Globalisation Key Terms Flashcards
What is Capital?
Wealth in the form of money or assets used for investment and production.
What is Containerisation?
The increased use of container ships to move goods around the world, reducing transport costs and boosting trade efficiency.
What is Cultural Diffusion?
The spread of cultural practices and ideas across the world.
What is Cultural Erosion?
The loss of traditional culture due to the influence of dominant global cultures.
What is Deindustrialisation?
The decline of manufacturing industries, often in developed countries, due to global shift and increased competition from lower-cost economies.
What is Fair Trade?
Ethical trading practices ensuring better conditions and fair prices for producers in developing countries.
What is Foreign Direct Investment (FDI)?
Investment by a firm or government into business operations in another country.
What does GDP stand for?
Gross Domestic Product, which is the total value of goods and services produced within a country.
What is the Gini Coefficient?
A measure of income inequality within a population (0 = equality, 1 = maximum inequality).
What are Global Hubs?
Cities or regions highly connected through flows of capital, people, and ideas.
What are Global Production Networks?
An interconnected system of production, distribution, and consumption that spans across multiple countries and regions.
What is Global Shift?
The movement of economic activity, particularly manufacturing, from developed countries to developing countries.
What is Globalisation?
The increasing interconnectedness and interdependence of countries through flows of goods, services, capital, people, and ideas.
What is Glocalisation?
The practice of conducting business according to both local and global considerations.
What does HDI stand for?
Human Development Index, a composite measure of life expectancy, education, and income.
What is the Informal Economy?
Unregulated, untaxed economic activities like street vending and unregistered work.
What is International Migration?
The movement of people across borders for work, refuge, or education.
What is the Kearney Index?
Measures global connectedness of cities based on business, human capital, culture, and politics.
What is the KOF Index?
A measure of the degree of globalisation of countries, considering economic, social, and political dimensions.
What is a Megacity?
A city with over 10 million inhabitants.
What is the Multiplier Effect?
A chain reaction where an initial investment leads to increased employment, income, spending, and further economic growth.
What is Neoliberalism?
A policy model that emphasises the value of free market competition.
What is Offshoring?
The relocation of a business from one country to another.
What is Outsourcing?
The practice of hiring external organisations or individuals to perform tasks, services, or functions, in order to reduce costs and improve efficiency.
What is Protectionism?
The economic policy of restricting imports from other countries through methods such as tariffs and quotas.
What are Quotas?
A limited quantity of a particular product that under official controls can be produced, exported, or imported.
What are Remittances?
Money sent home by migrants working abroad.
What is Resource Nationalism?
When a state seeks to retain control of its natural resources for national benefit.
What is Rural-Urban Migration?
Movement from countryside to city in search of better living and employment opportunities.
What are Special Economic Zones (SEZs)?
Areas with different trade and business laws designed to attract foreign investment.
What is the Spiral of Decline?
The worsening of economic and social conditions due to job losses and outmigration, often linked to deindustrialisation.
What are Subsidies?
Government financial support to industries or producers to make them more competitive.
What are Tariffs?
Taxes imposed on imported goods and services.
What is Time-Space Compression?
The set of processes that cause the perceived distances between places to be reduced.
What are Trade Blocs?
Groups of countries that reduce or eliminate trade barriers between members.
What is Trade Liberalisation?
The removal or reduction of restrictions or barriers on the free exchange of goods between nations.
What is a Transnational Corporation (TNC)?
A large company operating in several countries.
What is Westernisation?
The process by which societies come under or adopt Western culture in many areas of society due to exposure to TNCs.
