Globalisation Key Words & Phrases Flashcards
What is sustainability?
Meeting the needs of the current generation without compromising the ability of future generations to meet their own needs.
What is a cartel?
A group that controls the majority of a commodity.
What are trade blocs?
Groups of countries which encourage trade within their members by removing tariffs for members and creating barriers to outsiders.
What is economy of scale?
When an a organisation becomes more efficient the larger it is.
What is the core?
The most developed and highly populated region of a country. Growth is fuelled by flows and labour resources from the periphery (less developed regions).
What does it mean to be ‘switched on’?
When nations/regions/cities are strongly connected to other places through the production and consumption of goods and services.
What is global shrinkage?
Space/time convergence.
How are countries interconnected?
Through links driven by trade, migration, technology, politics and culture.
Define interdependent.
When places are dependent on each other, and what happens in one place affects other places.
Define globalisation.
The integration of the global economy involving the growth and spread of ideas, goods, capital, people and services around the world.
What is capitalism?
An economic system and a mode of production in which trade, industries, and the means of production are largely or entirely privately owned and operated for profit.
What is carbon trading?
A market-based approach used to control pollution by providing economic incentives for achieving reductions in the emissions of pollutants.
What characteristics are associated with a consolidating city? Give an example of one.
Rapid growth, high proportion of informal employment and some slum improvements. E.g. Dharavi slums, Mumbai, India.
What is cultural homogenisation?
A reduction in cultural diversity as a result of globalisation.
What is e-waste?
Discarded electrical devices. Difficult to dispose of sustainably.
What is the Fair Trade Movement?
The movement whose stated goal is to help producers in developing countries achieve better trading conditions.
What are flows?
What passes between hubs and nodes; people, investment, raw materials, culture, disease, services, information and goods.
What are food miles?
The distance food is transported from the time of it’s production until it reaches the consumer.
What is free trade?
A policy in international markets where governments do not restrict imports or exports through devices such as subsidies or tariffs. E.g. The EU
What is G8?
A group of leading advanced economies who meet periodically to advance their common political, economic and social goals.
What is global shrinkage?
Refers to the ‘Death of Distance’ by Frances Cairncross; the idea that globalisation reduces the effect of physical distance on the free movement of people and trade.
Define glocalisation.
Products and services that are developed and sold internationally but designed so that they suit the needs of local markets.
What are green taxes/ Ecotaxes?
Taxes that intend to promote eco-friendly activities through economic incentives.
What is horizontal integration?
When a company acquires competitors in the same industry.
