Globalisation Flashcards

1
Q

Define Globalisation

A

the growing interconnectivity between nations and cultures

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Indicators/ drivers of globalisation

A

Trade (liberalisation), FDI flows, Growth of MNC, technological change, homogenisation of cultures

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Benefits of globalisation for devlopING nations

A

LOWER PRICES, BETTER PRODUCTS, HIGHER CHOICE
higher competition, greater scope for economies of scale, increased specialisation- increased International trade
good for consumers

ECONOMIC GROWTH, higher export potential, more FDI- more employment, more investment, development of industries internationally competitive LR

DEVELOPMENT, growth, higher household incomes, tax revenues used to provide merit goods and improve key infrastructure, transfer of technologies, reduction in absolute poverty

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Costs of globalisation

A

ENVIRONMENTAL DAMAGE- unsustainable use of natural resources, destruction of habitats, large scale pollution, intensifying issues surrounding climate change

GROWING INEQUALITY- economic growth and gains for trade have not been distributed evenly

LOSS OF CULTURAL IDENTITY- cultural diversity has reduced, same brands and types of products found everywhere, cultural identity fundamental to fulfilment of lives

GREATER RISK OF SHOCKS- now reliant on the performance of other economies to contribute to domestic macroeconomic performance, as illustrated in the financial crisis of 2008

How well did you know this?
1
Not at all
2
3
4
5
Perfectly