Global Systems and Governance Flashcards
What is globalisation?
Globalisation is the process by which national economies, societies and cultures have become increasingly integrated through the global network of trade, communication and transport
What are the dimensions of globalisation?
Dimensions of globalisation:
-Economic (trade, TNC)
-Health (medical advances)
-Social (migration)
-Cultural
-Technology
-Environmental (campaigns)
-Political (NGO’s)
What is meant by capital flow?
Capital flow = movement of money for purpose of investment, trade,s ervices
What is meant by international trade?
International trade is the exchange of capital, goods and services across borders
What are the factors of production that provide goods and services?
Factors of production:
-Land (minerals, soil,etc)
-Labour (cost, quality of workfore)
-Capital/Capital flow
-Enterprise
What are the regions that major flows occur between?
Major flows occur between:
-Core regions (wealthy countries
-Periphery regions (less wealthy countries)
What is the international monetary fund (IMF)?
IMF = international corporation that aims to source financial stability and high employment around the world
What is the world bank?
The world bank - group of global institution that gives out loans
What is the flow of labour?
Flow of labour = movement of people who move to work in another country
-Mostly to HIC’s
-Highest in Asia and Europe
The flow of physical goods
Flow of physical goods:
-Transported between countries due to globalisation
-Mostly in HIC’s
-Due to technological advancements
-HIC’s import from LIC’s to make a profit
Flow of services
Flow of services:
-Services can locate anywhere without constraints from recourcs
-Two types of services: high level and low level
What is meant by ‘knowledge economy’?
Knowledge economy -> develops quarternary industry, allowing info transfer for stock markets and high tech product
Flow of information
Flow of information -> fast broadband and connections, social media communication, knowledge economy
What is remittance?
Remittance = a sum of money sent in payment or as a gift between countries
->Somalia relies on remittance due to low economy - lack of anti-money laundering laws / informal economy - disrupts capital flow due to lack of governmental regulation
What is the global division of labour?
Global division of labour: Products designed where consumer market located, manufactured in NEE’s, globally distributed
Global division of labour example
Global division of labour example -> Nike:
Desgned in USA -> Rubber extracted in China -> Manufactured in Vietnam -> Globally distributed
Factors that increase globalisation
Factors that increase globalisation:
-Communication
-Capital investment
-Global marketing
-TNC’s
-Language
-Containerisation
-Transport
-Trade
-Migration
-Travel
What is containerisation?
Containerisation is when vast quantities of product are shipped at low costs