Globalisation - key words

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  • Created by: laurace_
  • Created on: 28-05-18 19:41
Foreign direct investment (FDI)
Investment from one country to another by companies rather than governments
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Global shift
the changing geographical location of the world's manufacturing industry
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Glocalisation
the process where global brands adapt to fit a local market in a country they have expanded to.
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Outsourcing
buying goods and services from an outside supplier usually from another country
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Quota
A limitation of the quantity of a particular product or service that can be imported/exported over a certain period of time
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Re-shoring
bringing outsourced workers/services back to the original location
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Tariff
a tax imposed on imported goods and services, used to restrict trade.
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Tax
a compulsory contribution to the state or governmental organisation.
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Trade bloc
An agreement between regions or countries to reduce trade barriers between them
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Trans-national corporation (TNC)
A company with operations in multiple other countries
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Globalisation
a process of trade and increased communication that leads to development in the economical state of countries around the world
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Foreign mergers
two firms in different countries join forces to create a single entity e.g shell uk-netherlands
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Foreign acquisitions
when a TNC launches a takeover of a company in another country
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Transfer pricing
when TNCs channel profits through a subsidiary company in a low-tax country e.g amazon in Ireland
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Commodities
raw materials or primary products that can be bought and sold
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interdependence
mutual dependence globally, one country depends on another country, which depends on another and so on creating global interdependence
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Capital
(money) flows are routed daily through the world's stock markets business buy and sell money to make a profit on a global scale.
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Information
the use of internet to communicate to foreign places and order goods/services online. Also using social media or watching TV to find information on another culture
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Economic liberalisation
The lessening of government regulations and restrictions in an economy in exchange for greater participation from private companies
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Subsidy
Financial assistance to a business by a government to prevent collapse and make it competitive
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Start-ups
a new entrepreneurial venture that is fast-growing, usually meeting a marketplace demand by developing a new service/product
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Privatisation
transfering ownership of a public service/agency/property to private ownership run fro profit
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free market
a market economy based on supply and demand with little or no government control
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Protectionism
policies to protect businesses and workers in a country by regulating trade with foreign nations
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Free trade
a policy where the government does not interfere with trade, i.e no quotas, tariffs or subsidies
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customs unions
member countries have a common external trade policies where countries not apart of the group have tariffs and quotas on goods.
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common markets
allow free movement of labour and capital (old EU)
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Time-space compression
used to indicate the apparent compression in geographical space due the faster modes of transport and communications
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containerisation
system of standardised transport that uses a common size of steel container to transport goods, easily transferable between modes of transport
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Shrinking worl
the feeling of distance places feeling closer due to shorter travel times and easier communication systems
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Hub city
switched on city that has strong worldwide trade links
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Low wage migration
People moving to take jobs with just enough pay to survive
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elite wage migration
highly skilled or socially influenced individuals that migrate usually to hub cities
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Global Hubs
switched on areas that have the means to create lots of trade and global connections across the world, they attract TNCs and FDI and have a wide cultural diversity.
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Brain drain
When skilled workers migrate out of the source country leaving it with mostly low wage/skilled workers
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Brawn drain
loss of manual workers from a source country
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remittance
money sent back to a migrant's home country and out of the host country where they work
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Xenophobia
prejudice against nationalities different to your own
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Megacity
A metropolitan area with a total population of 10 million or more, sometimes two or more cities converging to form one
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Westernised
by influenced by systems of the west
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Cultural diffusion
spreading of culture to other areas
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cultural erosion
loss of language, traditions and cultural due to external influence from other, usually western, cultures
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Melting pot
a country's cultural becomes a hybrid of many others, adopts and absorbs migrant values
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Diasporas
Distributions of people in a host country away from their homeland
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Localism
a range of political philosophies which priorities local production and consumption of goods/services
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transisiton town
a grassroot community project to increase self-sustaining systems and reduce potential impacts on the environmen
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Sustainability
meeting the needs of current generations without compromising the ability for future generations to meet their own needs
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Censorship
Suppression of free speech, public communication, or other information that might be considered sensitive, harmful, bias or politically incorrect as deemed by the government.
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Trade protectionism
shielding a country's domestic industries from foreign competition by taxing imports
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Fair trade
a movement that promotes higher payment to producers to improve social/environmental standards
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Ethical consumption
where consumers choose goods that are ethically sourced, made and distributed (usually fair-trade or organic)
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Recycling
conversion of waste materials into renewable resources
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Ecological footprint
the impact of a person or a community on the environment shown in the value of land needed to sustain their uses of natural resources
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Other cards in this set

Card 2

Front

the changing geographical location of the world's manufacturing industry

Back

Global shift

Card 3

Front

the process where global brands adapt to fit a local market in a country they have expanded to.

Back

Preview of the back of card 3

Card 4

Front

buying goods and services from an outside supplier usually from another country

Back

Preview of the back of card 4

Card 5

Front

A limitation of the quantity of a particular product or service that can be imported/exported over a certain period of time

Back

Preview of the back of card 5
View more cards

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