Globalisation EQ1 Flashcards
Definition of globalisation
The process of increasing interconnectedness of the world
What is containerisation?
A system of freight transport for use in sea shipping that has reduced the transport costs of moving thousands of different goods across the globe
When was China’s open door policy and what did it do?
1978 - Special economic zones were set up to encourage trade in those areas and attracting FDI.
How much did China’s exports increase to from 1980 to 2000?
Exports soared from $2 billion in 1980 to $200 billion in 2000.
What is cultural diffusion?
The spread of cultural beliefs and social activities into different cultures
What is cultural erosion?
The reduction of culture due to globalisation
What is deindustrialisation
A reduction in industrial capacity, leading to social and economic change within a region
FDI
Foreign Direct Investment - An investment by one country or business with an interest in another country
Glocalisation
Adapting a good or service to suit a local market
IMF
International Monetary Fund - A fund of 189 member countries in order to try and achieve financial stability and providing loans for development
What is the KOF Index
Index of globalisation which takes into the social, economic and political globalisation of the state
What is liberalisation?
A reduction in government rule within a specific industry, creating opportunities for private businesses and TNC’s within the industry.
What is offshoring?
When a company moves parts of its operation to a different country
What is outsourcing?
A business contracts outside businesses to complete some of their work
Privatisation
When a national public service become owned by private businesses
