Globalisation Flashcards
What is globalisation?
The worldwide movement toward economic, financial, trade and communications integration
What are the three aspects that globalisation affects?
- economy
- politics
- culture
Which is the most affected area of globalisation?
Economy
What are three economic impacts of globalisation?
- increasing exports
- increasing foreign direct investments ($13B to $1.8T)
- increase in MNC (7000-65000)
In economics, what are rich, industrialised countries doing?
Removing trade barriers such as tariffs, quotas and embargoes
What are political impacts of globalisation? (3)
- decrease in political latitude of single states
- more NGOs
- more attempts to make decisions in broader groups of countries (e.g EU)
What has changed about important policy issues as a result of globalisation?
- they cannot be solved by single states
- do not cater to borders
What is ‘McWorld’?
The idea that western/popular culture is destroying cultural diversity
In opposition to westernisation, what are people doing?
Returning to local and cultural customs
What did newly industrialised economies gain from globalisation? (3)
- built up factories with foreign direct investment
- sell products internationally
- low wages = competitive
What are the negative impacts of globalisation on developing countries? (2)
- not equipped for tight international competition
- not attractive for foreign investors
