Globalisation - Case Studies Flashcards
(36 cards)
What is the purpose of the EU?
Economic and political union for collective decision making
What treaty established the EU?
Maastricht Treaty 1993 (EEC formed Treaty of Rome 1957)
How many nations are part of the EU and what is their combined GDP?
27 nations: combined GDP of $16.6 trillion
What is the purpose of the ASEAN?
To ensure regional peace/co-operation, avoiding external interference
How many nations are part of ASEAN and what is their combined GDP?
10 nations: combined GDP of $3.7 trillion
What governance structure does the EU use?
Supranational with binding laws enforced by European Court of Justice
What voting method is used in the European Council?
Majority voting
What is the ASEAN Way?
Intergovernmental with non-binding resolutions emphasizing individual sovereignty
What is the EU’s single market?
Freedom of movement of goods, services, capital, and people
How many EU members use the euro?
20 out of 27 EU members
What percentage of global trade does the EU account for?
15%
What are Free Trade Agreements (FTA)?
Agreements with over 40 external partners (e.g. EU-South Korea FTA 2011)
What is the Common Foreign and Security Policy?
Shared goals including sanctions and non-interference policy
What does the European Commission do?
Enforces rules with penalties for non-compliance
What challenges does the EU face?
Rising Euroscepticism, Brexit, development gaps, lack of enforcement
What significant policy change did China undergo in 1978?
Open Door Policy allowing reforms and embracing globalization
What was the impact of rural reforms in China post-1978?
300 million people migrated from rural areas to cities
What are Special Economic Zones (SEZs) in China?
Areas with low/no corporation taxes encouraging growth
What has been the shift in China’s economy by 2015?
Shift towards high-tech goods and significant poverty reduction
What is the cultural protectionism policy in China?
Controls on foreign TNC dominance and limited foreign media access
What is the situation of North Korea regarding globalization?
Politically isolated with no access to social media or outside influence
What caused the global shift in manufacturing to China?
Low-cost labor and improved worker conditions post-2000
What are some benefits of economic growth in China?
Improved living conditions, increased domestic consumption, and technology adoption
What are the economic characteristics of India’s growth?
Service and IT sectors driving economy, with high English fluency