G3 - globalisation 1 - Flashcards in A Level and IB Geography

GLOBALISATION

globalisation is the increasing interdependence between countries through flows of capital, trade, goods and services as well as culture and ideas.

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ECONOMIC GLOBALISATION

the growth of TNCs ; the diffusion of investment all over the world ; rapid growth in world trade and hence global money flows

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CULTURAL GLOBALISATION

unifying and diversifying people ; increasingly similar music, food, clothes, values - westernisation

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POLITICAL GLOBALISATION

spreading ideologies + global organisations such as the UN and the dominance of western democracies in political and economic decision making ; spreading ideas that capitalist, consumerist societies are the most 'successful'

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EVIRONMENTAL GLOBALISATION

agreements (Paris agreement) ; pollution affecting other countries due to outsourcing and offshoring ; climate change is a global threat and involves a global solution

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TYPES OF FLOWS INVOLVED IN GLOBALISATION

goods and services (trade) ; capital (money flows between people, banks, businesses and governments) ; people (migration and tourism) ; information (data transfers between businesses and people, aided by the internet and technology)

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FACTORS THAT HAVE ACCELERATED GLOBALISATION

steam power, jet aircraft, containerisation, telephones, broadband and fibre optics, GPS, internet

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EXPLAIN THE SHRINKING WORLD THEORY

the physical distance between places remains unchanged, but new technologies reduce the time take to transport goods/people/information. this is known as time-space compression and makes distant places seem more accessible.

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COMMODITIES DEFINITION

undifferentiated primary products bought in bulk. usually raw materials used in the manufacturing process.

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WORLD TRADE ORGANISATION

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INTERNATIONAL MONETARY FUND

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WORLD BANK

-

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FOREIGN DIRECT INVESTMENT DEFINITION

the financial capital flow from one country to another for the purpose of constructing physical capital e.g. building a factory in another country

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TRADE BLOCS

an agreement between a group of countries to remove all barriers to free trade among member states EG EUROPEAN UNION - 28 members, population 150million, currency €, aim to integrate economies so that interdependence prevents war.

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SPECIAL ECONOMIC ZONES

regions where the government offer incentives such as reduced corporation tax and subsidies to attract industry EG CHINAS OPEN DOOR POLICY - attracted rapid flows of FDI, exports $2 billion in 1980 to $200 billion in 2000

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KOF INDEX OF GLOBALISATION

24 indicators across 3 categories: economic globalisation (FDI, tariff rates and money flows), social globalisation (international telephone calls, tourism flows,TV), political globalisation (foreign embassies, agreements with other countries)

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AT KEARNEY INDEX OF GLOBALISATION

12 indicators across 4 categories: economic integration (trade and FDI flows), technological connectivity (no. of Internet users), political engagement (members of int. organisations, govt transfers), personal contact (travel+tourism, int calls)

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TRANS NATIONAL CORPORAIONS

firms with operations in more than one country EG NIKE

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OFFSHORING

the process of moving part of a company own production process to another country e.g building a new factory in China bc of lower wages, tax rates and proximity to materials reduces transport costs, less environmental regulation. esp to SEZs in Asia

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OUTSOURCING

process where a firm contracts with another company for goods or services from it. more flexible than offshoring as TNC can quickly shift supplier if a cheaper source available. less control over production EG BMW German tnc, engine=brazil, screen=fr

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GLOCALISATION DEFINITION

the process of adapting brands and products to suit the local market conditions such as taste, laws or culture EG mcdonalds vegetarian restaurants in India due to religion, driving seats on diff sides of the car due to laws in America

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ECONOMIC LIBERALISATION

economic liberalisation refers to those government policies which promote economic growth by opening up trade to international markets (offshoring and outsourcing)

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'SWITCHED OFF' LOCATIONS

regions that lack strong flows of FDI, trade and international connections EG North Korea- communist, command economy, minimises trade, emigration and foreign tourism is prohibited, no access for public to internet or social media. SAHEL countries

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G3 - globalisation 1

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