Globalisation Glossary

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of of two indexes that measure how globalised a country has become. this one measures political engagement, technological connectivity, personal contact (eg through telephone calls) and economic intergration
at kearney index
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money or assets
capital
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a belief in a market economy, where people are free to set
up businesses and keep their profits (subject to taxes), and
where supply and demand determine the prices of goods and
services. the real ones hate it :)
capitalism
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raw materials
commodities
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people who trade raw materials in financial centres, thus
guaranteeing the supply, price and delivery date of the
product months ahead
commodity traders
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a belief in communal wealth where property is owned
communally and wealth is distributed equally. The State
owns or controls most land, as well as the banks, natural
resources, and the media
communism
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the spread of one culture to another by various means
cultural diffusion
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the changing and loss of culture in an area, such as the loss
of language and traditional food
cultural erosion
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the decline of manufacturing industry in an area
deindustrialisation
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when the population of an area declines
depopulation
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the reduction in rules which means that any foreign business
can set up in the UK and bring its overseas staff with it
deregulation
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an electronic online retailer
e tailer
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a measure of the land area and water reserves that a
population needs in order to produce what it consumes (and
absorb the waste it generates), using current technology
ecological footprint
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the percentage contribution of primary, secondary and
tertiary sectors to GNI
economic sector balance
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the ability to reduce costs proportionately by increasing the
scale of production
economies of scale
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skilled, wealthy migrants, often experts in finance and
investment
elite migrants
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concentrations of particular communities in an area, such as
a high concentration of Asian or Asian British residents with a
Pakistani background in East London
ethnic enclaves
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the term now used by China instead of ‘Special Economic
Zones’ which describes areas set up by national
governments to offer financial or tax incentives to attract FDI,
which differ from those incentives normally offered by a
country
export processing zones
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an independent not-for-profit organisation which aims to
return a bigger proportion of the revenue to producers or
growers
fairtrade
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investment made by an overseas company or organisation
into a company or organisation which is based in another
country, FDI
foreign direct investment
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when companies operate in competition with each other, with
minimal governmental control
free enterprise
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a market where traders can buy and sell futures contracts, in
which contractors agree to supply and deliver goods at an
agreed price at a time in the future
futures market
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an IGO consisting of the USA, UK, France, Canada,
Germany, Italy, Japan and Russia, which meets annually to
discuss development
G8
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an IGO which comprises 19 individual countries plus the EU.
It brings together developed and developing countries to
discuss key economic issues, it represents over half of the worlds population
G20
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a measure of inequality which considers how far wealth
distribution within a country deviates from perfect equality
gini coefficient
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the idea that everywhere is becoming the same
global homogenisation
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the movement of manufacturing from Europe and the USA to
many Asian countries, started in the 1970s and 1980s
global shift
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increasing connectedness between people and places across the planet, established through trade, politics and culture, and helped by technology and transport
globalisation
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when a company re-styles its products to suit local tastes
glocalisation
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the same as Gross National Income, but excluding foreign
earnings
GDP
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the value of goods and services earned by a country
(excluding overseas earnings), formerly known as Gross
National Product (GNP)
GNI
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38 of the least developed countries with the greatest debts
which, since 1996, have been eligible to have their debts with
the IMF and the World Bank either cancelled or rescheduled, HIPC
heavily indebted poor countries initiative
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when a company expands at one level in the production
process
horizontal integration
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areas where migrants move to
host locations
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a measure of development which takes into account life
expectancy, education and GDP for every country and
converts them into a value between 0 and 1
HDI
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rapid urbanisation, one example is New Dehli
hyper urbanisation
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housing which has been built illegally, often comprising of
poor quality dwellings
informal homes
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organisations which comprise of two or more countries
working together. Examples include the EU and the UN
IGO
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a global organisation whose primary role is to maintain
international financial stability
IMF
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the means by which the time gap between product and
delivery to the customer is sharply reduced – cutting
warehousing and storage costs
just in time
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a stock control method that involves producing and storing stock in excess, meaning that there is always stock available for business if it is needed
just in case
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an annual Index of Globalisation where a score is calculated
for each country by assessing economic, social and political
globalisation
kof index
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where land loses quality and fertility
land degradation
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the idea that the government’s role in business and the
economy should be minimal, to allow individual decisionmaking, a free market and open competition between
companies
liberalism
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cities with populations of over 10 million
mega cities
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cities with populations of over 1 million
million cities
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a belief in the free flows of people, capital, finance and resources.
Under neo-liberalism, State interventions in the economy are
minimized, while the obligations of the State to provide for the
welfare of its citizens are diminished
neo liberlism
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where GDP is earned more through expertise and creativity
in services such as finance and media than from the
manufacture of goods
new economy
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Organisation for Economic Co-operation and Development –
an IGO which is a global ‘think tank’ of the 34 wealthiest
nations
OECD
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when a company does work overseas, either itself or using
another company
off shoring
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when work is contracted out to another company (known as
off-shoring when that company is overseas)
outsourcing
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relates average earnings to local prices and what they will
buy. This is the spending power within a country, and reflects
the local cost of living
PPP
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a fixed level indicating the maximum amount of imported goods or persons which a state will allow in
quota
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income sent home by individuals working elsewhere (usually
abroad but can be in urban areas)
remittance payments
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the concept that previous colonies, or Lower-Income
Countries, are now established High- or Middle-Income
Countries, and are all net providers of overseas investment,
sometimes in the country which used to be the coloniser
reverse colonialism
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the concept that the world is becoming metaphorically
smaller because the time it takes to trade and communicate
globally has been massively reduced
shrinking world
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areas where migrants come from
source locations
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set up by national governments to offer financial or tax
incentives to attract Foreign Direct Investment, which differ
from those incentives normally offered by a country, SEZ
special economic zones
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grants given by governments to increase the profitability of
key industries
subsidies
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a tax that is paid on goods coming into or going out of a
country
tariffs
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a race by companies to deliver ever-cheaper goods
race to the bottom
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the concept that communication technologies have massively
reduced the time it takes to trade and communicate globally,
therefore even though the physical distances are unchanged,
the time taken to cross them is significantly lower
time space compression
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the removal of trade barriers such as subsidies, tariffs and
quotas
trade liberalisation
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the use of methods such as tariffs and quotas to attempt to
boost a country’s exports or reduce its imports
trade protectionism
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when countries have grouped together to promote free trade
between them. The EU is one example
trading bloc
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a town where local groups and NGOs promote local sourcing
of goods to increase sustainability, reduce their carbon
footprints and increase their resilience
transition town
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companies that operate in several different countries, TNC's
transnational corporations
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when a company controls and owns every stage of
production from exploration to sales
vertical integration
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a global organisation which uses bank deposits placed by the
world’s wealthiest countries to provide loans for development
in other countries
world bank
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cities with a major influence, based on: finance, law, political
strength, innovation and ICT. examples are london and new york
world cities
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a global organisation which looks at the rules for how
countries trade with each other. Often create policies that put less developed countries at a disadvantage.
WTO
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Other cards in this set

Card 2

Front

money or assets

Back

capital

Card 3

Front

a belief in a market economy, where people are free to set
up businesses and keep their profits (subject to taxes), and
where supply and demand determine the prices of goods and
services. the real ones hate it :)

Back

Preview of the front of card 3

Card 4

Front

raw materials

Back

Preview of the front of card 4

Card 5

Front

people who trade raw materials in financial centres, thus
guaranteeing the supply, price and delivery date of the
product months ahead

Back

Preview of the front of card 5
View more cards

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