A process by which national and regional economies, societies, and cultures have become integrated through the global network of trade, communication, immigration and transportation
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INTERDEPENDENCE
The success of one place depends on the success of other places. Economic problems in one country can quickly spread to its trading partners and affect people in distant places
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TRADE
Exchanges of goods and services between people and companies, increasingly cross-border between countries rather than just within a country
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SHRINKING WORLD
The idea that the world in 2018 feels smaller than in 1918, places are closer in terms of travel time and knowledge of distant places is widespread so they feel less 'exotic'
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TIME-SPACE COMPRESSION
The idea that the cost, in terms of time or money, of communicating over distance has fallen rapidly, so the idea of someone being far away is now largely irrelevant in terms of the ability to communicate with them
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FOREIGN DIRECT INVESTMENT (FDI)
Is when a business from one country invested in another such as opening a chain of shops or building a factory
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FREE MARKET LIBERALISATION
Means ending monopoly provision of some services e.g. gas or electricity, can choose supplier based on quality or price
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OUTSOURCING AND OFFSHORING
Both ways of reducing business costs by moving parts of a TNC's business overseas. However, offshore parts are still owned by the TNC, whereas outsourced parts are not
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GLOBl SHIFT
Outsourcing and offshoring of industry through FDI to Asia since 1980
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DEINDUSTRIALISATION
Closure of manufacturing industries e.g. steel or shipbuilding
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ECONOMIC RESTRUCTURING
Occurs when one sector such as secondary industry is replaced by another such as tertiary industry; this leads to widespread changes in job types
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DERELICT LAND
Once had an economic use but the land is now unused
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MEGACITY
City with a population over 10 million
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REMITTANCES
The money migrants bench back home to help their families in the source country
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CULTURAL DIFFUSION
The exchange of ideas between different people as they mix and interact as a result of globalisation
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DEVELOPMENT
Progress usually in social (health, diet, life expectancy, cousin quality) and economic (income) terms
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ECOLOGICAL FOOTPRINT
A measure of the resources used by a country or a person over a year, measured in global hectares
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DISAPORA
Name given to the dispersal of a population overseas; since 1700 about 10 million Irish have emigrated overseas, creating the Irish diaspora
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POINTS-BASED IMMIGRATION SYSTEMS
Award points to potential immigrants based on education, skills, language proficient and other criteria so that migrants are matched to a countries needs (e.g. Australia)
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ETHICAL ISSUES
Those which have a moral dimension, concern whether something is acceptable e.g. child labour
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LOCALISM
The idea that goods and food should be made and grown locally, supporting local jobs and reducing transport, rather than being sourced globally
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Other cards in this set
Card 2
Front
The success of one place depends on the success of other places. Economic problems in one country can quickly spread to its trading partners and affect people in distant places
Back
INTERDEPENDENCE
Card 3
Front
Exchanges of goods and services between people and companies, increasingly cross-border between countries rather than just within a country
Back
Card 4
Front
The idea that the world in 2018 feels smaller than in 1918, places are closer in terms of travel time and knowledge of distant places is widespread so they feel less 'exotic'
Back
Card 5
Front
The idea that the cost, in terms of time or money, of communicating over distance has fallen rapidly, so the idea of someone being far away is now largely irrelevant in terms of the ability to communicate with them
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