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Retest feedback Flashcards

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1
Q

What 3 ways has investment changed since the 1980s?

A

HIC > HIC
HIC > NIC/LIC
NIC > NIC/LIC

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2
Q

Define free trade

A

No barriers to trade

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3
Q

Give 3 positives of free trade

A
  • Economies of scale
  • Technology transfers
  • Increase FDI
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4
Q

Give 3 negatives of free trade

A
  • Widening wage gap
  • TNCs are powerful
  • Primary product dependency
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5
Q

Give 3 things part of fair trade

A
  • Fair trade premium
  • Environmental standards
  • Minimum wage
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6
Q

Give a 2 positive of fair trade

A
  • Better working conditions

- Environmental standards

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7
Q

Give 2 negatives of fair trade

A
  • Becomes mainstream

- Reduced incentive for diversity

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8
Q

What are subsidies?

A

Grants given as money

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9
Q

What are embargoes?

A

Banning of things from certain consumers

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10
Q

What is the WTO and what does it do?

A

World Trade Organisation - sets regulations for trade

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11
Q

Give 3 positives of the WTO?

A
  • Promotes free trade
  • Settles disputes
  • 153 members (97% of world trade)
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12
Q

Give 3 negatives of the WTO?

A
  • Favors TNCs
  • Race to the bottom
  • Protects trade related intellectual property rights
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13
Q

What are trade blocs?

A

Group of countries that have reached a common agreement that promotes and manages trade

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14
Q

Give 3 positives of trade blocs

A
  • Increased trade
  • Share tech-resources
  • Greater negotiating power
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15
Q

Give 3 negatives of trade blocs

A
  • Trade diversion
  • Disputes among trade blocs
  • Loss of financial controls
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16
Q

What does the IMF do?

A

Maintains global economy and gives out money to those in need

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17
Q

Give 3 negatives of the IMF

A
  • Come with conditions
  • Voting power
  • Loss of political sovereignty
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18
Q

What does the world bank do?

A

Loans for development

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19
Q

Give 3 positives of the World Bank

A
  • Promotes economic development
  • Promotes private business
  • Loans are long term
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20
Q

Give 3 positives of the IMF

A
  • Prevents economic crisis
  • Prevents poverty
  • 190 members
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21
Q

What is TTP?

A

Trans-pacific partnership

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22
Q

What is TTIP?

A

Transatlantic Trade and Investment Partnership

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23
Q

What is MERCOSUR?

A

South America (Brazil, Argentina)

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24
Q

What is APEC?

A

Asia-Pacific Economic Cooperation

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25
Q

What is CARICOM?

A

Caribbean (Jamaica, Haiti)

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26
Q

Give 3 positives of NAFTA and EU?

A
  • Increase trade
  • Increase jobs
  • Increase FDI
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27
Q

Give 3 negatives of NAFTA and EU?

A
  • Increased rural > urban migration
  • Mexican farmers out of business
  • Deindustrialisation of the US/Canada/ jobs move to Mexico
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28
Q

What is special and differential treatment?

A

WTO agreements with special provisions/favourable treatment of LDCs

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29
Q

Give 3 positives of special and differential treatment?

A
  • Supports LICs
  • Increase employment
  • Allows for diversification
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30
Q

Give 3 negatives of special and differential treatment?

A
  • May be conditional
  • Often unbalanced
  • Often no generalised
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31
Q

Give 3 examples of international organisations?

A
  • WHO
  • WTO
  • UN
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32
Q

What is global governance?

A

Rules, norms and laws that make and remake global systems

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33
Q

What is the Paris agreement?

A

Green climate fund

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34
Q

Give 2 positives of the Paris agreement?

A
  • 180 countries submitted pledges
  • Hold warming to 1.5 degrees so slow sea levels
  • Review process to update and strengthen pledges
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35
Q

Give 2 negatives of the Paris agreement?

A
  • Trump pulled out
  • Only considers carbon sources not sinks
  • No enforcement of pledges
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36
Q

What 4 ways do TNCs form links between countries?

A
  • Merges
  • Outsourcing
  • Global supply chains
  • Acquisitions
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37
Q

What are the 4 global commons?

A
  • Atmosphere
  • Antarctica
  • Space
  • High seas
38
Q

Give 3 attributes of the global commons

A
  • Common heritage of mankind
  • Shared resources
  • No national governance
39
Q

What is the common heritage of mankind?

A

Belong to all humanity and the resources are available for everyone’s use and benefit

40
Q

What is Tragedy of the commons?

A

Over exploit of resources

41
Q

What is NGO?

A

Non-governmental Organisation

42
Q

What is Advocacy NGO

A

Campaigns to raise awareness

43
Q

What is Operational NGO?

A

Frontline support services for those in need

44
Q

Give 3 positives of the UN

A
  • 193 countries
  • Millenium development goals
  • Improve stability
45
Q

Give 3 negatives of the UN

A
  • Data issues
  • General assembly is advisory
  • No standing military
46
Q

What does the UN do?

A

Promote human peace

47
Q

What is vertical integration?

A

Company owns entire supply chain

48
Q

What is Horizontal Integration

A

Company owns one level of a supply chain

49
Q

What is the Treaty for atmosphere?

A

UN Framework Convention on climate change

50
Q

What is the Treaty for antarctica?

A

Antarctic treaty system

51
Q

What is the Treaty for space?

A

Moon Treaty

52
Q

What is the Treaty for the high seas?

A

UN Convention on the Law of the Sea

53
Q

Give 3 reasons why globalisation threatens the high seas?

A
  • Overfishing
  • Chemical waste
  • Sea levels rise
54
Q

What is globalisation?

A

Increased interconnectedness and widening,speeding up and deepening in variety of dimensions.

55
Q

What are the 5 dimensions of globalisation?

A
  • Economic
  • Cultural
  • Political
  • Social
  • Biological
56
Q

Examples of the economic dimension of globalisation?

A

FDI, International trade, TNCs, global marketing and global money exchanges

57
Q

Examples of the Cultural dimension of globalisation?

A

Universalisation of culture, glocalisation of products, western influence and cultural influences e.g food and language

58
Q

Examples of the Political dimension of globalisation?

A

Global governance, growth of western democracies and their influences/decline of centralised communist economies

59
Q

Examples of the social dimension of globalisation?

A

Social networks, migrant families and diaspora

60
Q

Examples of the biological dimension of globalisation?

A

Globalised health risk e.g covid and invasive species

61
Q

Direction and nature of capital flows?

A

FDI - HICs>LICs
Aid - HICs>LICs
Remittances - HICs>LICs
Reparation of products - LICs>HICs

62
Q

Direction of product flows?

A

Raw materials - LICs>NICs/HICs
Low value manufactured - NICs>HICs
High value manufactured - HICs>NICs/LICs

63
Q

Direction of the following flows?

A
  • Labour - LICS/NICs>HICs

- Services - HICs>HICs which is high level services or NIC/HIC>HIC which is low level service

64
Q

What is glocalisation?

A

product developed and distributed globally but adjusted to be specific to local consumers

65
Q

What is global shift?

A

movement of manufacturing from developed countries to lower wage economies (deindustrialisation of LICs).

66
Q

What is interdependence?

A

places become increasingly dependent on one another.

67
Q

What is economic interdependence?

A

reliance for economic growth - international trade ; remittances; financial crisis; trade blocs

68
Q

What is social interdependence?

A

migration/diaspora

69
Q

What is political interdependence?

A

global governance e.g. 2015-16 European migrant crisis

70
Q

How have changes to financial systems promoted globalisation?

A
  • Deregulation of financial markets

- High speed electronic trading systems

71
Q

How have changes to production promoted globalisation?

A
  • Global shift/decentralisation of industries.
  • FDI for construction of factories
  • Economies of scale
  • Outsourcing
72
Q

How has changing technology promoted globalisation?

A
  • Communication satellites
  • Containerisation
  • Development of internet
  • Social media
  • Improvement of travel
  • High speed electronic trading
73
Q

An argument for the importance of changing technology in promoting globalisation?

A
  • Containerisation-Reduced transports costs by 70% hence the boost in the amount of trade
  • Internet-Global reach/access to all markets/increased capital movement/increased sharing of cultures
74
Q

An argument against the importance of changing technology in promoting globalisation?

A
  • Concern over re atmospheric pollution meaning it is likely green taxes will be introduced on shipping
  • LICs still excluded due to high costs of internet infrastructure,censorship laws exclude some countries
75
Q

An argument for the importance of trade blocs in promoting globalisation?

A
  • Common external tariffs and lower internal barriers>trade within a bloc is more competitive>trade increases
  • Increase labour movement
  • Increase in negotiating power
76
Q

An argument against the importance of trade blocs in promoting globalisation?

A
  • Trade diversion
  • Trade dispute between blocs
  • Trade blocs can break down and have disputes within there bloc
77
Q

What is outsourcing?

A

companies arrange for goods to be produced by other companies usually at lower cost locations.

78
Q

What are impacts of outsourcing?

A
  • De-industrialisation
  • Multiplier effect
  • Structural employment
  • Race to the bottom in LICs
  • Greater profits for TNCs
  • Can lower cost for consumers
  • Exploitative working conditions
79
Q

How have unequal flows of labour created inequality?

A
  • Brain drain from LICs
  • Conflict between migrants and locals
  • Rural-migration increasing poverty in rural areas
  • Dependence on remittances and lack of alternative income
  • Outsourcing>structural unemployment in HICs
80
Q

How have unequal flows of capital created inequality?

A
  • Aid can fund armed groups/conflict
  • Profit reparation
  • Dependence on remittance and aid causes problem if they stop
  • FDI can be used to corrupt weak governments
  • Foreign aid dependency with little development of manufacturing
81
Q

Why do HICs dominate world trade and have better market access?

A
  • Infrastructure is similar and well-developed, including a high tele-density rate.
  • Party to trade and tax agreements and trade blocs.
  • Literacy rate is high and similarly high skill level.
  • Geographical proximity.
  • High market volume - wealthy middle classes (high disposable income).
  • High-value products (not primary) - N.b. issues with primary products- volatile etc.
82
Q

Economic impacts of poor market access?

A
  • Less FDI
  • Dependent on low value primary products
  • Dependence on foreign aid
  • Reinforces poverty
  • Reduces economic growth
83
Q

Social impacts of poor market access?

A
  • Less employment opportunities and disposable income
  • Less money invested in health/education/infrastructure so lower quality of life
  • Often poorly paid work and workers exploited
84
Q

What is race to the bottom?

A

countries /businesses compete to attract FDI/TNCs therefore cut wages, labour regulations and environmental restrictions.

85
Q

What is comparative advantage?

A

products a country can produce at a lower opportunity cost than others.

86
Q

What is special economic zone?

A

areas with different trade and investment rules to the rest of a country e.g. companies investing there may pay lower taxes on land and goods. SEZs increase trade while keeping barriers in the rest of the country.

87
Q

Define primary product dependency?

A

A country, usually a LIC which relies on one, or a very small number of raw material for its export earnings.

88
Q

Problems caused by primary product dependency?

A
  • Volatile prices as supply fluctuates but demand remains the same
  • Resource curse
  • Supplies are finite
  • Easy wealth reduces economic development elsewhere as appreciation in currency>decline in competitiveness
  • Monopoly power
89
Q

Ways world trade patterns have changed since the 1980s?

A
  • Increased by 8x
  • Triadic structure
  • Slower growth of LICs
  • Trans-pacific trade growing faster than trans-atlantic trade
  • Dominated by TNCs 70%
  • Emerging countries starting to challenge developed countries
  • Increase in intra-corporate trade
90
Q

Ways world investment patterns have changed since 1980s?

A
  • Increasing NIC investment in NIC/LIC
  • Increased from $400 billion to $1500 billion
  • More HICs investing in NIC/LIC than in 1980s

Human Geography (6 decks)

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