Global Systems and Global Governance Flashcards
What is globalisation ?
Widening, deepening and speeding up global interconnectedness.
What are the factors of production ?
A number of productive resources have to be combined in order to provide these goods and services.
What is capital ?
In economic terms, this refers to any physical resource that can be regarded as a man-made air for roducion, such as building, factories and machinery.
What is deregulation ?
The repeal of government control over the economy.
What is BRIC ?
An acronym used to identify a group of 4 countries - Brazil, Russia, India and China- whose economies have advanced rapidly since the 1990s.
What is MINT ?
An acronym referring to the more recently emerging economies - Mexico, Indonesia, Nigeria and Turkey.
What is FDI ?
Foreign Direct Investment - Investment made by MNCs based in one country, into the physical capital or assets of foreign enterprises. The investing company may make this overseas investment in a number of ways.
What is leakage (economic) ?
Refers to a loss of income from an economic system. It most usually refers to the profits sent back to their base country by TNC’s - also known as profit reparation.
What is a multilateral aid ?
An important source of financial support for poor countries, which can take many forms and can be provided through the UN from contributions made by a number of richer countries.
What is bilateral aid ?
Financial support from one government to another, usually with mutual cooperation conditions applied.
What is remittances ?
Transfers of money across national boundaries by migrant workers.
What is diaspora ?
A large group of people with a similar heritage or homeland who have moved and settled in places all over the world.
What is containerism ?
A system of standardised transport that uses large standard-size steel containers to transport goods. The containers can be transferred between ships, trains and lorries, enabling cheaper, efficient transport.
What is footloose (economic) ?
Industry is not tied to a particular place so can easily relocate without impacts of production.
What are conglomerates ?
A collection of different companies or organisations which may be involved in different business activities but all report to one parent company - most TNC’s are conglomerates.
What is global marketing ?
When a company becomes a global marketer, it views the world as one single market and creates products that fit the various regional marketplaces.
What is economies of scale ?
The cost advantages that result from the larger size, output or scale of an operation as savings are made by spreading the costs or by rationalising operations.
What is global shift ?
It is the filtering down of the manufacturing industry from developed countries to lower wage economies.
What is the populist movement ?
Political approaches which appeal to the ‘ordinary people’ by opposing the ‘elite’ often considered anti-establishment may be right wing.
What is the nationalist movement ?
Movements which promote political independence of a country e.g. BREXIT
What is the belt and road initiative ?
Chinese infrastructure initiative aiming to connect Asia with Africa and Europe by investing in overland roads and maritime trade networks.
What are dry ports ?
Inland location for storage and handling of trade connected by road or rail to a seaport.
What are global value chains ?
International production sharing, where production is broken down into activities and tasks carried out by different countries.
What are Just In Time Productions ?
Produce exactly the amount you need at the time your customers need it to reduce storage coats.
