GLOBALISATION Flashcards
What are the bretton woods institutions?
- International Monetary Fund (IMF)
- World Trade Organisation (WTO)
- World Bank
what is a trade bloc?
when countries have grouped together to promote free trade between them
what are examples of trade blocs?
- the EU
- USMCA
- ASEAN
- OPEC
What is economic liberalisation?
the removal of trade barriers such as subsidies, tariffs or quotas
what is privatisation?
the transfer of business, industry or service from public to private ownership or control
what are subsidies?
grants given by governments to increase the profitability of key industries
what are tariffs?
a tax that is paid on goods cominng into or going out of a country
what are quotas?
a fixed level indicating the maximum amount of imported goods or persons which a state will allow in
what is embargo?
a ban placed on certain goods imported from other countries
what is foreign direct investment?
investment made by an overseas company or organisation into a company or organisation based in another country
how have the bretton woods institutions accelerated globalisation?
- promote free trade and FDI
- create policies
- provided confidence for countries to trade
what are some examples of IGOs?
- G7
- G8
- G20
- BRIC
- MINT
- OECD
What are some benefits of trade blocs?
- rapid economic growth
e.g. Asia’s newly industrialising countries - removing quotas has increased trade, creating more jobs
e.g. more trade between the EU and Veitnam
what are the BRIC countries?
Brazil
Russia
India
China
industrialising countries
what are the MINT countries?
- Mexico
- Indonesia
- Nigeria
- Turkey
youthful populations
what are the G7 countries?
Canada
France
Germany
Italy
Japan
UK
USA
What are some disadvantages of trade blocs?
- non-member countries are excluded so development is prevented
- some trade blocs subsidise their producers despite this being against the rules of the WTO
- Ghana can only export raw cocoa beans as the EU have tariffs on processing cocoa
what is ‘time-space compression’?
any phenomenon that alters the qualities of and relationship between space and time
e.g. - smartphones
what factors have accelerated globalisation?
- post WW2 peace keeping strategies
- transport improvements
- containerisation
- technology
- communication
- increased trade
what is globalisation?
the process by which people, their cultures, money, goods and information can be transferredd between countries with few or no barries
- global interconnectedness
what are some benefits of the IMF?
- provides jobs
- acts as a financial advisor for countries
what are some disadvantages of the IMF?
- forces poorer countries to sell off their assets to wealthy TNCs
- Greece was forced to cut back on essential funding in order to meet the IMF guidlines after the 2008 financial crisis
what are some benefits of the WTO?
- provides jobs
- promotes trade liberalisation
what are some disadvantages of the WTO
- some countries hold more powers than others
- fails to stop the richest countries subsidisng their own food products
- forced Pakistan to open their waters to TNCs which left local fisherman in poverty
what are some disadvantages of the World Bank?
- some countries hold more power than others when it comes to decision making
what are some benefits of the world banks?
- loans have helped to reduce poverty
e.g. $475 million grant to the Philippines - helped to build a mega dam in the DRC
- in 2012 $565 billion of loans and grants were distributed
what is a special economic zone ( SEZ ) ?
areas set up by national governments to offer financial or tax incentives to attract FDI. This includes tax breaks and investment in infrastructure.
what is a definition of culture?
the ideas, customs, and social behaviours of a particular group of people or society.
What is cultural dilution?
the reduction of cultural diversity through the popularization and diffusion of a wide array of cultural symbols
what is cultural erosion?
the wearing away of cultural traits which could potentially lead to their disappearance
what is cultural imperialism?
promoting the culture of one nation in another, usually by a more powerful nation
what is soft power?
the ability to attract people/countries to particular aspects of a culture, rather than through force
what is homogenization?
the spread of cultural beliefs and social activities from one group to another
what is xenophobia?
dislike or prejudice against people from other countries
what is cultural diffusion?
the process by which cultures, ideas, beliefs, and practices spread and intermingle between different societies and regions
what can cause cultural erosion?
- migrants and tourism exposes people to new cultures
- the spread of western culture through TNCs and the media
how have isolated tribes been affected by globalization?
They are exposed to tourism, with their traditional culture being turned into a ‘show’ for tourists
what is a source region?
places from which migrants move
what is a host region?
places to which migrants move