Paper 2 : Dynamic Places

Question 1

definition of globalization

Answer 1

The acceleration of flows where they are lengthening, deepening and getting faster, hence causing global integration

Question 2

Explain Capital as a flow of globalization

Answer 2

Businesses can buy and sell money in different currencies to make profit (Forex)

Question 3

Explain Goods and services in terms of globalization

Answer 3

Raw materials are being moved more due to rising demand of middle class economies.

Manufactured goods are being moved across the world
Cross border financial services are enabled in the absence of physical barriers
Streaming services like Netflix and online retail stores like amazon have boomed, hence allowing people to access content and produce instantaneously.

Question 4

Explain the flow of people in terms of globalization

Answer 4

Globalization has caused immense migration flows, allowing people to live in another country more readily and easily than ever before.

Question 5

Explain the flow of information in terms of globalization

Answer 5

Due to social media, news and ideas can be broadcasted, and people can have more relationships than before,

Question 6

Spatial Division of labor

Answer 6

TNC strategy where they move low skilled work abroad for cheap labor costs.

Question 7

Economies of Scale

Answer 7

The greater the output of the company, the lower the average cost of production

Question 8

‘Just in time’

Answer 8

Production system where components arrive to be assembled just in time, so there is no storage cost, low transport cost, and lower chances of theft.

Question 9

when was telegraph invented

Answer 9

1830

Question 10

when was intermodal containerization invented

Answer 10

1966

Question 11

when was telephone invented

Answer 11

1876

Question 12

What is MAMAA

Answer 12

Microsoft, Apple, Meta, Amazon, Alphabet

Question 13

what is IOT

Answer 13

Internet of things, where daily objects become computerized

Question 14

Between roughly which two years was the great depression

Answer 14

1929-1951

Question 15

What is the main goal of IGOs

Answer 15

Economic stability, Global security…

FREE MARKET CAPITALISM GLOBALLY

and prevent communism

Question 16

IMF

Answer 16

Was to oversee the gold standard, after that got abolished in the BWC 1944, it now encourages developing countries to accept FDI and open themselves to free trade, this is to spread economic stability.

Question 17

World Bank

Answer 17

The World Bank is a last resort lender to countries that are struggling financially, similar to the IMF it promotes economic stability

Question 18

WTO

Answer 18

The world trade organization works to make trade as frictionless as possible, trade liberalization.

Question 19

What are strategies for governments to promote economic growth?

Answer 19

Deregulation of capital markets
Free trade
Tax breaks
Special Economic Zones
Privatization
Grants and subsidies for manufacturers (UK, Nissan, Japan)

Question 20

What is China’s stance on globalization?

Answer 20

China focuses on flows of capital, people and goods. It prevents flows of information, hence decreasing cultural integration, however it employs many strategies for economic development, being the fastest growing economy in the world.