Globalisation Flashcards
What is globalisation? - Globalisation
Globalisation is the rocess by which national economies, societies and cultures have become increasingly integrated through global networks of trade, communication, transportation and immigration.
Give examples of economic, political and social globalisation - Globalisation
Economic: flows of goods, capital and services through intl. trade and TNCs.
Political: diffusion of government policies, growth of democracy, international diplomacy.
Social: spread of ideas, information, images and people.
Give examples of highly globalsied counties, modertely globalised countries and least globalised countries - Globalisation
Highly globalised: Canada, Australia, NZ, European countries.
Moderately globalised: USA, Russia, China (larger domestic economies).
Least globalised: Afghanistan, Sub-Saharan Africa, Nepal.
Explain the idea of the global village - Globalisation
The global village revolves around the idea that almost instant transmission of information globally through technological improvements has made the world smaller and individual communities closer.
What is marketing? How has this practice become interlinked with globalisation? - Globalisation
Marketing is the promotion or selling of products and services. This has become part of globalisation as products are manufactured and exported globally, usually with a singular global marketing strategy to identify a brand all over the world.
What exception is there to the idea of a global marketing strategy? What is this known as? - Globalisation
The idea of a global marketing strategy is not applicable when marketing strategies are altered to appeal to different demographics, attitudes and laws across the globe. This is known as glocalisation.
How do TNCs involve themselves and often dictate manufacturing as a result of globalisation? - Globalisation
Given that products can now be exported globally as a result of globalisation, TNCs tend to manufacture products in LICs with lower labour costs, later distributing them globally to coonsumers in HICs.
What are flows of information? How and why is this changing? - Globalisation
Flows of information include financial data, news and current events. This is changing through the rapid spread of this information (emails, internet, social media, etc), allowing communication between countries.
What is the direction of flow of information (in terms of HICs, NEEs and LICs)? What examples are ther of this making the world more interconnected? - Globalisation
Information tends to flow globally, in all directions. Flows of information make the world more interconnected as people are able to learn new languages to improve communications, people are now able to learn about alternative countries and cultures.
What are flows of capital? How and why is this changing? - Globalisation
Flows of capital involve the investment of money, spent to create income or produce profit. This is now being invested in foreign countries where economic growth is occuring. Online and digital movement of capital causes flows around the world.
What is the direction of flow of capital (in terms of HICs, NEEs and LICs)? What example is there of this making the world more interconnected? - Globalisation
Flows of capital tend to move between HICs and from HICs to LICs. This is seen as many of the world’s economies are reliant upon the movement of capital from one country to another through FDI.
What are flows of products? How and why are flows of products changing? - Globalisation
Flows of products involve the global movement of manufactured goods. Instead of products being sold in their country of manufacture, they are now transported globally following manufacture (mainly in LICs)
What is the direction of flows of products (in terms of HICs, NEEs and LICs)? What example is there of this making the world more interconnected? - Globalisation
Products tend to flow from LICs and NEEs to HICs (from producers to consumers). Manufactured products are produced and exported all over the world for the use of consumers.
What are flows of services? How and why is this flow changing? - Globalisation
Flows of services are economic activities based around offering a service, rather than being based around producing manufacture goods. IT improvements have allowed services to locate globally and serve the needs of global customers. Deregulation of markets has made doing foreign business easier.
What is the direction of the flow of services (in terms of HICs, NEEs and LICs)? What example is there of this making the world more interconnected? - Globalisation
LICs are increasingly offering low level services for customers in HICs, although high level services remain in HICs. People have become connected to other countries through banking, which is now a globally interconnected service.
