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.
