Globalisation Flashcards
What is globalization?
A process by which people, cultures, money, goods, and information can be transferred between countries with few or no barriers, making the world more interconnected. and the connections between places are lengthening
What are the four types of globalization?
Political, economic, cultural, and social.
Example of economic globalization?
International exports have increased 30x since 1950.
Example of political globalization?
Problems such as climate addressed by worldwide organizations such as the EU and UN (COP 26).
Example of cultural globalization?
Western cultures, such as food like McDonald’s, have become dominantly spread worldwide.
Example of social globalization?
Spread of IT to become more interconnected.
Example of information flow?
In 2021, TikTok had 1 billion users.
Example of capital (money) flow?
In 2019, the volume of foreign exchange transactions reached US$6.6 trillion per day.
What is another common way of capital flow?
Remittances—money sent home by migrants to their home country.
What are the two types of people flows and examples for each?
Tourists: In 2019, tourism directly contributed $2.9 trillion to global GDP. Migrants: The number of economic migrants and refugees reached 280 million in 2019.
What are problems with remittances?
If the government puts up restrictions and barriers for these, the GDP would fall.
What are eight factors that accelerate globalization?
International organizations, non-governmental organizations, new markets, colonialism, transport, TNCs, ICT, containerization.
How does containerization accelerate globalization?
Development of shipping containers has allowed it in 1970 to be 20x cheaper to transport goods than in 1965. e large and easy to transpot steel boxes with regular mesaurments being used on ships.
What are transport innovations that have accelerated globalization?
Steam power in the 1800s, railways (e.g., Trans-Siberian Railway connected Moscow, China, and Japan 9000km), jet aircraft (Boeing 747 used by EasyJet).
Case study: EasyJet for transport - two examples?
300 flight routes in the EU. Switched on Tallinn in Estonia in 2004, flew British tourists there for £40 each.
How does ICT accelerate globalization?
Affordable and instantaneous connectivity, better interconnectivity globally.
What are the roles of ICT in economic globalization?
Electronic transfer of TNC profit, online trade and markets, disaster appeals.
What is the role of ICT in cultural globalization?
Facilitates the spread of music, film, etc.
What are the roles of ICT in political globalization?
Multinational organizations have global influences online, spread demographic movements, NGOs research and journalism networks.
What are four advances in technology?
Mobile phones, satellite TV, optic fiber cables for instant communication, internet access.
Why do businesses benefit from ICT?
Keep in touch with all parts of production, transfer money and investments instantly, analyze data on sales.
What three things does ICT allow?
Information sharing (e.g., health and education), social networks, keeping in touch.
Case study of Facebook and Microsoft in ICT?
Installing undersea optic fiber internet cables for the east coast of the US to Spain to increase bandwidth and speed of connection.
How do IGOs contribute to globalization?
Through the promotion of free trade policies and foreign direct investment (FDI).