global system than LICs/NICs?

A
  • More likely to be part of a trade bloc

- High value manufactured products > Triadic/intraregional structure

97
Q

Positive impacts of TNCs

A
  • Generates jobs
  • New tech/infrastructure
  • Multiplier effect (upskilling)
  • Lower costs > more profits
  • Lower price for consumer in country of origin
98
Q

Negative impacts of TNCs

A
  • Loss of culture
  • Exploitation
  • Pressure on government > low environmental regulations
  • Profit repatriation
  • Reputational risk
  • Structural unemployment
99
Q

What is Market Access?

A

How easily countries and companies can trade with one another as determined by the extent of export and import barriers.

100
Q

Factors affecting access to market

A
  • Wealth
  • Inclusion in trade blocs/agreements
  • Unfair trade rules
  • TNCs
101
Q

Wealth as a factor affecting Market Access

A

Pay higher tariffs/ pay subsidies to your domestic producers limits others access to the market. Investment inside a trade bloc.

102
Q

Inclusion in trade blocs/agreements as a factor affecting Market Access

A

Larger market share

103
Q

TNCs as a factor affecting Market Access

A

Can pressurise government to lower barriers

104
Q

What is Preferential Trade Agreements?

A

Trade pact that reduces tariffs between participating countries for certain products.

105
Q

What is Differential/Special Trade Agreements

A

Special provisions that give developing countries special rights and gives the ability to treat developing countries more favourably.

106
Q

Economic impacts of Poor Market Access

A
  • Difficult to establish new industries
  • Dependence on low value primary products and limited access to markets for manufacturing products
  • Not attractive to FDI > Lack of infrastructure development
  • Fewer employment opportunities > 70% of under 25s unemployed
107
Q

What is the Paris Agreement?

A

2015:

  • Carbon emissions reduction target
  • Aim to reduce net emissions to 0% by 2100
  • Green Climate Fund
  • Track progress in emissions
108
Q

Strengths of Paris Agreement

A
  • 190 countries pledged
  • Progress track means pledges are strengthened every 5 years
  • Uk aim to get zero emissions by 2050
109
Q

Weaknesses of Paris Agreement

A
  • Voluntary pledge/ not enforced

- Already 1C increase > reached tipping point

110
Q

Positives of Special/Differential Trade Agreements

A
  • Boost economies. Development of poorer nations
111
Q

Negatives of Special/ Differential Trade Agreements

A
  • 10 LDCs are not WTO members and it takes 8-10 years to join
  • HICs aren’t fans > as non-reciprocal so separate agreements needed
  • Some countries removed due to political grounds
112
Q

Strengths of the UN

A
  • Peacekeeping successes e.g. Kuwait and Iraq
  • Best vehicle for cooperation. Legitimacy to decisions
  • Successful interaction with many poorer UN member countries. G77
113
Q

Weaknesses of the UN

A
  • Decision paralysis due to veto power in Security Council
  • General assembly can only make recommendations
  • No permanent military of their own > reliant on member states compliance.
114
Q

What is Glocalisation?

A

Product developed and distributed globally but adjusted to be specific to local consumers

115
Q

What is a global shift?

A

Movement of manufacturing from developed countries to lower wage economies

116
Q

How have changes to financial systems promoted globalisation?

A
  • Deregulation of financial markets

- High speed electronic trading systems/ global exchange connectivity

117
Q

How have changes to production promoted globalisation?

A
  • Global shift/decentralisation of industry from HICs > NICs/LICs
  • FDI for construction of factories from HICs > LICs/NICs
  • Outsourcing/offshoring
  • Global supply chain of TNCs
118
Q

How have changing technology promoted globalisation?

A
  • Development of the internet (movement of information/capital)
  • High speed electronic trading systems/global exchange connectivity
  • Improvements in travel (increased movement of goods/people)
  • Containerisation
119
Q

Argument for importance of changing technology in promoting globalisation

A

Containerisation: Reduced transport costs by 70%. Boost trade as transport costs less, likely to cancel out gains from comparative advantage
Internet: global reach/ access to all markets/ increased capital movement/ increased sharing of culture

120
Q

Argument against importance of changing technology in promoting globalisation

A

Containerisation: concern for re-atmospheric pollution > may need to introduce green taxes on shipping
Internet: LICs still excluded due to high costs of internet infrastructure. Censorship laws also exclude some countries

121
Q

Argument for importance of trade blocs in promoting globalisation

A
  • Common external tariffs and lower internal barriers > trade within bloc is more competitive and trade increases e.g. after NAFTA exports from USA to Canada and Mexico tripled from $142 million to $452 billion
  • Increase movement of labour
  • Increased negotiating power of members
122
Q

Argument against importance of trade blocs in promoting globalisation

A
  • Trade diversion e.g. 70% of EU trade is within the EU
  • Trade disputes between blocs
  • Trade blocs can break down and have disputes between themselves
123
Q

What is Outsourcing?

A

Companies arrange for goods to be produced by other companies usually at lower cost locations

124
Q

What are the impacts of outsourcing?

A
  • Deindustrialisation of HICs > loss of jobs (UK lost 50& of manufacturing jobs 1983-2003)
  • Structural unemployment
  • Race to the bottom in LICs
  • Exploitative work conditions/ LICs have less stringent environmental laws
125
Q

How have unequal flows of labour created inequality?

A
  • Brain drain from LICs
  • Conflict between migrants and locals (low skilled migrants often happy to work for less money)
  • Rural urban migration increasing poverty in rural areas
  • Dependence on remittances and lack of alternative income
126
Q

How have unequal flows of capital created inequality?

A
  • Foreign aid dependency with little development of manufacturing
  • Dependency aid/remittances can cause issues if it stops
  • Aid can fund armed groups/conflict
  • ## FDI can cause conflict between TNCs and local people
127
Q

Why do HICs have better market access?

A
  • Infrastructure is similar and well-developed
  • High-value products
  • High-market volume - wealthy middle classes
  • Geographical proximity
  • Literacy rate is high and similarly high skill level
128
Q

What are social impacts of poor market access?

A
  • Less employment opportunities and less disposable income
  • Less money invested in health/education/infrastructure so lower quality of life
  • Often poorly paid work and workers exploited
129
Q

In what ways have global trade patterns changed since the 1980s?

A
  • Increased by 8x
  • Increase in intra-corporate trade (40%)
  • Developing nations still dominate but emerging economies now challenge G7
  • Trans-pacific trade is now growing faster than trans-atlantic trade
  • Dominated by TNCs (70%)
130
Q

In what ways have world investment patterns changes since the 1980s?

A
  • Increased ($400 bn in 1996 to $1500 bn in 2016)
  • 1980s HIC > HIC but now increasingly HIC > NIC/LIC
  • Increasing NIC investment in NIC/LIC
131
Q

Positives of Free Trade

A
  • Specialise on comparative advantage
  • Increased access to raw materials/resources
  • Increased economic growth
  • Increased FDI
  • Weaken domestic monopolies
132
Q

NEgative of Free Trade

A
  • Widening wage inequality
  • Infant/domestic industries can’t develop
  • LICs may have primary product dependency
  • Westernisation/loss of cultural identity
  • Degradation of natural resources
133
Q

Who is involved in NAFTA?

A

US, Mexico, Canada

134
Q

Who is involved in TPP (Trans-Pacific Partnership)?

A

USA, Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam

135
Q

Who is involved in TTIP (Transatlantic Trade and Investment Partnership)?

A

EU/ USA

A2 Geography (17 decks)

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