Introduction

Question 1

What is the idea of a flat world

Answer 1

In the 1960’s a philosopher predicted globalisation and described it as a ‘flat world’ implying that there was no barriers to economic or informatics flows

Question 2

Why is the flat world notation incorrect

Answer 2

Many barriers to trade still remain such as immigration laws, tariffs and global events (Like WW2)

A good example is the 2008 global financial crisis

Question 3

What caused the 2008 global financial crisis

Answer 3

Corrupt bankers lent out too much money to people who they knew couldn’t pay it back. Insurance companies promised to cover these people if they weren’t able to pay it back. Eventually too many people couldn’t pay money back causing banks, insurance companies and businesses to cripple

Taxpayers then had to save the banks via a bail out program

Question 4

Define globalisation and how long the term has been around

Answer 4

The term globalisation has been used since around 1990 and refers to integrated global economies, cultures and societies to create uniformity