Globalisation Key Vocabulary

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  • Created by: Ella
  • Created on: 20-01-14 14:47
Economy
The system of production and distribution of goods and services of a society or country
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Globalisation
Producing increasingly interconnected economies, an unprecedented growth in international trade and a world economy increasingly dominated by a relatively small number of T.N.Cs
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T.N.C
Trans-National corporations-companies with operations in more than 2 countries, they increasingly dominate world trade. nearly half of biggest 500 american, nearly all top 100 American, European or Japanese
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F.D.I
Foreign Direct Investment-for example when a T.N.C buys a foreign company or builds a factory abroad.
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G.D.P
Gross Domestic Product-the total value of goods and services produced by a country in a year, a per capita measure is usually used to compare countries i.e the total G.D.P divided by the population
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H.D.I
Human Development Index-measure of development thought to be better than G.D.P because it takes other factors such as educational standards and life expectancy e.c.t. into consideration
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MEDC
More economically developed country i.e. USA, France, Japan or UK.
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LEDC
Less economically developed country i.e. Ethiopia, Bangladesh or Tanzania
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N.I.C
Newly industrialised country i.e South Korea, Malaysia or Singapore
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R.I.C
Recently industrialised country i.e Vietnam
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Trade
The exchange of goods and services for money
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Trading Bloc
A group of countries, who agree to promote trade between their members by reducing or removing barriers to trade such as tariffs, examples include the European Union and NAFTA
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Tariff Barriers
Taxes on imported goods
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Non-Tariff Barriers
Refers to a range of bureaucratic barriers designed to bloc imports and prevent fair trade without using taxation,often employed as a way of getting round agreements on fair trade
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Protectionism
Where governments intervene to protect domestic industry from competition, this may mean subsidising an activity or placing import tariffs on goods produced overseas.
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Development
The act of getting something to grow, change realise its potential (usually for the better)
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"Top down" development
Development that is large scale and which will typically be lead by government and TNC's or other large organisations with local people not involved in decision making
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"Bottom up" development
Development that is local and on a small scale and where the benefits are diffused locally. Bottom up development should involve local people and its planning and decision making and should therefore be democratic
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N.G.O
Non-Government Organisations- As the name suggests bodies that are separate from government examples would include aid agencies such as; Oxfam, Red Cross e.c.t
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Traditional societies
A term often used to describe non-industrial societies and those where religion and tradition are more important than in industrialised, democratic, "Western" societies. Use of the term could be criticised as condescending and Eurocentric
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Outsourcing
When a company uses another company to do work for it e.g. using another company to make shoes according to their design
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Infrastructure
The services on which society and the economy rely e.g. roads, railways, gas electric and water supplies, schools and hospitals as well as telephone and internet lines
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Core-periphery model
A model concerned with the spatial relationship between a centre (core) and its peripheral areas within the economic system. The core is wealthy and it is where technological progress and innovation are strongest.
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Advantages of the core
The advantages of the core mean that it is able to pull in labour, talent, investment from the peripheral areas, which are weakened as a result.
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Cumulative (upward) causation
The process by which economic activity leading to wealth and prosperity is concentrated in a particular area. Because one area has an initial advantage it develops attracting investment and skilled labourfromsurroundingareashelpingittodevelopfurther
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Growth pole
The idea of a concentration of successful growing industries focusing around a leading industries which help to create further growth
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Multiplier effect
Economic growth leads to further growth e.g. a factory opens creating jobs not only in the initial factory but in support industries and because industries and because increased spending power of thenewworkershelptosupportotherformsofeconomicactivity
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Tim space compression
The term used by the Geographer David Harvey to explain how the world has become relatively smaller due to advances in transport and communications
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Privatisation
The selling of State controlled industries to private enterprise
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Eurocentric
A world view that is based on the European historical experience (including North America as an "Extra-European" society), such a world view is problematic in that it may be inappropriate to assume that the European experience is in some way
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(eurocentric)
universal and that it can be applied to other countries which have different histories and circumstances
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Import substitution
This is a tactic that has been used by LEDC's to try to help to develop a domestic manufacturing industry that can produce manufactured goods so that they don't have to import expensive products from MEDC's.
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(import substitution)
The practise of import substitution relies on subsidies and protectionism initially, to allow it to compete with industry in more developed economies.
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I.M.F
International Monetary Fund, an agency of the United Nations established to promote international financial co-operation, expand world trade, eliminate echange
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Austerity Program
Refers to the cutting back of the government spending in an effort to improve failing economies. Austerity programs followed by countries on the advice of theIMFhavebeencriticisedforreducingspendingonhealthcare&educationinsomeofthepoorestcountries
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World Bank
Is a development bank which provides loans, policy advice, technical assistance and knowledge sharing services to low and middle income countries to reduce poverty. The number of shares a country has is based roughly on the size of its economy.
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(world bank)
The US is the largest single shareholder, with 16.4% of votes, followed by Japan, Germany, the UK and France. Dominated by major economies-source of criticism.
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W.T.O
World Trade Organisation- the organisation that regulates world trade
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G.A.T.T
General agreement on tariffs and trade the agreement that regulates the system of international trade, generally working to keep trade as free from restriction as possible
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Neo-Liberal economics
The school of thought that says that the free market is most efficient at securing growth with benefits of development trickling down, it is typified by "Reaganomics" in America and "Thatcherism" in the UK both of whom favoured the free market.
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(neo-liberal economics)
Neo-Liberlism economists advocate removing barriers to trade and investment, privatisation and minimising the role of the state and government spending.
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Planned economics
In planned economics the state plays an organising role in the economy rather than leaving the free market to rule. State owned industry and protection of strategic industries may be used in planned economies. The Communist states of the Soviet Union
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(planned economies)
and Eastern Europe all had planned economies with a great deal of state control but have now largely reformed them. Although planned economies are now unfashionable some have been successful i.e. the Asian Tiger economies where state planning played
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(planned economies 1)
a major role in their development
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Card 2

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Globalisation

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Producing increasingly interconnected economies, an unprecedented growth in international trade and a world economy increasingly dominated by a relatively small number of T.N.Cs

Card 3

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T.N.C

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Preview of the front of card 3

Card 4

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F.D.I

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Card 5

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G.D.P

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