Global Systems and Global Governance Definitions Flashcards
Globalisation
The process of which businesses or other organisations develop international influence or start to operate on a national scale.
capital flow
movement of money for the purpose of investment, trade, or business operations in and out of countries
economic leakage
funds that leave an economy or a system instead of staying in it
remittance payments
money transferred from one party to another usually across borders
containerisation
pack into and transported by container
protectionism
theory or practice of shielding a countries domestic industries from foreign competition by taxing imports
tarrifs
tax or duty to be paid on a particular class of imports or exports
economies of scale
cost advantages reaped by companies when production becomes efficient
labour
work, especially physical work
footloose industry
an industry that can be placed and located at any location without effect from factory of production such as resources, land , labour and capital
diaspora
population that is scattered across regions which are separate from its geographical place of origin
maquiladora
A factory in Mexico run by a foreign company and exporting produces to companies country of origin
trading bloc
group of countries that have reduced or removed trade barriers for participants
customs union
form of trade agreement between 2 or more countries
common market
group of countries imposing few or no duties on trade with one another and a common tariff on trade with other countries
commodity
raw material or primary agricultural product that can e bought and sold (e.g. copper or coffee)
global shift
Movement of manufacturing and industry from western regions to countries that have been recently industrialised (particularly Asia)
just-in-time systems
an inventory management method in which goods are received from suppliers only as they are needed.
multilateral trade agreements
reducing barriers to trade such as tariffs, subsides and embargoes
bilateral trade agreements
agreements between countries to promote trade. eliminates trade barriers (tariffs ect)
emigration
leaving ones own country to settle permanently in another - moving abroad ect
immigration
action of coming to live permanently in a foreign country
push factor
something that makes people want to leave a place or escape from a particular situation
pull factor
Preferences or desires that cause people to migrate to another country.
economic migrant
person who travels from one country or area in order to improve their standard of living
brain drain
the loss of education/ educated people
brain gain
the gain of educated people
outsourcing
the business practice of hiring a party outside a company to perform services or create goods that were traditionally performed in-house by the company’s own employees and staff
offshoring
the practice of outsourcing operations overseas, usually by companies from industrialized countries to less-developed countries, with the intention of reducing the cost of doing business.
home country
country where the person was born
host country
a country where a person lives when they leave their home country and settles somewhere new
fair trade
Trade between countries/ companies in developed countries and producers in developing countries in which fair prices are paid to producers
sweat shop
a factory or workshop, especially in clothing industry where workers are employed at very low wages for long hours under poor conditions
HIC
high income country
LIC
low income country
NEE
newly emerging economy
MINT
group of countries with potential to realise rapid growth (economic)
Mexico Indonesia Nigeria Turkey
BRIC
Brazil Russia India China
predicted in 2001 to be 4 largest economies in the world in 21st century
NAFTA
North American Free Trade Agreement
eliminates most trade/ tariff barriers passing between Mexico USA and Canada
OPEC
Organisation of Petroleum Exporting Countries
OECD
Organisation for Economic Cooperation and Development
FDI
Foreign Direct Investment
law
system of rules which a particular country or community recognises as regulating the actions of its members - enforce punishment
norms
something usual, typical or standard
institutes
an organisation founded for a religious, educational, professional or social purpose
primary industry
such as agriculture/ forestry, obtaining or providing natural raw materials to make commodities/ products for a consumer.
secondary industry
industry that converts the raw materials provided by primary industry into commodity/ products (manufacturing industry)
tertiary industry
this is the service sector e.g. retail stores, healthcare providers, hotels ect
spatial organisation
a way of organising things in relation to their surrounding both internally and externally
R&D
Research & Development
mergers
combination of 2 or more companies
acquisitions
purchase of one company by another
subcontractors
a firm or person that carries out work for a company as part of a larger project
vertical integration
buisness strategy of controlling different stages of the supply chain for a good or service
horizontal integration
acquisition of a business operating at the same level of the value chain in the same industry
supply chain
the sequence of processes involved in the production and distribution of a commodity
multiplier effect
proportional amount of increase or decrease in final income that results from an injection or withdrawal of capital
global marketing
marketing on a worldwide scale
SEZ
Special Economic Scale
cartel
association of manufacturers or suppliers with the purpose of maintaining prices at high level and restricting competition
SDT agreements
special and differential treatment
IMF
International Monetary fund - promotes global economic growth, etc and reduces poverty
world bank
international banking organisation established to control distribution of economic aid between member nations - make loans in times of financial crisis.
repatriation of profits
sending foreign earned profits or financial assets back to the firms home country
core regions
areas that experience higher levels of economic development, infrastructure and access to resources
periphery regions
countries less developed that semi-periphery and core countries
free trade
international trade left to its natural course without tariffs, quotas or other restrictions.
neoliberalism
political approach that favours free- market capitalism, deregulation or reduction to government spending
quotas
fixed share in something that a person or group is entitled to receive
trade liberalisation
removal or deductions on barriers on the free exchange of goods between nations
laissez faire capitalism
transactions between private groups of people are free from any form of economic interventionism
deregulation
removal of regulations or restrictions, especially in particular industry
WTO
World Trade Organisation
cybersecurity
state of being protected against the criminal or unauthorised use of electronic data or measures taken to achieve this
united nations development programme
helps countries to develop policy’s, leadership, partnering abilities, institutional capabilities and to build resilience to achieve sustainable development goals
millennium development goals
8 goals the UN member states have agreed to achieve by 2015, signed in 2000
global commons
Global resource domains. Not owned by anyone. Antarctica, space, atmosphere, high seas and cyberspace
