Globalisation Flashcards
What is globalisation?
The increasing integrations of economies around the world, particularly through the movement of goods , services and capital across borders. There are also broader cultural, political and environmental dimensions
What is time-space compression?
Theory that heightened connectivity changes our conception of time. Including that travel times fall due to new inventions
-Also known as the ‘shrinking world effect’
What are the positives of globalisation?
-Tweets + retweets about natural disasters
-New e services are together
-Capitalism spreading into former communist countries
-Governments are more cautious about immigration
What are the negatives of globalisation?
-Worlds rich are employing the worlds poor
-Transnational companies are more powerful that national governments
What types of technology are on the specification?
-Phone
-GPS
-Social networks
-Streaming services
-Internet
-Online banking
-Emails
-News apps
How does technology create technologies?
-Far reaching air travel
-GPS
-Communications with people in different places
-Planes + trains access more places
-Radio
-Online banking so people purchase more
How has easy jet created global connections?
-Uses internet to book flights to access a wider audience
-People buying goods/services whilst on holiday
What places do easy jet fly to?
-Greek islands
-Near the middle east
-300 flight routes within the EU
-North Africa
What are the benefits of cheap air travel?
-World is shrinking so it is easier and cheaper to travel
-Causing a growth in tourism
-Usually offer a variety of locations
-Originally only cost £29 one way
What is a tariff?
A tax imposed on imports
What is a subsidy?
Financial assistance to a business by the government to make it competitive or prevent collapse
What is a quota?
A limit on the quantity of a good a country allows into the country
What is protectionism?
Policies to protect businesses and workers in a country by restricting/regulating trade with foreign nations
What is a free-market economy?
A market economy based on supply and demand with little to no government control
What is free trade?
Governments don’t interfere with imports or exports
What is privatisation?
Transferring ownership of a public service into private ownership run for profit
What is neoliberalism?
A political philosophy of free markets, making trade easier will lead to more of it which will increase wealth and reduce poverty
What is a trade bloc?
Voluntary international organisations that exist for trading purposes which brings greater economic strength and security to nations that occur
-encourage free trade and removes tariffs
How did the UK globalise?
-Used free market liberalisation
-Privatisation, allowing foreign investors a stake in privatised services
-Encouraging business start ups, lowering business taxes and changing laws so local and foreign businesses make more profit
How did China globalise?
-Higher wages. $40 a day in 2015
-Is now the largest economy and 400 million escaped poverty
-Transformed into an urban and industrialised nation
-Open door policy in 1978
-One child policy to limit population growth
-Free trade
-No social networks
-Quotas = only 34 foreign policies per year
What is the European union?
A multi governmental organisation with its own currency and shared political legislation
-Removed most national borders in 1985
-Help countries declare independence
What is the ASEAN?
Association of South East Asian nations
-Eliminate tariffs for free trade
-Help develop into a single market economy
How can we measure globalisation?
-Flights going in and out
-Imports and exports
-Amount of TNC’s in the area
What is the Koff Index?
An index of globalisation produced by the Swiss economic institute, uses economic, social and political globalisation