Globalisation Flashcards
Globalisation
the process by which people, culture, commodities, capital and information are becoming increasingly interconnected
Colonialism
the policy of acquiring full or partial control over another country, and introducing settlers from the original country and exploiting it economically
Imperialism
the extension of a nation’s power by territorial acquisition or economic and political dominance of the other nation
Containerisation
the shipping of goods in large steel containers which are transported globally either by ship or plane, effective and time-efficient
Global Production Networks
functions, operations and transactions through which a specific product/service is produced, distributed and consumed
Outsourcing
hiring a third party organisation to manufacture goods/perform services that were traditionally done in the original company
Offshoring
company moving production to another country (usually a developing one because of lower labour cost)
World Trade Oragnisation
regulates international trade between nations, no trade barriers, creates international efficiency
The World Bank
uses bank deposits and hands out loans to countries, creates freedom
International Monetary Fund
mains international financial stability, stabilises world economy
Economic Liberalisation
government policies which promote economic growth by opening up trade to international markets, extending the use of markets and lessening the restrictions and regulations placed on business
Fair Trade
when a fair price is given to the producer- usually referred to coffee and cocoa
Free Trade
when there are no barriers to trade and commodities can move freely between countries
Privatisation
the transfer of ownership of property or business from a government to a privately owned entity
Trade Bloc
where a group of countries form an agreement where movement of goods within the group is free. Tariffs and quotas are in place for countries outside of the bloc
