globalisation L1 Flashcards
What is GLOBALISATION?
the increase in INTERDEPENDENCE ECONOMICALLY between countries worldwide, through increasing transfer of GOODS, FINANCE, INFORMATION, CULTURE, & PEOPLE.
this has accelerated due to developments in TRANSPORT & COMMUNICATIONS.
What are CONNECTIONS doing with increased Globalisation?
- LENGTHENING — new links with places further away or more difficult to reach
- DEEPENING — more people lives are impacted through travel & goods with other countries
- FASTER — travel quickly and talk fast in real time
The Start of Globalisation
- EARLY CIVILISATION
— silk road (1st century) from China to the Roman Empire
— Civilisations exchanged goods & info through trade — also exchanged culture, religion, and slaves
The Start of Globalisation
- THE AGE OF DISCOVERY
— (15th-18th century)
— Portuguese Empire & the Spice Trade with western ideas, religion & culture spreading to the ‘New World’
— European countries started to practice Mercantilism (focus on making profit from others) & empire building
— Trans-Atlantic slave trade — sugar & cotton in West Indies - 1726, Earl Grey Tea, first TNC
The Start of Globalisation
- THE INDUSTRIAL REVOLUTION
— factories led to increased production of goods - FIRST FACTORY IN DERBY
— steam powered ships
— British Empire covered 25% of the world
The Start of Globalisation
- POST WWII TO PRESENT DAY
— Global Shift - TNCs seek lower labour costs — FORD the FIRST to set up a factory using slave labour
— Capitalism & increase in TNCs
— Tech boom - microchip, internet, mobile phones, computers
— Introduction of trading blocs like the EU
What are the 5 STRANDS OF GLOBALISATION
- Economic
(Trade) — online shopping, growth of TNCs, tariffs, quotas, and subsidies - Social
(People) — international migration, multicultural & multi-ethnic cities, tourism, quality of life, internet, phones - Cultural
(Ideas) — western fashion & food dominates, flims, TV, music, decrease in unique culture, religion, social media - Political
(Order) — growth of trading blocs, concerns about free trade, economic recessions & responses to natural disasters, World Bank, IMF, WTO - Environmental
(Sustainability) — waste recycling, consciousness, carbon footprint, technology, consumption habits, COP 29
Global Flows & Global Networks
CAPITAL
At a global scale, major capital flows are routed daily through the world’s stock markets
— businesses buy & sell money in different currencies to make profits
- in 2015 these exchange transactions reached US $5 trillion a day
Global Flows & Global Networks
COMMODITIES
— Valuable raw materials traded between nations
— flows of manufactured goods have multiplied in recent years due to production costs in China & low-waged economies
Global Flows & Global Connections
INFORMATION
— Internet has brought real-time communication between distant places
— info stored in ‘server farms’
Global Flows & Global Connections
TOURISTS
— cheap flights across the world
— China had 120mil outbound trips in 2014
Global Flows & Global Connections
MIGRANTS
— faces the greatest number of obstacles due to border controls & immigration laws
— Gvt. Attempt to resist migrant flows — number increases yearly anyway
— send home remittances
What did the combined effect of Global Flows & Global Connections cause?
Made them INTERCONNECTED however increased INTERDEPENDENCY
