Global Systems And Governance Flashcards
What is globalisation?
Process of integration between cultures, societies and national economies through trade, communication, transportation and immigration
What are the advantages of globalisation
Easier to trade between countries- people can access a larger variety of products and services
Businesses making more money by using LICS for manufacturing
Communication improved
Cultures and ideas shared
Remittance payments can support families in LICS
Geopolitical events easier to access
What are the disadvantages of globalisation?
LICs facing poor working conditions
Out migration- skilled workers moving elsewhere leading to a deficit
Economic leakage, profits going back to hics
Nigeria exploited by major oil companies
Rich countries can censor reality for civillians
What are factors that have contributed to globalisation. Do disadvs and advs of each
Tech, transport, financial systems,
Trade agreements, gov support, management and info systems, security
What are trade blocs
Groups of countries within a specific region that work together to promote and manage trade the gain economic benefits
What are examples of different trade blocs
Opec- global oil common market
Eu-economic union
Nafta- North American - free trade area
What are the advs of trade blocs on a global scale
Global peace increased
Improved security
Can develop economies
Can improve standards of living
What are the advs of trade blocs on a regional scale
Work seekers can migrate easily
Allows freedom and movement of trade
Share tech advances
Brighter representation in world affairs
Education and healthcare improved
What are the disadvs of trade blocs
Some loss of sovereignty- loss of control as not all decisions benefit a specific country
Certain economic sectors are damaged by sharing resources
Who is the uks top trading partner
USA - 13%
Fastest growing Luxembourg- 141.8%
What are global systems
Systems that have come about due to increase in economic, political, social and environmental interdependence
What is the imf
International Monetary Fund- 188 countries to raise global money cooperation, secure financial stability, facilitate international trade, reduce poverty
Keeps track of global economy and giving practical help to members. Provides loans if it will prevent economic crisis
What are advs of imf
Helps steady economies in countries
Confidence boost to potential investors - ability of countries to have debt relief to stabilise currency and exchange rates
Prevent international financial system from collapsing
What are the disadvantages of the imf
Dominated by developed world- lack understanding and reflects western ideology
Encourages capitalism and privatisation
What is the world bank?
