NIC's Flashcards
What is economic globalisation? (NIC’s globalisation)
Emergence of TNC’s, power and wealth
What is cultural globalisation? (NIC’s globalisation)
Values/attitudes merge with the movement of people/media - leading to an increased uniformity
What is political globalisation? (NIC’s globalisation)
Loss of national boundaries of countries individually and they group into trade blocs
What are 3 characteristics of flows and capital? (NIC’s globalisation)
- electronically flow of money
- India provides a range of IT services
- capital migration (educational)
What are the 2 characteristics of global markets? (NIC’s globalisation)
- global brands
* TNC’s become recognisable by using the same adverts world wide
What are the 2 characteristics of distribution/consumption? (NIC’s globalisation)
- TNC’s dictate where their products are made
* produces are distributed globally
What is an NIC? (NIC’s globalisation)
One that has recently undergone rapid industrialisation - characterised by a quick shift from a primary to secondary economy
Who are the 1960 Asian Tigers? (NIC’s globalisation)
Hong Kong
Taiwan
Singapore
South Korea
In terms of the Asian Tigers, what happened in 2010? (NIC’s globalisation)
They were considered so wealthy that they are no longer NIC’s
In 2012, what other countries were considered NIC’s? (NIC’s globalisation)
Mexico South Africa Brazil Turkey Malaysia
How did the Asian Tigers become so wealthy? (NIC’s globalisation)
- low manufacturing costs
- manufacturing was highly successful so investment in technology
- money from exports invested into new industries (import substitution industry)
- money invested into profitable goods (when exported)
- population became educated and skilled
- rapid economic growth
What was Hong Kong’s GDP per capital in 1973 and then in 2008? (NIC’s globalisation)
1973 - €1,800
2008 - €32,950
How was South Koreas development encouraged by the government and why? (NIC’s globalisation)
Incentives and tax breaks helped small businesses get off the ground
What was South Koreas success based on? (NIC’s globalisation)
Large loans from the USA
What happened in 1997 in South Korea? (NIC’s globalisation)
Daewoo imploded with €80 billion debt, causing a ripple that spread over all Asias economy
