Globalisation Flashcards
What is globalisation?
A process in which geographic distance becomes a factor of diminishing importance in the establishment and maintenance of cross-border economic, political, socio-cultural and environmental relations.
What is economic globalisation?
Flows and exchanges of resources, goods, finance and services. Growth of TNCs, global markets and global finance. E.g. Remittances
What is political globalisation?
The growth of political links between countries; trade agreements + growth of global political powers e.g. trade blocs > WTO
What is cultural globalisation?
Global dispersal of products and cultural ideas, dominance of Western or American cultural traits e.g. facebook
What is environmental globalisation?
Growth in global environmental problems and widespread industrial pollution, development of global environmental campaigns, policies and solutions e.g. WWF
What is global interdependence?
Two countries become completely dependent on each other, either as a result of financial or political connections
What year was the first email sent?
1971
What year was facebook launched?
2004
What year was the first ever non-stop Atlantic crossing?
1919
What year did the Boeing 747 launch?
1970
What year was the first non-stop UK to AUS flight?
2018
What was the increase in bilateral trade as a result of containerisation?
320% in the first five years of introduction
Who was the container invented by and when?
Malcom McLean 1956
What standardisation do containers possess?
40 or 20ft boxes
What is free trade?
Little or no restrictions on imports/exports between countries
What is FDI?
A financial ‘injection’ by a TNC into a country’s economy
When was the WTO founded?
1995
What is a Bretton Woods institution?
Institutions that sought to avoid returning to the Great Depression of the 1930s
What does the WTO seek to achieve?
They persuade developing countries to embrace free market economies and globalisation
What % of the world’s trade is represented by the WTO?
97% of word trade
What policy did China enforce?
1978 open door policy
What reforms did China’s policy include?
Land reforms, migration reforms and economic reforms “SEZs”
What increase in human development has China seen since 1980?
80%
How many members are part of COMESA?
19 members
What factors does the KOF index take into account?
Economic, political and social
What score is given for KOF index?
Score from 0 (not globalised) to 100 (maximum)
What does AT Kearny index measure?
Level of globalisation of cities
What is an example of a NIC?
Taiwan
What is an example of a RIC?
China
When did Taiwan see rapid economic growth?
1960-1990 GDP 9%/yr
How much did wages increase in Taiwan over 50 years?
10x
What year did Ebbw Vale’s steel factory close?
2001
What percentage of people in Ebbw Vale stated their health was bad or very bad in 2011?
11%
What was the annual revenue from offshoring in India in 2009?
$60 billion
What is outsourcing?
When TNCs contract another company to produce goods and services rather than do it themselves
What is offshoring?
When TNCs move a function of the business to another country to reduce costs
