GLOBALISATION definitions Flashcards
China’s open door policy
In 1978 china allowed foreign industry and TNCs. In to promote a modern and thriving China
Containerisation
A logistical system of transporting goods in steel containers
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 the core regions increase in prosperity (successful financially)the periphery regions will too due to their links with the core
Deindustrialisation
A reduction in industrial capacity, leading to social and economic change within a region
Diaspora
To scatter about - people displaced from their homeland, voluntarily or forced.
Economic migration
Movement of migrants to improve financial income or standard of living
FDI
Foreign direct investment is an investment by one country or business with an interested in another country
Global hubs
Cores that demonstrate connections to the world though trade, ideas, goods etc. TNCs and foreign direct investors will show an interest to base here
Globalisation
The growing interdependence of countries that cross-border transactions
Glocalisation
The adaptation of a good offered by a TNC to suit a local market
IMF
International Monetary Fund is a fund of 189 member countries with three aim to aid each other to achieve financial stability and provide loans for development
WTO
World trade organisation- members seek substantial reductions on tariffs and trade barriers and the elimination of preferences on a mutually advantageous basis.
WB
World bank both offer loans and temporary financial assistance to developing countries
KOF index
Index of globalisation which takes into account the social, economic and political globalisation of a sate.
Liberalisation
A reduction in government control within industry , creating opportunities for greater participation from private businesses and TNCs within an industry
Offshoring
Company moves parts of its operations to another country, often to save money
Outsourcing
A business contracts outsiders to complete some of their work, within the aim to reduce costs
Privatisation
When national pubic servies become owned by private businesses
SEZ
Special economic zones are regions where the government offer incentives( Motivate or encourage)to start industry
TNC
Transactions company is a company which operates in different contre is to where they’re originally based
Trade bloc
A group of countries that act together to promote trade and a free movement of goods/services between member states
