globalisation Flashcards
define globalisation
the process of the world becoming more interconnected and interdependent leading to a ‘borderless’ world
what are the four aspects of globalisation?
social, political, cultural and economic
define economic globalisation
the flow and spread of money across the world
define social globalisation
people becoming more interconnected because of advances in technology
define cultural globalisation
spread of religion, food due to migrants bringing their culture to new country
define political globalisation
governments making trade blocs and deals
example of social globalisation
social interconnectivity has grown over time due to mobile phones and social media + faster circulation of news + info due to 24hr news
example of political globalisation
WB, WTO and IMF work internationally to harmonise economies
G8/G7
example of economic globalisation
industries moving to developing countries to save money on labour, helps economic growth there
example of cultural globalisation
westernisation of products like McDonalds, found in over 100 countries
what happened in the 1980s and 1990s that allowed banks to operate beyond national boundaries
deregulation of financial markets
define flow of labour
people who have moved for work in another country
what are the three reasons people can migrate
-economic migrants - solely for work
-asylum seekers - waiting to be granted residency to become refugee
-refugee - fled (conflict, political or religious persecution) for improved life
what are the dimensions of globalisation
capital, labour, products, services and information
define flow of capital
flow of money for investment, trade or business production
where are the 4 main flows of capital
Periphery region
IMF
world bank
core regions
details of biggest labour flow in world in 2017
Asia - 63 million people moved to a different area of Asia while living in Asia
define flows of products
movement of produced goods from area of production to area of consumption
where has international trade created flows of products between
low income and high income countries
what have technological advancements such as better
transportation and communication done for LICS
products can now be produced in low income countries.
define flows of services
economic activities traded w/out production of material goods
example of low level service
call centers, moved from uk -> india, labour costs cheaper
what has allowed information to be transferred globally w ease
development of internet use, social media platforms and entertainment services
what is global marketing (coke)
process of promoting +/ selling produce/services all over world
