T1. Globalisation

Question 1

What is Globalisation?

Answer 1

Its the growing integration and interconnectivity that countries have globally.

Question 2

What does BRICS and MINT stand for?

Answer 2

BRICS = Brazil, Russia, India, China, South Africa
MINT = Mexico, Indonesia, Nigeria, Turkey

Question 3

What is a Diaspora?

Answer 3

Its a group of people living in a foreign country from the same place.

Question 4

What is Containerisation?

Answer 4

a system of transport that have reduced the cost of moving products globally

Question 5

What are the 4 dimensions of Globalisation?

Answer 5

1. Flows of Capital (money)
   - Both Franks Dependency Theory suggests capital moves between “core” and “periphery” regions. Core being the HDEs and the periphery being the LDEs and are unfair + exploited
   - Examples of Flow of Capital are 1) FDI = TNCs invest in countries in assets 2) Repatriation of profits = any profits made will be taken back to home country of TNC also known as economic leakage. 3) Aid= organisations e.g. UN have been set up to provide tangible help. 4) Remittances = capital transfers from foreign workers to country-of-origin e.g. $1.2 billion sent to Somalia annually.
2. Flows of Labour
   Inter = between regions, intra = within regions
   - People moving around looking for work and are seeking better employment opportunities to the oil rich middle east to build infrastructure.
   - Example Qatar World Cup: 90% of population is migrant workers, migrants borrowed money to travel to Qatar but with 35% interest rate, they were forced to work, ID + passports were confiscated so workers could not leave, 20,000 migrants workers died
3. Flows of products
   - increased in recent years, due to the demand from affluent countries
   
   • trade blocs have made it easier for products to flow
     - low production costs in far east
   • tariffs have been engorged by the World Trade Organisation (WTO)
     4. Flows of information
     
     • Rapidly increased since the 1990s and the development of internet use, social media, and entertainment platforms- easy
     • Fast broadband and connections allow financial information to be passed instantly
     • Social media has allowed people to move and communicate with people in other countries and become more interconnected
     • The quaternary Sector and the ‘knowledge economy’ has allowed information to develop and Manufacturing products have increased
     • Large databases and archives are used for research and education

Question 6

What are the Factors of Globalisation?

Answer 6

Global Financial Systems
- Due to Financial de regulation the world has become more financially integrated since the 90s
- Deregulation means it’s easier to move finances (trade and investment) - FDI
- GFS facilitate flow of capital and investment, used by TNCs and is monitored by the IMF.
- High speed connectivity transactions globally

Trade agreements:
- When 2 or more countries make changes or remove barriers to trade and allow trade blocs to form
- Free trade area = barriers have been removed but there are still tariffs
- Customs union = same as FTA but there are still external tariffs for those outside bloc
- Common market = free flow of all goods and capital

Communications:
- Easier to communicate around the world
- Telecommunications for research, weather and forecasting

Transport:
- Containerisation = use of sea shipping has reduced costs through economies of scale.
- Products and commodities are shipped, flown and transported in larger quantities
- Transport is faster and more convenient for those that can afford it for travel since the industrial revolution

Technological advancements:
- Transfer of business for LICS/NEEs
- Faster than ever linking to the shrinking world theory
- WWW enables anyone to access information globally.
- HIC use it all the time nowadays.

Security:
- Screening and monitoring movements by security forces
- Biosecurity- bacteria in foods and substances
- Cybercrime – reliance on internet has increased threat from crime online.