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Flashcards in Globalisation - Key Words Deck (56):
1

Transnational corporations

Businesses whose operations are spread across the world, operating in many nations as both makers and sellers of goods and services. Many of the largest are recognisable as global brands that bring cultural change in the areas they are consumed in.

2

Gross Domestic Product

A measure of the financial value of goods and services produced within that country including foreign firms located there

3

Emerging economies

Countries that have begun to experience high rates of economic growth, usually due to the rapid factory expansion and industrialisation. There are numerous sub groups to emerging economics (NICS, RICS, BRICS)

4

Remittances

Money that migrants send home to their families via formal and informal channels

5

Interdependency

If two places become over reliant on financial and/or political connections with one another, then they have become interdependent.

6

Spatial division of labour

The common practice among TNCs of moving low skilled work abroad (or offshore) to places where labour costs are low. This is also called the new international division of labour

7

Intermodal containers

Large capacity storage containers which can be loaded onto ships or trains without the freight being taken out.

8

Shrinking World

Thanks to technology, distant places start to feel closer and take less time to reach.

9

Foreign Direct Investment (FDI)

A financial injection made by a TNC into a nations economy, either to build new infrastructure, to build new facilities or to acquire or merge with an existing firm already located there.

10

Trickle-down

The positive impacts on peripheral regions (and poorer people), caused by the creation of wealth in core regions.

11

Sovereign wealth funds

Government owned investment funds and banks typically associated with China and countries that have large revenues from oil such as Qatar

12

Trade blocs

Voluntary international organisations that exist for trading purposes, bringing greater economic strength and security to the nations that join.

13

Tariffs

The taxes that are paid when importing or exporting goods and services between countries

14

Special Economic Zone

An industrial area, often near a coastline, where favourable conditions are created to attract TNCs. These conditions include low tax rates and exemption from tariffs and export duties.

15

Offshoring

TNCs move parts of their own production process to other countries to reduce labour or other costs

16

Outsourcing

TNCs contract another company to produce the goods and services they need rather than do it themselves. This can result in the growth of complex supply chains.

17

Global production networks

A chain of connected suppliers of parts and materials that contribute to the manufacturing or assembly of the consumer goods

18

Least developed countries

The worlds very poorest low-income nations whose populations have little experience of globalisation. A number of these nations are described as ‘failed states’ by politicians.

19

Subsidies

Grants given by governments to increase the profitability of key industries

20

Just-in-time

The means by which the time gap between production and delivery to the customer is sharply reduced – cutting warehousing and storage costs.

21

New Economy

Where GDP is earnt more through expertise and creativity in services such as finance, media, law, technology and management than from the manufacturing of goods.

22

Glocalise / glocalisation

When a company restyles its products to suit local tastes

23

Human Development Index

A single index figure, published by the UN each year, which expresses the levels of education, health and GDP indicators for every country.

24

World Cities or hub cities

Cities with a major influence based on; finance, law, political strength, innovation and ICT.

25

Source location

Places from which migrants move

26

Host location

Places to which migrants move

27

Capitalism

A belief in a market economy where people are free to set up businesses and keep the profits and where supply and demand determine the prices of goods and services

28

Communism

A belief in a communal wealth for a classless society. Property is owned communally and wealth is distributed equally. The state owns or controls most land, as well as the banks, natural resources and the media

29

Ecological footprint

A measure of the land area and water reserves that a population needs in order to produce what it consumes using current technology.

30

Deindustrialisation

The decline of regionally important manufacturing industries. The decline can be charted either in terms of workforce numbers or output and production.

31

Internal migrant

Someone who moves from place to place inside the borders of a county. Globally most internal migrants move from rural to urban areas. In the developed world however, people also move from urban to rural areas too.

32

Urbanisation

An increase in the proportion of people living in urban areas

33

Economic migrant

A migrant whose primary motivation is to seek employment. Migrants who already had a job may have set off in search of better pay, more regular pay, promotion or a change of career.

34

Refugee

People who are forced to flee their homes due to persecution, whether on an individual basis or as part of a mass exodus due to political, religious or other problems.

35

Intervening obstacles

Barriers to a migrant such as a political border or physical feature eg a desert or mountain)

36

Natural increase

The difference between a society’s crude birth rate and crude death rate. A migrant population, such as those found in the developing world megacities, usually has a high rate of natural increase due to the presence of a large number of fertile young adults and relatively few older people.

37

Centripetal migration

Movement of people directed towards the centre of urban areas.

38

Brownfield site

Abandoned or derelict urban land previously used by commercial or industrial companies.

39

Cultural traits

Culture can be broken down into individual component parts, such as the clothing people wear or their language.

40

Cultural imperialism

The practice of promoting the culture / language of one nation over another.

41

Absolute poverty

When a persons income is too low for basic human needs to be met, potentially resulting in hunger and homelessness.

42

Millennium development goals

Eight specific goals for the global community created at the UN Millennium Summit in New York in 2000

43

Relative poverty

When a persons income is too low to maintain the average standard of living in a particular society. Asset growth for very rich people and lead to more people being in relative poverty.

44

Informal sector

Unofficial forms of employment that are not easily made subject to government regulations or taxation.

45

Post accession migration

The flow of economic migrants after a country has joined the EU

46

Diaspora

The dispersion or spread of a group of people from their original homeland

47

Crude birth rate

The number of live births per 1000 people per year.

48

Nationalist

A political movement focused on national independence or the abandonment of policies that are viewed by some people as a threat to national sovereignty or national culture

49

Post-colonial migrants

People who moved to European Countries from former colonies during the 50s, 60s and 70s. The UK received economic migrants from the Caribbean, India, Pakistan, Bangladesh and Uganda

50

Net migration

The overall balance between immigration and emigration

51

Consumer society

A society in which the buying and selling of goods and services is the most important social and economic activity.

52

Water footprint

A measure of the amount of water used in the production and transport to market of food and commodities

53

Carbon footprint

The amount of carbon dioxide produced by an individual or activity.

54

Food miles

The distance food travels from a farm to the consumer.

55

Transition town

A settlement where people and businesses have adopted bottom up initiatives with the aim of making their community more sustainable and less reliant on global trade.

56

Ethical purchase

A financial exchange where the consumer has considered the social and environmental cost of the production for food, goods or services purchased.