Globalisation Flashcards
China’s Open Door Policy
1978 - China allowed foreign industry and TNCs in to promote a modern and thriving China
Containerisation
A logical system of transporting goods in steel containers (carries 25000kg of goods)
Cultural diffusion
The spread of cultural beliefs and social activities into different cultures
Cultural Erosion
The reduction of a culture due to globalisation
Cumulative Causation
Like a multiplier effect. As core regions increase in prosperity the periphery regions will as well due to the links between the two.
Deindustrialisation
A reduction in industrial capacity, leading to social and economic change within a region
Diaspora
People displaces from their homeland, voluntarily or forced.
Downward Transition Zones
A country or city with predicted economic decline, deindustrialisation or no globalisation.
Economic Migration
Movement of migrants to improve financial income or standard of living
FDI
An investment by one country or business with an interest in another country
Global Hubs
Cored that demonstrate connection to the world. TNCs and foreign direct investors will show interest and attempt to base their companies at global hubs.
Globalisation
The growing interdependence of countries through cross boundary transactions. (Capital, tech, migration, knowledge, culture
Glocalisation
The adaption of a good offered by a TNC to suit a local market.
IBRD and WBG
Both offer loans and temporary financial assistance to developing countries
International Monetary Fund (IMF)
A fund of 189 member countries with the aim to aid each other to achieve financial stability , also provides loans. - e.g Pakistan
KOF
Index of globalisation which takes into account the social, economic and political globalisation of a state.
Liberalisation
A reduction in government rule within an industry , creating opportunity for more participation from private businesses and TNCs
Offshoring
Company moves part of its operation to another country to save money
Outsourcing
A business contracts outside businesses to complete some of their work, with the sun to reduce costs.
Potential areas of growth
Regions where their is projected future economics development due to undeveloped resources e.g oil - Qatar
Privatisation
When national public services become owned by private businesses
Special Economic Zones (SEZs)
Regions where the government offer incentives to attract industry
Transnational Company (TNC)
A company which operates in different countries to where they are originally from
Trade Bloc
A group of countries that act together to promote trade and free movements of goods/ services amongst themselves
World Trade Organisation (WTO)
Members seek substantial reductions on tarries and trade barriers, as well as the elimination of preferences .
