Globalisation Enquiry Question 1 Flashcards
What is globalization?
Increasing connectedness of countries around the world through movement of goods, services, capital and ideas across borders
What is chinas open door policy
1978-radical economic and political reform
Four SEZ established
TNC outsourced jobs
FDI helped china grow rapidly
What are the 4 aspects of globalization
ECONOMIC
Online purchasing
TNC
FDI
Stocks
POLITICAL
Trade blocs
IGOs
political views expressed in media
CULTURAL
westernization
SOCIAL
growth of migration
International tourism
What are the flows of globalization
Commodities-raw mats + manufactured goods
Capital-stocks + shares- goods and services- FDI- online banking- migrants often send money home
Information- internet, email, social networking
Tourists- increase in tech
Migrants- economic opportunity- refugee- seasonal workers
What are the development in transport that have created a shrinking world
Steam railways- across continent
Steam ships-overseas
Jet aircraft-overseas faster + places without coastline
Containerization- large volumes
What are the developments in ict that have contributed to globalization
Telegraph
Phones
Internet
Social media
Electronic banking
What are the three IGOs and what do they do
IMF
promotes financial corporations and trade between countries- provides loans to member countries in exchange for lifting trade restrictions
WTO
sets reuses on how countries trade to increase trade
WORLD BANK
Members pay subscription to bank, loan money to less developed countries
What do the three IGOs advocate and oppose
Advocate free trade, oppose protectionism
Encourage countries to join or form trade blocs so no taxes or tarrifs
Encourage national governments accept FDI
What has globalization led to
Lengthening of connections
Deepening of connections
Faster speed of connections
How is the work of IGOs controversial
Hold too much power, act in ways that are unfair to some countries
Strict rules and conditions to receive a loan e.g structural adjustment program- difficult for developing countries to follow
Governance found in developed countries- developed countries can cast more votes- some decisions may serve needs of richer nations
How is the work of IGOs controversial
Hold too much power, act in ways that are unfair to some countries
Strict rules and conditions to receive a loan e.g structural adjustment program- difficult for developing countries to follow
Governance found in developed countries- developed countries can cast more votes- some decisions may serve needs of richer nations
Role of national governments in globalization
Free market liberalization - remove restrictions on trade
Privatization
Encourage business startups
Decide wether country will be part of trade bloc
What are the advantages of trade blocs
Member states receive goods at a cheaper price
Trade barriers with non member states so certain industries within trade bloc are protected
Political security
EU blurt
Free trade
Own currency
Own parliament with laws
Schengen Agreement allows migration
Common external tarrifs
ASEAN blurt
Free trade - encouraged manufacturing + banking
No nuclear weapons- political stability
