Global systems and global governance Flashcards
when did globalisation accelerate?
1980s
how many TNCs were there in 1975 and how many are there now?
7,000-60,000
what are the BRIC countries?
Brazil, Russia, India and China
What are the MINT countries?
Mexico, Indonesia, Nigeria and Turkey
how much lower are call centre wages in India than in the UK?
10-20%
what year was the global financial recession?
2008
the WTO oversees what % of world trade?
over 97%
what was the initial aim of the EU?
to create a single ‘common’ market for goods, services, capital, and labour by eliminating all barriers to trade and hence promoting free trade between all members
what does IMF stand for?
international monetary fund
what is the role of the IMF?
works to raise global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth and reduce poverty worldwide
Give one positive of the IMF
prevents international financial system from collapsing
give one negative of the IMF
conditions in place for loans may not have borrowing at the countries best interest- raise interest rates
describe the World Bank
is a financial institution which provides loans to developing countries for capital programs
give a positive of the world bank
Loans/financial assistance for infrastructure projects in developing countries- trigger further investment and development
give one negative of the world bank
guilty in the past of too many top-down projects requested by corrupted governments- little positive economic impacts and disastrous environmental impacts
give 2 common criticisms of the IMF and the world bank
- reinforce unequal power relations
- LICs have little influence over decisions
what is the main role of the WTO?
deals with the rules of trade between countries
what is one of the main successes of the WTO?
reduced trade restrictions since 1995- economic and political benefits
what does IPCC stand for?
International Panel on Climate Change
Uganda now has cheap wireless technology, why is this important in rural areas?
farmers can access the internet and gain information about prices and new farming techniques
where has the largest number of internet users in the world, and how many?
China, 650mil in 2015
what is Nigeria an example of and why?
a single product economy- oil and gas account for 80% national income
why did oil companies exploit Nigeria?
Nigeria had the product but lacked the money/technology to extract it
what % umberellas are made in China?
70%
why is umberella city successful?
- access to domestic and international markets
- tax incentives as it is a cheap product
who accounts for 25% of global trade?
USA, Germany and Japan
give an example of a country with a high share of FDI for financial business services?
Singapore
give an example of a country with a high share of FDI for natural resource development?
DRC- mining corporations attracted
how many fairtrade certified producer organisations are there, in how many countries? how many people does this benefit?
1210 in 74 countries
benefits 6mil people
before fairtrade, how many family farms sold bananas as a price that was too low to cover basic costs?
339
give an economic benefit of the fairtrade scheme
producers able to raise capital to invest e.g. banana washing tanks
give a social benefit of the fairtrade scheme
improved educational facilities, schools for special needs children