Globalisation Starter sheets Flashcards by Zoe COX

Define globalisation

The process of countries becoming more connected

Widening, deepening and speeding up of global interconnectedness.

How well did you know this?

Not at all

Perfectly

Give an example of economic globalisation?

Imports and outports

MNC/TNC
trade
finance

How well did you know this?

Not at all

Perfectly

Give examples of social globalisation?

Social media
Tourism
Migrants- remittances

How well did you know this?

Not at all

Perfectly

Give another dimension of globalisation?

Politics
culture
Biological (covid)

How well did you know this?

Not at all

Perfectly

Define ‘Glocalisation’

A combination of ‘globalisation’ and ‘localisation’ describing products or services that are developed and distributed globally but also adjusted to accommodate the user of consumer in a local market.

How well did you know this?

Not at all

Perfectly

What is the core-periphery model?

A world economic system approach that divides the world into a hierarchy. This consists of the dominant core which benefits through exploitation of the semi-periphery and the periphery.

How well did you know this?

Not at all

Perfectly

How have changes to financial systems contributed to globalisation?

Deregulations to financial markets

How well did you know this?

Not at all

Perfectly

What does the IMF do?

International Monetary fund

Gives loans to countries in economic crisis

How well did you know this?

Not at all

Perfectly

Gives two ways international trade has changed since the 1980s?

Changed from trans atlantic to trans pacific

Increases 8x

How well did you know this?

Not at all

Perfectly

Gives 3 points describing current patterns of international trade?

Triadic nature; 40% intra-corporate; LICs remain sidelined; TNCs dominate

How well did you know this?

Not at all

Perfectly

What is interdependence?

Countries relaying on each other

When changes to one place will impact on another (they rely on each other)

How well did you know this?

Not at all

Perfectly

Give 3 positives impacts of free trade

Economies of scale
Multiplier effect
Purchasing power

How well did you know this?

Not at all

Perfectly

Give 3 negative impacts of free trade

Over specialisation
Protectionism
Deskilling

How well did you know this?

Not at all

Perfectly

Define ‘global shift’

Manufacturing from HIC – LIC/NIC

How well did you know this?

Not at all

Perfectly

What is primary product dependency?

Dependent on primary products

Share of GDP

How well did you know this?

Not at all

Perfectly

Give 3 disadvantages of primary product dependency?

Finite
Don’t diversity
Price volatile (demand the same)
Resource curse

How well did you know this?

Not at all

Perfectly

Give 3 ways trends in international trade have changed since 1980.

8x more
Trans-pacific
Triadic

How well did you know this?

Not at all

Perfectly

Who is in NAFTA?

USA
Canada
Mexico

How well did you know this?

Not at all

Perfectly

How do NAFTA operate?

What are their aims?

Elimination or reduction of barriers to trade and investment

employment, environment, economic growth

What relationships does NAFTA have with others?

India

What are the advantages of NAFTA

be specific

Increased economic output 
-> Us growth up by 0.5%
Tripled trade between countries
Created Jobs
->directly supported 5.4 million
Foreign investment tripled 
Lowered prices 
Helped with government spending

What are the disadvantages of NAFTA

be specific

Suppresses wages
-> companies threatened to move to mexico
Mexican farmers out of business 
->1.3 million farmers 
Degraded the mexican environment
Mexican farmers were  exploited

How does the IMF promote inequality?

The amount of money you can receive is based on how much you put in
removes sovereignty
conditions on the loan

Give 3 negative impacts of trade blocs?

Trade diversion= lower cost goods from outside substitute to thoses inside
Loss of sovereignty
pressure to adopt central regulation

Give 3 positive impacts of trade blocs?

Encourages trade greater negotiating power Protects member powers from external competition

Give one way the world bank promotes inequality?

Loan | Top down development

Give 3 examples of trade blocs?

EU NAFTA CARICOM

Why is primary product dependency a problem?

Price volatile don't diversity resource curse

What is G20?

Annual meeting of 20 largests/fastest growing countries

What factors contribute to certain countries being considered 'emerging economies'?

``` Industrial In demand resources cheap labour export heavy large or growing market well educated (india) ```

What does limited access to global markets limit economic development?

``` Limits exports less wealth less foreign investment no services not developed manufacturing reliant on primary products ```

What is outsourcing?

Paying another company to carry out a task

What is special and differential treatment?

Non-reciprocal | Less developed countries special access to markets

What is a SEZ?

Special economic Zone | One city

Give a positives impacts of the international movement of labour?

fills labour shortages more job opportunity reduce wage inequality remittances

Give a negative impacts of the international movement of labour?

``` dependant on remittances lose skilled workers less investment pandemic risk structural unemployment ```

How have management systems changed as a result of globalisation?

``` Global supply chain meres/takeovers outsourcing economies of scale just in time production ```

Give 2 issues with special and differential treatment (WTO)

HICs expect something in return 8 to 10 years to join primary products

Define horizontal integration?

Bought the same level company as them | eg. one airline buying another

Outline patterns of global banana trade

ACP EU & USA import Chiqiuta, Del monte, dole

What is global governance?

dealing with global issues that can't be dealt with with one country

How have changes in patterns of production promted globalisation?

Outsourcing merges global supplu chains economies of scale

tariffs

tax on imports

Quotas

limit of imports

subsidies

money to domestic producers

Give 3 barriers to trade

Tarrifs quotas embargoes