Globalisation Flashcards
What is globalisation?
The variety of ways that places and people are becoming ever more close and connected.
What are the 4 strands of globalisation?
Economic, Social, Political, goods
How have flows of capital caused globalisation?
Money flows through banks/stock market. Profits are made from trading currencies.
How does trading cause globalisation?
Raw materials eg fossil fuels are traded between nations. Now there are more manufactured goods flowing. 1/3 of GBP from agriculture/industrial.
What is shrinking world?
Countries are now better connected giving the impression that the world is shrinking as its easier to get around. Improved transport eg planes/high speed rail
TNC definition
Businesses whose operations are spread across the world.
Spatial division of labour definition
Where TNCs move low skilled work abroad where labour costs are low. Skilled management are kept at HQ in HIC
Technological leap frogging definition
The adoption of new technology by a developing economy without using the basic tech first
What motivates TNCs?
Profit motivates TNCs to expand across the globe
What allows TNCs to expand?
Banking/free flow of capital
Mobility for TNCs
Faster/cheaper transport
Global production networks
Rapid communication
Intermodal containers definition
Large capacity storage units which can be transported long distances using multiple types of transport.
Time space compression
The perceptual change of time, distance and potential barriers to the migration of people, goods, money and information through heightened connectivity
Examples of aircraft innovations
Easyjet: cheap flights. £40. 337 planes 2020
Improves economies of flight destinations through tourism
Boeing 747
allows international travel
Rail innovations
Eurostar
Trans siberian 1904
How has tech allowed economic globalisation?
Manage people in other countries
Better communications
How has tech allowed social globalisation?
Skype- migrants can speak to family
How has tech allowed cultural globalisation?
cultural traits shared around the world.
Eg music/language
Tiktok 150 countries
How has tech allowed political globalisation?
Can raise awareness online
ISIS use the internet to recruit
Broadband/fibre optics
1980s/90s
fibre optic cables ocean floor connecting countries
1.2 million km of cables
Search/email/text
Trade Blocs
An agreement between a regional group of countries for free trade
FDI(Foreign direct investment)
Investment made by an overseas company or organisation into a company or organisation in another country
Free market liberalisation
The belief that reduced government intervention in the economy leads to more economic growth
Privatisation
Selling government assets eg water/rail to private companies to run for profit