W2P2 (lecture): Tools of Globalisation Flashcards

1
Q

What were two major drivers of globalized business in Europe after it became more prosperous?

A

Appetite for exotic goods and the creation of new markets for spices and silks.

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2
Q

What is the significance of the “compagnia” in early globalization?

A

It was based on family business foundations with shared liability, where trust and shared risk were important for business ventures.

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3
Q

What is double-entry bookkeeping and why was it important?

A

Double-entry bookkeeping, codified by Luca Pacioli, allowed businesses to record transactions systematically and relate records across distant locations, crucial for expanding global trade.

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4
Q

How did new ship designs like the caravel and galleon impact globalization?

A

They were faster, more manoeuvrable, and capable of carrying more cargo, increasing the efficiency and profitability of transoceanic trades.

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5
Q

What navigation tools helped European trade with Asia and the Pacific?

A

The compass, astrolabe, improved ship designs, and accurate cartography were crucial for long-distance exploration and trade.

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6
Q

What role did the sextant play in navigation?

A

The sextant, developed in the mid-1700s, allowed navigators to determine their position on the ocean with great accuracy, enhancing long-distance voyages.

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7
Q

How has the shipping container influenced globalization?

A

The shipping container has been more influential in driving globalization over the past 50 years than all trade agreements combined.

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8
Q

What was Samuel Morse’s contribution to globalization, and why was it important?

A

Samuel Morse developed the Morse code in 1840, which, along with the telegraph, connected communities through a network of copper wires. This greatly improved communication and laid the foundation for faster, long-distance information transmission.

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9
Q

How did internet growth affect globalisation after 1995?

A

Internet usage exploded, growing from 16 million users in 1995 (0.4% of the world’s population) to 3.8 billion users in 2017, making up half of the global population.

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10
Q

What happened when the Europeans made the ships larger?

A

It increased the efficiency and profitability of transoceanic trade because it could carry more cargo over larger distances

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11
Q

What period did the sailing technology of the European powers improve?

A

From the 1400s until the end of the 1800s

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12
Q

What are “reefer ships”?

A

Refrigerated cargo ship

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13
Q

What were common navigation tools?

A

Compass and astrolabe

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