Globalisation Flashcards
(31 cards)
What is Globlastion
the process by which national economies, societies id cultures have become increasingly integrated through the global network of trade, telecommunications, transport and immigration.
What is an economy of scale
Cost advantage of large scale output of a product as savings are made by spreading out the cost over more units
What are international flows of capital
All financial transfer between companies for investment, trade or production
What are remittance
Transfers of money from migrants to relatives back home
What is migration
Generally the outmigration of labour from poorer to richer nations
What is FDI
Foreign Direct Investments. Money or assets invested by TNCs in overseas enterprises. Either by merging with another company, setting up subsidiary companies or through shares.
What are the BRIC countries
Brazil, Russia, India and China. Rapid economic advances during 1990s
What are the MINT countries
Mexico, Indonesia, Nigeria, and Turkey. Recently emerging economies after the year 2000.
What is the repatriation of profits
Sometimes known as economic leakage. TNCs will extract profits from abroad and bring them back to their HQ
What is aid
International Monetary Fund which aims to allow economic stability and foster international trade.
What is IMF
International Monetary Fund which aims to allow economic stability and foster international trade.
What are the impacts of flows of labour
• Most migrants have some level of education
• Can afford to move, therefore not very poorest in giving nation
• Long-term issue as people stop sending remittances after 2/3 generations
• Inter-continental as well as long distance
What are the flows of services
An economic activity which is traded without the production of material goods
What are high-level services
Services to business, such as finance, advertising
What are low levels of services
Services to consumers, such as banking, travel, communication
What are the impacts of flows of services
• Easily traded in a globalised world, no locational grounding, offices and call centres can be located anywhere
• Low-level services may be outsourced to developing nations, eg call centres in India
What are the impacts of flows of products
- Economic Impact: Product flows affect GDP, employment, and trade competitiveness.
- Market Dynamics: Influence supply, demand, prices, and market stability.
- Environmental Impact: Increase carbon emissions, resource depletion, and pollution.
- Social Impact: Affect consumer behavior, access to goods, and lifestyle changes.
- Technological Impact: Innovate logistics, automation, and real-time tracking.
- Policy and Regulation: Govern trade agreements, customs, and environmental standards.
What are flows of information
Both migrants and technology allow flows of information, recent and historic migrants allow for multiculturalism and information sharing |
What are the factors in globalisation
Communication development
Transport development
Financial development
Information Systems
Security development
Trade agreements
Management systems
What are the financial factors in globalisation
Linked to technological developments as well as relaxed trade barriers allowed by governments, the movement of finances around the world has grown hugely.
What is protectionism
Putting barriers in place to prevent and reduce trade in order to maintain internal markets and own manufacturing industries
What is trade and finance liberalisation
Groups such as the WTO encouraging governments to remove tariffs and barriers to trade, to encourage free movement of goods
What is the World Customs organisation
An intergovernmental organisation noted for its work in areas covering the development of international conventions, instruments and tools on topics such as commodity classification, valuation, rules of origin etc.
What is the EU secure operator initiative
Set up and run by the EU in order to ensure a secure and reliable end to end supply chain for all goods and services.
