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G9 + 10 IH > unit 3 - globalisation > Flashcards

unit 3 - globalisation Flashcards

1
Q

Define Globalisation

A

The exchange of goods, ideas, tech, people and services which led to the interconnection and interdependence between nations.

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2
Q

Processes behind globalisation

A

International trade and transaction

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3
Q

\when did globalisation start

A

\20th century

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4
Q

Globalisation is different from other trades in history because:

A
  1. Technological innovations
  2. International Cooperation
  3. Happened at a much bigger scale
  4. Speed of spread of globalisation (due to advancements in tech)
  5. Easier international and regional communication which was cheap and fast
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5
Q

How did interdependence grow between countries?

A

Interdependence grew between countries because they were required to maintain a healthy relationship with other nations for exchange and trade.

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6
Q

What is the definition of trade?

A

Act of buying, selling or exchanging goods or services, generally involving money

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7
Q

What is outsourcing?

A

Different levels of producrion being distributed to various countries

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8
Q

Why does outsourcing happen

A
  1. The host country does not have the required resources
  2. Cheaper labour in the LEDC country
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9
Q

what are TNC and its definition?

A

Trans-national corporations. They operate in substantial facilities and does business in more than one country. They dont have a home country. Decentrilised.

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10
Q

what are MNCs and their definitions?

A

Multi-National corporations. businesses that control production in multiple countries besides their home country. They have a centralized headquarters but operate on a global scale with assets in multiple countries

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11
Q

Which is more common in the daily products we use, TNC or MNC

A

MNCs

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12
Q

Example of TNC compamny and example of MNC company

A

TNC = Unilever

MNC= Microsoft

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13
Q

Which countries would support globalisation?

A

Outsourcing countriy’s government and the countries doing the manufacturing part would support globalisation

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14
Q

Which community would be against globalisation?

A

The host country or the outsourcing country’s people would be against globalisation as their people are losing jobs with products being manufactured outside their country.

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15
Q

MNCs and TNCs have an impact on LEDCs governance and politics how?

A

Using investments, campaigning, and exploitation of resources to influence governmentand politics, with the potential for both positive (jobs) and negative (corruption, inequality) effects.

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16
Q

All countries are dependent on _ for their prosperity

A

international trade

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17
Q

WTO and its agreements

A

World Trade organization.

created an international trade legal framework for 164 economies around the world. These Agreements cover goods, services, intellectual property, investment and other issues that impact the flow of trade

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18
Q

Governance

A

A group of people or a community that is responsible for leading the people beneath them and ensuring their well-being, safety and quality of life.

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19
Q

Glocalisation

A

global companies adapt their products, services, and marketing strategies to cater to specific local tastes and preferences. This allows companies to build local acceptance while still retaining their main principles.

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20
Q

Example of glocalisation

A

McDonalds adapting to local cuisines with their burgers. Eg - Mc Lobster in Canada is not avaliable in India, same way, Maharaja Mac isnt avaliable in other parts of the world

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21
Q

What are the three main policies of countries regarding trade?

A

Free Trade, Fair Trade and Protectionism

22
Q

Free Trade

A

Less tariffs are needed to pay when outside companies trade something with your country. This encourages imports and allows for the relocation of goods and services. Both countries gain profit from this type of trade and Globalisation is also based on the idea of free trade.

23
Q

Why would a country accept free trade?

A

With the idea that it is cheaper and easier to buy rather than make

24
Q

free trade pros and cons

A

cons:
1. local industries can collapse due to lower prices of foreign companies
2. displace jobs and exploit workers in developing countries using lax regulations

pros:
1. consumers have more options to choose from for their needs product/service
2. Consumers get products at lower costs due to high competition.

25
Q

Example of free trade agreements

A

North American Free Trade Agreement (NAFTA) signed to allow free trade between US, Canada and Mexico

26
Q

Protectionism

A

This is the opposite of free trade where there are high import tariffs which discourage relocation and restrict international trade. This is because these countries want to be independent and produce everything internally and help grow domestic industries rather than seeking help from others

27
Q

Pros and Cons of protectionism

A

Pros:
Stabilizes economy
reduces competition
prioritizes local industries

Cons:
High production costs
fewer consumer choice

28
Q

Why would protectionism not work?

A

No country can do well in a particular field without the help of others, especially during this modern era of globalisation.

29
Q

Fair Trade

A

Many producers in LEDCs don’t get the wages they deserve and this is where Fair Trade comes in. It is a worldwide movement which aims to help the producers of LEDCs and help mitigate the negative impacts of globalisation. This is done using the Fair Trade premium and Fair Trade minimum

30
Q

Fair Trade premium

A

A type of fund which uses some of the profit gained to help the laborers. It is given back to the workers in the LEDCs which made the product in the form of investing in welfare programs like developing schools, access to clean water and food, electricity, etc.

31
Q

Fair trade minimum price

A

the lowest price that a buyer must pay for a certified Fair trade product to ensure that the producer doesnt need to minimise his profits during times of reccessions

32
Q

Fair Trade tackles the problems of…

A
  1. equal pay
  2. safe working conditions
  3. environmental sustainability
  4. gender equality
  5. community development
33
Q

Fair Trade vs Free Trade

A

Free trade is focused more on economic efficiency and economic growth with little to no trading restrictions.

Fair Trade is more on the social and cultural aspects. It focuses on social justice, and environmental sustainability and promotes marginalised communities and small-scale producers.

34
Q

Fair trades pros and cons

A

pros:
promotes sustainability and prioritizes equality
Better wages and working conditions for producers

Cons:
Limited market reach
consumers need to pay a more premium fund and hence limited avaliability

35
Q

Countries which were forced to do Free Trade and why

A

The Caribbean, african and south american countries.

They were bullied to implement the free trade principle by other larger nations like the US and european countries with whom they have to desperately trade with. The also do this to appease the IMF

36
Q

IMF what is it

A

International Monetary Fund

offers low interest loans to developing countries (LEDCs)

37
Q

Foreign Aid

A

Foreign aid refers to the financial, technical, monetary and material assistance provided by one donor country or international organization voluntarily to another recieving country or region.

38
Q

Types of foreign aid

A

Bilateral aid
Multilateral Aid
Humanitarian
Project Aid
Debt Relief

39
Q

Bilateral Aid

A

Bilateral aid involves the direct transfer of resources from one country (donor) to another country (recipient) through government-to-government agreements or partnerships.

40
Q

Humanitarian Aid

A

Humanitarian aid provides emergency assistance to populations affected by natural disasters, conflicts, and humanitarian crises. It includes food aid, medical supplies, shelter, water, sanitation, and other forms of relief assistance.

41
Q

Project Aid

A

Project aid funds specific development projects aimed at addressing targeted areas of need, such as healthcare, education, agriculture, infrastructure development, environmental conservation, and poverty alleviation.

42
Q

Multilateral Aid

A

Multilateral aid involves contributions from international organizations, such as the World Bank, International Monetary Fund (IMF), United Nations (UN), and regional development banks. These organizations use resources from multiple donor countries to fund development projects and initiatives in recipient countries.

43
Q

Debt Relief

A

Debt relief refers to the donor country partially or fully ending all debt owed by the recipient country, in order to strengthen their international relations, influence in the recipient country, etc.

44
Q

Intutions involved in Foreign Aid

A
  1. UN
  2. Redcross
  3. IMF
  4. WHO
  5. World Bank
45
Q

Reasons for foreign aid

A

Moral and Ethical where countries feel obliged to improve QOL in the LEDCs

Economic where the donor country gives its fund to a receiving country and tells them to expand/grow their market in their notation for economic growth

political or self-interest reasons why countries want to establish a good relationship with a nation for trade or make an influence of them for security reasons.

46
Q

Is foreign aid a product of globalisation?

A

Yes, foreign aid is a product of globalization. Globalisation allows for easier flow od goods and servcies which makes foreign aid even more accesible for receveing countries

47
Q

Positive impacts of foreign aid

A
  1. Provides assistance in dire situations for receiving countries and helps empower individuals and communities in the receiving country
  2. Investments in infrastructure, technology, healthcare and agriculture can help, create jobs, and elevate quality of life.
48
Q

Negative impacts of foreign aid

A
  1. Overreliance on aid can hinder local initiatives and lead to unsustainable development.
  2. Improper governance and transparency mechanisms can create opportunities for aid to be mismanaged or diverted from its intended goals.
49
Q

Countries in which foreign aid was beneficial and why

A

After the Korean WarSouth Korea received significant foreign aid from the United States,which helped infrastructure development,education,and industrialization, which helped them grow economically and transform into a devloping nation

50
Q

Countries in which foreign aid didn’t work and why

A

Following the 2010 earthquake, Haiti received billions in foreign aid for reconstruction and development. However, corruption, political instability, and lack of long-term planning hampered progress, leading to criticisms of aid effectiveness.

51
Q

case study on real life protectionism

A

U.S. Tariffs on Steel and Aluminum in 2018. The U.S. government imposed a 25% tariff on steel and a 10% tariff on aluminum imports, primarily targeting China, in an effort to protect American steel and aluminum industries.

52
Q

Case Study - Marshall Plan

A

Multilateral economic Aid headed by the US and give to its alliances in Western Europe such as France, Italy in 1948 after WW2. The aid was managed through the Organization for European Economic Co-operation (OEEC)

G9 + 10 IH (7 decks)

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