Week 2: Part 2; Tools of Globalisation (Lecture) Flashcards
What were two major drivers of globalized business in Europe after it became more prosperous?
Appetite for exotic goods and the creation of new markets for spices and silks.
What is the significance of the “compagnia” in early globalization?
It was based on family business foundations with shared liability, where trust and shared risk were important for business ventures.
What is double-entry bookkeeping and why was it important?
Double-entry bookkeeping, codified by Luca Pacioli, allowed businesses to record transactions systematically and relate records across distant locations, crucial for expanding global trade.
How did new ship designs like the caravel and galleon impact globalization?
They were faster, more manoeuvrable, and capable of carrying more cargo, increasing the efficiency and profitability of transoceanic trades.
What navigation tools helped European trade with Asia and the Pacific?
The compass, astrolabe, improved ship designs, and accurate cartography were crucial for long-distance exploration and trade.
What role did the sextant play in navigation?
The sextant, developed in the mid-1700s, allowed navigators to determine their position on the ocean with great accuracy, enhancing long-distance voyages.
How has the shipping container influenced globalization?
The shipping container has been more influential in driving globalization over the past 50 years than all trade agreements combined.
What was Samuel Morse’s contribution to globalization, and why was it important?
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.
How did internet growth affect globalisation after 1995?
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.
What happened when the Europeans made the ships larger?
It increased the efficiency and profitability of transoceanic trade because it could carry more cargo over larger distances
What period did the sailing technology of the European powers improve?
From the 1400s until the end of the 1800s
What are “reefer ships”?
Refrigerated cargo ship
What were common navigation tools?
Compass and astrolabe
