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Flashcards in Globalisation Deck (35)
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1

What is Globalisation

The merge of economics around the world, through trade and money across borders.

2

5 types of Globalisation

- Cultural
- Economic
- Political
- Environment
- Social

3

Cultural

E.g. McDonalds 120 countries, 30,000 outlets

4

Economic

Growth of TNC's with global presence and brand image, global presence and brand image, global spread of foreign direct investment and world trade

5

Political

Dominance of Western democracies in decision making. View that democratic, consumerist societies are the 'model' to aspire to.

6

Environment

Environmental threats are global and require global solutions

7

Social

Increasing migration and mixing populations, global improvements in health and life expectancy

8

Lengthening

Connections between places are growing (greater distances)

9

Deepening

More deeply inter-connected, cheaper travel, more people connect with far-away places

10

Types of global connections

- Commodities
- Capital
- Tourists
- Migrants
- Information

11

NIC

Newly industrialised country

12

OECD

Organisation for economic co-operation and development

13

IMF

International monetary fund

14

FDI

Foreign direct investment

15

NAFTA

The north American free trade agreement

16

RIC

Recently industrialised country

17

TNC

Transnational cooperation

18

G8

Group of 8 (France, Germany, Italy., UK, Japan, US, Canada, Russia

19

APEC

Asia-pacific economic cooperation

20

ASEAN

Association of southeast Asian nations

21

Obstacles in globalisation

- Countries are left out
- Cheaper imported good can threaten domestic industries
- Political barriers (rules + regulations)

22

Tariff

A tax imposed on imported good and services
- Restrict trade, increase price of goods

23

Why does the gov have tariffs

- Protect domestic jobs
- Help a young industry develop
- Protect customers

24

Free trade

Where the gov doesn't discriminate against imports or interfere with exports by applying tariffs

25

Protectionism

Adding tax or tariffs to goods to protect trade within country from competition

26

World bank AIM

- Financial assistance to developing countries
- Low interest loans
- End world poverty

27

World bank examples

Developing infrastructure + services in Burkina Faso
Hydro electric power in Ghana

28

World bank criticisms

Conditions of loans (cant pay back)

29

WTO AIM

- Ensure global trade is smooth
- Promote fair trade
- Rule over trade disputes

30

WTO role

Reduced tariffs, more countries can trade without extra cost -> More trade

31

WTO examples

Singapore conference remove barriers of trade -> support globalisation process

32

IMF AIM

189 of countries
- Secure financial stability + economic growth -> reduce poverty
- Keep track of local economy
- Lending to countries
- Practical help

33

IMF examples

- Reduce unproductive spending
- Prioritise healthcare + education
- Maintain effective, efficient tax systems
- Provides money to support + assist counties

34

IMF criticisms

Easy exit of financial situations
e.g. Eurozone in 2010, reduces funds -> still allows trade

35

Free - market liberalisation

-Government intervention in markets impedes economic development
- As wealth increases trickle down will take place from the richest + poorest