Factors promoting globalisation
- Created by: Sunbunsuperstar
- Created on: 30-04-22 14:04
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- 5 Factors promoting globalisation
- Flows of services
- Low level services (e.g. customer service)
- Companies re-locate these services to LICs (its cheaper)
- High level services (e.g. financial consultants)
- Located in HICs
- Increasing flows of services = more interconnected
- People connected through having bank accounts
- Low level services (e.g. customer service)
- Flows of labour
- The movement of people from one place to another for work
- Skilled workers move to HICs
- Between 2000 & 2015 there has been a 40% increase in migration
- 55,000 of the 1.2mil NHS staff are from other EU countries
- 600,000 Polish workers have moved to the UK since 2001
- The movement of people from one place to another for work
- Flows of information
- Financial data & current affairs info can be spread
- The internet and social media allow info to be shared quickly
- Increasing flows make the world more interconnected
- Flows of capital
- Capital = invested money
- Historically, money was invested within a country
- (Inward investment)
- Capital investment in foreign countries has increased
- Foreign direct investment (FDI)
- Global FDI had increased from $400bil in 1996 to $1500bil in 2016
- Modern ICT software has improved capital flow
- Flows of products
- UK & other HICs used to have manufacturing industries
- Manufacturing has decreased in HICs
- Low overseas labour costs cause many companies to re-locate
- Products are then imported back to the country of origin
- Case study:
- Dyson vacuums production moved to Malaysia in 2002, but the product is still sold in the UK
- UK & other HICs used to have manufacturing industries
- Flows of services
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