Globalisation Flashcards
What is globalisation?
The increasing integrations of economies around the world, particularly through the movement of goods , services and capital across borders. There are also broader cultural, political and environmental dimensions
What is time-space compression?
Theory that heightened connectivity changes our conception of time. Including that travel times fall due to new inventions
-Also known as the ‘shrinking world effect’
What are the positives of globalisation?
-Tweets + retweets about natural disasters
-New e services are together
-Capitalism spreading into former communist countries
-Governments are more cautious about immigration
What are the negatives of globalisation?
-Worlds rich are employing the worlds poor
-Transnational companies are more powerful that national governments
What types of technology are on the specification?
-Phone
-GPS
-Social networks
-Streaming services
-Internet
-Online banking
-Emails
-News apps
How does technology create technologies?
-Far reaching air travel
-GPS
-Communications with people in different places
-Planes + trains access more places
-Radio
-Online banking so people purchase more
How has easy jet created global connections?
-Uses internet to book flights to access a wider audience
-People buying goods/services whilst on holiday
What places do easy jet fly to?
-Greek islands
-Near the middle east
-300 flight routes within the EU
-North Africa
What are the benefits of cheap air travel?
-World is shrinking so it is easier and cheaper to travel
-Causing a growth in tourism
-Usually offer a variety of locations
-Originally only cost £29 one way
What is a tariff?
A tax imposed on imports
What is a subsidy?
Financial assistance to a business by the government to make it competitive or prevent collapse
What is a quota?
A limit on the quantity of a good a country allows into the country
What is protectionism?
Policies to protect businesses and workers in a country by restricting/regulating trade with foreign nations
What is a free-market economy?
A market economy based on supply and demand with little to no government control
What is free trade?
Governments don’t interfere with imports or exports
What is privatisation?
Transferring ownership of a public service into private ownership run for profit
What is neoliberalism?
A political philosophy of free markets, making trade easier will lead to more of it which will increase wealth and reduce poverty
What is a trade bloc?
Voluntary international organisations that exist for trading purposes which brings greater economic strength and security to nations that occur
-encourage free trade and removes tariffs
How did the UK globalise?
-Used free market liberalisation
-Privatisation, allowing foreign investors a stake in privatised services
-Encouraging business start ups, lowering business taxes and changing laws so local and foreign businesses make more profit
How did China globalise?
-Higher wages. $40 a day in 2015
-Is now the largest economy and 400 million escaped poverty
-Transformed into an urban and industrialised nation
-Open door policy in 1978
-One child policy to limit population growth
-Free trade
-No social networks
-Quotas = only 34 foreign policies per year
What is the European union?
A multi governmental organisation with its own currency and shared political legislation
-Removed most national borders in 1985
-Help countries declare independence
What is the ASEAN?
Association of South East Asian nations
-Eliminate tariffs for free trade
-Help develop into a single market economy
How can we measure globalisation?
-Flights going in and out
-Imports and exports
-Amount of TNC’s in the area
What is the Koff Index?
An index of globalisation produced by the Swiss economic institute, uses economic, social and political globalisation
What is the A.T Kearney Index?
An index of globalisation based on political engagement, person contact, technological connectivity and economic integration
What does switched off mean?
Places poorly connected and isolated from global networks due to conflict or political instability
What causes isolation of globalisation?
-Climate change
-Lack of skills
-Politically isolated
What is glocalisation?
When a company slightly adapts their product to suit the country’s wants and needs
-e.g green tea mcflurry