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Geography - Global Governance > Global systems > Flashcards

Global systems Flashcards

1
Q

What is the Frank and Wallerstein’s core-periphery model of a world system?

A

A model which assumes that global power is concentrated through developed countries which loan TWB and the IMF who then loan money to poor countries for development and to stabilise the economy. Over time the periphery regions will repay the loan to the financial markets who then repay the core regions

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2
Q

Why is the Frank and Wallerstein model slightly outdated?

A

Rapid growth of large medium-income economies such as the BRIC and, more recently, MINT countries mean there is now a continuum of development, so many more regions of the world might be envisaged as the core

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3
Q

What is the BRIC?

A

An acronym used to identify a group of four countries - Brazil, Russia, India and Chine - whose economies have advanced rapidly since the 1990s.

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4
Q

What is the MINT?

A

An acronym referring to the more recently emerging economies of Mexico, Indonesia, Nigeria and Turkey

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5
Q

What is KOF?

A

A global institution who monitor and research into globalisation

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6
Q

What are the three dimensions of KOF?

A

Economic, Social, Political

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7
Q

According to the KOF index, who are the 3 most globalised countries?

A

Belgium, Netherlands, Switzerland

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8
Q

According to the KOF index, who are some of the lease globalised countries?

A

Sudan, Chad, Ethiopia

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9
Q

What does quality of life correlate too?

A

The level of globalisation

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10
Q

What is a natural outcome or side effect of increasing globalisation?

A

The increasing interdependence of the people and nations who live in that country

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11
Q

Who are the ones that oversee the global economy?

A

The World Bank
The international Monetary Fund
World Trade Organisation

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12
Q

Why are the 3 who oversee the global economy crucial to our economy?

A

They are fundamental in supporting the structure of the worlds economic and financial order, allowing for a stable global economy

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13
Q

What does the IMF do?

A

Oversee the global financial system - ensure its running smoothly

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14
Q

What does The World Bank do?

A

Promotes economic development in developing countries - focusing on LDCs

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15
Q

In what way does the IMF support the global financial system?

A

Offers financial and technical assistance to its members

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16
Q

In what way does The World Bank support the global financial system?

A

Provides long-term investment loans for development projects with the aim of reducing poverty

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17
Q

When will the IMF provide loans?

A

Only when it will prevent a global economic crisis - last resort

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18
Q

How did the IMF help Greece?

A

By stopping a domino effect when there was a financial crisis

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19
Q

When will The World Bank provide loans?

A

Provides special interest-free loans to countries with a very low per-capita incomes

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20
Q

How low does the per capita figure need to be for The World Bank to provide a loan?

A

US$865 per year

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21
Q

What is the purpose of a loan given by the IMF?

A

Helps members tackle balance of payments problems and stabilise economies

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22
Q

What is the purpose of a loan given by The World Bank?

A

Encourages start up private enterprises in developing countries

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23
Q

Who is the IMF funded by?

A

The quota subscriptions of its 185 member countries

24
Q

Who is The World Bank funded by?

A

It acquires financial resources by borrowing on the international bond market

25
How big is the IMF?
Has 2300 staff from 185 countries
26
How big is The World Bank?
7000 staff from 185 countries
27
Why is the IMF criticised?
It imposes austerity cuts on loan recipients, subsequently education and health may suffer Countries who put in the most money get voting rights - unfair as they may choose who they are dependant on
28
Why is The World Bank criticised?
Has often funded large top-down related projects such as multi-purpose HEP dams (since the 90s they claim to support the bottom-up projects)
29
What is a bottom-up project?
When local people are consulted and supported in making decisions to undertake projects or developments that meet one more of their specific needs
30
What is a top-down project?
When the decision to undertake projects or developments is made by a central authority such as a government with little or no consultation with the local people whom it will affect
31
What are the positive effects of labour movement?
Reduced unemployment where there is a lack of work Reduces geographical inequality between workers Addresses important skill and labour shortages Brain drain - rich countries will gain intelligent people Skilled workers will return to their country with new ideas
32
What are the negative effects of labour movement?
Countries find it difficult to retain their best talent - attracted away by higher wages Loss of skilled workers causes a training gap Outsourcing of production fro high-wage to low-wage economies causes unemployment in more developed countries With greater movement in labour there is a greater risk of disease pandemics Poorer countries loose intelligent people
33
What is an example of poorer countries loosing intelligent people?
5500 nurses from the NHS are from India and the Philippines
34
What is outsourcing defined as?
Moving the work to be done in another factor in a factor not owned by them
35
What is an example of outsourcing?
Apple don't have a factory in China but use Foxconn to do their work
36
What are the negatives of outsourcing?
Loss of jobs in the destination country | Less spending in the destination country, so service workers
37
What is the de-multiplier effect?
When declining economic activity leads to unemployment, less spending, decline in services and out migration. A further economic decline results
38
Why has globalisation encouraged the flow of capital?
Because of the deregulation of financial markets
39
What has the deregulation of financial markets meant for companies?
They have become more integrated, as now financial activity is confined within national boundaries
40
What do the core regions provide the periphery regions?
Remittance payments FDI - setting up TNCs Capital flow of FDI without going via institution
41
What do the periphery regions provide the core regions with?
Skilled labour and migration | Repatriation of TNC profits
42
What does diaspora mean?
Large group of people with a similar heritage that have settled in places all over the world
43
What is an example of diaspora?
India - large population living abroad
44
What is FDI?
Investments made by TNCs into physical capital or assets of foreign enterprise
45
What is a repatriation of profits?
TNCs invest in overseas production and then take profit back to home country HQ
46
What does aid mean?
Important source of financial support for poorer countries
47
How does the UN provide aid?
Multilaterally - it takes contributions from richer countries and spreads out to poorer countries
48
What does bilateral aid refer too?
Aid from one government to another, often from a rich government to a poor government
49
What is an NGO?
A non-governmental organisation which provides aid through food and technology
50
What does migration refer too?
We get out migration of labour from poorer countries to richer countries
51
What is the problem of out migration from poor countries to rich countries?
It exacerbates disparities
52
How does out migration exacerbate disparities?
LDC's loose their skilled and talented workers, but also these skilled and talented workers pay taxes in destination country rather than there own
53
What is the GINI index?
A measure used to indicate levels of inequality
54
What does a GINI score of one mean?
A country's entire income goes to one person
55
What does a GINI score of 0 mean?
Income is equally divided among the population
56
On the whole who is more unequal in the world?
More developing economies

Geography - Global Governance (7 decks)

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