Globalisation Flashcards
Why is globalisation a boon to democracy and human rights? (Topic Sentence)
It is the antidote to intolerant fundamentalism that oppresses millions of people
What feature of globalisation is a boon to democracy and human rights?
The Internet allows people from different backgrounds and cultures to communicate.
This transcends geographical borders and
engages cause-related community building and support.
Example of globalisation amplifying the awareness of human rights.
The BLM movement - aimed at addressing police brutality in the US -
became especially pronounced in 2020 after the murder of George Floyd by Minneapolis police officer Derek Chauvin
There were mass demonstrations in almost every state of the US and
the movement averaged 3.7 million retweets daily.
Example of globalisation being a boon to international disaster relief.
Facebook activated its safety check feature which allowed users to provide updates on the statuses of disasters worldwide.
2015 -> Nepalese earthquake
2019 -> Utrecht tram shooting
2020 -> Beirut explosion
Why is the exploitation by MNCs occurring?
Weak trade unions in LDCs -> Further absence of equality in global competition and employment
Example of exploitation by MNCs
Coca-cola collaborates with paramilitaries to torture, terrorise and kill Columbian union leaders to crush these unions, which are essential in improving workers’ rights
Coca-cola also draws groundwater used by locals and farmers, from regions labelled as drought zones, depriving their fundamental right to water
Exploitation by MNCs is the antecedent of problems today. What has been done to alleviate these issues?
Fairtrade Scheme -> coffee farmers can sell their goods directly to DCs -> bypasses local buyers and MNCs -> guarantees fair wages and high profits -> helps farmers in poor countries overcome exploitation
The Fairtrade scheme is cardinal in damping the effects of exploitation by MNCs. However, what are some issues that arise from it? (Evaluation)
The premiums that consumers pay for fairtrade goods do not reach the farmers, but go to MNCs instead
In the UK, fairtrade coffee was priced an extra $5/pound compared to non-fairtrade coffee.
However, only 2% of the premiums paid were distributed to the farmers.
Example of globalisation causing outsourcing and resultant retrenchment.
Nokia always sought out for cheap labour by outsourcing its technology to MNCs -> maximises profitability and market share while selling phones at an affordable rate -> outsourcing ventures in the early 2000s have thrown thousands into income volatility -> It plans to retrench 2300 workers in 2022 and 2023 + in 2020, it outsourced over 2000 jobs to cut costs
Give an example on the bane of economic interconnectedness.
Advent of an unprecedented degree of economic interconnectedness -> one country’s economic problems can affect those of far-flung nations -> 2008 Global Financial Crisis catalysed by the US’s subprime mortgage crisis and the collapse of the Lehman Brother’s bank -> spiraling national debt and bankruptcy in many European countries and investors
-> many countries left beleaguered + SG slipped into recession during the economic tumult
