Globalisation Flashcards
Define Globalisation?
When countries become more connected/interconnected.
WIdening, deepening and quickening the connection.
Give examples of economic globalisation
Imports and exports (Big businesses around the world)
Airlines
Migrants giving back their money to their home country (remittances)
Give examples of social globalisation
Social media
Tourism
Airports
Migrants
Give an example of dimension globalisation
Diseases
Languages
Politics
Define “glocalisation”?
GLobal companies making specific products to suit a specific area (mcdonalds doing mcrice in asia)
What is core-periphery model?
Core - powerful country “wealthy place” that took advantage of the periphery “poorer places”
How have changes to financial systems contributed to globalisation?
Deregulation of financial markets
Food market
What is International Trade?
The exchange of capital, goods and services across international borders or territories. In most countries such trade represents significant share of GDP.
What is Visible Trade?
Trade of goods which can be counted and weighed and given a value e.g. manufactured goods.
What is Invisible Trade?
Trade of services e.e. tourism and Financial services.
What goods do HICs, LICs and NICs trade?
HIC trade High Value, Manufactured Goods e.g. cars.
NICs trade Low Value, Manufactured Goods e.g. clothes.
LICs trade Raw Materials e.g. crude oils and minerals.
Why Trade? What is the comparative advantage>
The ability for an individual or group to carry out a particular economic activity (such as making a specific product) more efficiently than another activity (with lower opportunity costs).
What is the overall trend in international trade?
volume of global trade x8 since 1980.
What would happen if there was no globalisation?
There wouldn’t be any interaction between different countries.
What would happen if there was complete globalisation?
The whole world would act as a single community.
