L1.1 - Piccadilly Village (Sruti and Anjali) Flashcards
Flows of migration London as a hub of migration
Globalistaion has increased in the 21st century because of…
the rapid development of ICT
The 5 main drivers of 21st century globalisation
- Mobile phones
- Internet
- Social networking
- Electronic banking
- Fibre optics
The advancement in technology …
has made it easier for there to be a flow of thoughts and ideas around the world without travelling, hence, lowering communication costs
ICT aims to increase growth of the economy….(+)
§By these stages
- Developing ICT so that there may be efficiencies in communication
- Therefore, there will be a small profit margin
- Wealth creation
- Capital
- More spending
- Eventually growth of the economy!
Advantage of ICT (+)…
Free market then enables competition between business, which may lead to people buying more products
Another advantage of ICT…..
Businesses and people are able to connect and collaborate more easily
1990’s (TIMELINE OF DEVELOPMENT OF ICT)
Hardware and software infrastructure (for example the introduction of http://www.)
2000
- E-commerce (which is selling things through the internet)
- A rise in social media platforms - which may have also lead to lifestyle changes, e.g. Skyping family instead of going on holiday
2010
Big data (4G Data)
2020
outdated role for global brands
1.5G
- 30 Billion devices : $2 trillion IoT services(Internet of things- and other devices that have embedded electronic softwares like smart devices)
- UK £69 billion E-commerce (40% export)
Advantage of online markets
allowed small businesses access to global customer base
Businesses have changed the way they operate
This because :
the volume of sales and innovations of warehousing have bought costs down for consumers and companies. This then enables the new digital marketplaces to put pressure on other suppliers to reduce their cost and speed up delivery of stock.
Time-space compression
The relationship between space and time is affected by technological change.
