Globalisation definitions Flashcards
BRIC groups
Used to refer to 4 fastest growing economies (Brazil, Russia, India, China), but now has 10 members
Deregulation
reduction in rules that means foreign businesses can set up in the UK
foreign acquisition
TNC launches takeover of company in another country
FDI
financial injection made by a TNC into another country’s economy (acquire facilities or merge with existing)
free market privatisation
transferring ownership of a state asset to the private sector
free trade
trade without barriers e.g. tariffs and quotes
global production network
chain of connected suppliers of parts / materials that contribute to assembly of consumer goods
global shift
relocation of manufacturing industries from developed to emerging
glocalisation
company rebrands a product to suit local tastes
GDP
same as GNI but excluding foreign earnings
GNI
value of goods and services earned by a country
intermodal containers / containerisation
large capacity storage units that can be transported long distances using multiple modes of transport without the need to remove freight from containers
IMF
global organisation whose primary role is to maintain international financial stability
IGOs
comprise of 2+ organisations working together e.g. IMF, UN
JIT
time between production and delivery is sharply reduced -> cheaper
nationalism
political movement focusing on national independence / abandonment of policies viewed as threatening to sovereignty
neoliberalism
belief in free flow of people, capital, finance, and resources- state interventions in economy are minimised
post industrial / new / knowledge economy
GDP earned through expertise and creativity in services such as finance and media
offshoring
TNCs move part of production process to other countries to reduce labour costs
outsourcing
TNCs contract another company to produce goods / services -> complex supply chains
protectionism
economic policy of controlling trade by implementing trade restrictions in order to disadvantage foreign firms and protect domestic ones
quota
only limited number of products allowed to be imported into a country
remittances
income sent home in emigrants
shrinking world
distant places feel closer due to improvements in transport
SWF
government owned investment funds, typically associated with countries with large revenues from oil
subsidies
grants given by governments to increase profitability of key industries
trade blocs
intergovernmental agreement where regional trade barriers are lifted
SEZs
industrial area, often near coastline, where favourable conditions created to attract TNCs
transfer pricing
companies channel profits through subsidiary companies in low tax countries
trade liberalisation
removal of trade barriers
product standardisatiob
helps ensure products are compatible with each other and of a high standard
tariffs
taxes applied om goods traded across international borders
TNC
large business that operates in more than one country
World Bank
uses bank deposits placed by world’s wealthiest countries to provide loans for development in other countries
WTO
organisation that seeks a substantial reduction in barriers to trade -> neoliberalism
time space compression
distant places feel closer as it takes less time to reach them- perceptions
austerity programmes
governments reduce debt by cutting spending in public sector pay e.g. health / education
structural adjustment programmes
privatisation of state assets, austerity programmes etc
globalisation
ongoing process by which countries become increasingly interconnected (wider and deeper)
global production network
chain of connected suppliers who contribute to manufacturing of consumer goods
global hub
city that is highly connected globally and therefore a focal point for global activities
culture
shared customs of a group
cultural traits
culture broken down into individual parts e.g. clothing, language
cultural imperialism
promoting one nation’s culture in another
soft power
influence a country derives from its culture e.g. media channels
homogenous culture
everyone follows same set of cultural norms, therefore a distinct lack of cultural diversity
cultural pluralism
more than one culture coexists, each one maintaining its defining characteristics
cultural hybridism
multiple cultures mix to form and entirely new culture
cultural diffusion
spread of cultural ideas from one area to another
cultural erosion
loss of weakening of key parts of a specific culture
cultural landscape
landscape has been changed through a combination of physical (historical and modern) and human (languages, traditions) processes
UNESCO
UN Educational, Scientific, and Cultural Organisation
pessimistic hyperglobalisers / anti globalisers
concerned that cultures are being eroded and ecosystems devalued
optimistic hyperglobalisers / pro globalisers
think that globalisation and cultural erosion can bring about positive change on a global scale
deindustrialisation
decline of regionally important
manufacturing industries
economic restructuring
Western urban areas shifting from a manufacturing to a service
sector economic base.
refugee
someone who leaves their home because of fear of persecution based on religion, race, or politics, and gains refugee status in the country they have moved to
source + host regions
source = country that migrants leave
host = country that receives migrants
economic migrant
migrant whose primary motivation is to seek employment
internal migration
within borders of country e.g. rural-urban, counter
megacity
population over 10 million
