Globalisation Flashcards
Globalisation
It is process of increasing inter connectivity between countries
Flow
When countries share things with one another
e.g Trade is the flow of physical goods, Migration is the flow of people, Telecommunication is the flow of information
Commodities
Raw materials or primary agricultural products that can be traded
Interdependence
The dependence of two or more things on each other
Containerisation
The system of freight transport for use in sea shipping
Shrinking world
The physical distance between places remains unchanged, but new technologies reduce the time taken to transport goods/people/communication information
Time-space compression
It is the set of processes that cause the relative distances between places to shrink
Free trade
Countries being able to trade relatively freely with one another without limitation
FDI (Foreign Direct Investment)
When a foreign company invests in a country e.g by building a factory
IMF (International Monetary Funds)
It is an organisation that promotes international financial stability
WB (World Bank)
Is an international financial institution that provides loans and grants to the government of low and middle income countries
Free Market
Is an economic system based on supply and demand with little or no government control
Economic Liberalisation
Is removal or reduction of restrictions or barriers on the free exchange of goods between nations
Privatisation
Means the transfer of assets from the public (government) sector to the private sector
Tariff
Are taxes imposed on imports/goods
