Globalisation Flashcards
What is globalisation?
- The process by which people, culture, finance, goods and information transfer between countries.
- It is the increasing connectedness and interdependence of parts of the world.
When was the first email sent?
1971
When did the Bridgewater canal open?
1761
When was the great age of railway building in Britain?
1840s
When did the first container ship sail?
1956
When was the 3 point seatbelt invented and 32% of families own cars?
1959
When did the Egyptians begin using wooden ships for trade by sea?
2700BC
When and where was the wheel invented?
3500BC in Iraq
When was a vast network of roads set up and by who?
1st century AD by the Roman Empire
When did horses become domesticated?
4000-3000BC
When did the first steamship travel around the world and what was it called?
1847 called HMS Driver
What are free trade policies?
Policies with no restrictions over imports and exports.
What are special economic zones (SEZ)?
Areas with financial or tax incentives to attract FDI.
What is free-market liberalisation?
The lessening of Government regulations and restrictions over the economy
What is privatisation?
The transfer of assets from the public to the private sector (the government gives rights over something to a private company)
What is foreign direct investment (FDI)?
Investment made by an overseas organisation into an organisation based in another country
What are subsidies?
Grants given by governments to increase the profitability of key industries
What are the 5 ways our global communications have deepened?
- Mobile phones
- Internet access
- Social networking
- Electronic banking
- Fibre optics
How have mobile phones lowered communication costs?
Sending texts and making phone calls is cheaper and quicker than writing and posting letters.
How has the internet lowered communication costs?
It’s quicker than finding the information in a book and cheaper as you don’t have to buy it or get it from a library.
How had social networking lowered communication costs?
Allows people to instantly connect with people in other countries and cheaper as there is no fee for airmail.
How have fibre optics lowered communication costs?
Allows us instant access to information and allows us to talk to people all over the world quickly and cheaply. It’s more reliable than sending a letter.
How had electronic banking lowered communication costs?
It’s easier faster and more convenient as people don’t have to carry their money around and can easily access their money from their phone.
How do developments in transport lead to a shrinking world?
Seems to be shrinking as we get to places faster and much quicker.
How does containerisation lead to developments in transport?
It means the process of trade has speeded up as we can transport in bulk and we can access fresher food in different countries.
What do the world bank do?
- promote free trade policies
- give money to struggling organisations who could make a difference
- connects countries by money flowing between them
What do the IMF do?
People give money to them who then loan it to other countries (rich lending to the poor).
Help restrictions to be lifted such as trade restrictions increasing trade and encouraging FDI.
How to America accelerate globalisation?
- 1994 North American Trade Agreement-> boosted trade and communications between US and 19 other countries. Free trade agreements with 17 countries.
- receive FDI on a daily basis ensuring America remains a strong national identity.
- member of UN
How do China accelerate globalisation?
- makes trade links with other countries
- products remain cheap
- set up SEZ-> designed to encourage overseas investment to boost economic growth
How does the EU accelerate globalisation?
- developed one common market-> involves the free circulation of goods, capital, people and services within the EU.
- Promoted free market liberalisation by lessening the laws and legislations on trade across borders allowing countries to trade freely
How do ASEAN accelerate globalisation?
- accelerate economic growth, social progress and cultural development in the area.
- promote free market liberalisation and have free trade between themselves
