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Human - Global Gov. Flashcards

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1
Q

Capital flows

A

Movement of money for the purpose of investment, trade or to produce goods/services. Usually regarded as investment into a production operation.

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2
Q

Globalisation

A

Process by which national economies, societies and cultures have become more integrated through global network of trade, communication, transportation and immigration.

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3
Q

International trade

A

Exchange of capital, goods and services across international borders. Inbound trade is defined as imports and outbound trade as exports.

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4
Q

Labour

A

Factor of production defined as the aggregate of all human physical and mental effort used to create goods or provide services.

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5
Q

What happened in 2008 (with globalisation)?

A

The 2008 global financial crisis.

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6
Q

Who is Marshall McLuhan and what did he predict?

A

Late 1960s, Canadian philosopher predicted advent of ‘global village’ where free rein is given to economic and information flows.

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7
Q

What is the international manner in which organisations would operate?

A
  1. Thinking globally (not within national boundaries)
  2. Acting globally (being present in many counties)
  3. Making ‘planet-wide’ decisions
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8
Q

What are the factors of production?

A

Land - natural resources e.g. soil.
Labour - human resource, quantity/quality of workforce.
Capital - physical resource, man-made aid like buildings/factories.
Capital flows - transfer of physical resources from one place to another.
Enterprise - form of human capital describing those who take risk of establishing businesses and organising production of goods or provision of services.

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9
Q

What does BRIC mean?

A

Acronym used to identify group of 4 countries - Brazil, Russia, Indonesia, China - whose economies have advanced rapidly since 1990s.

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10
Q

Diaspora

A

Large group of people with similar heritage or homeland who have moved and settled in places all over the world.

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11
Q

Leakages (economic)

A

Refers to loss of income from economic system. Usually profits sent back to base country by transnational corporations - profit repatriation.

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12
Q

What does MINT stand for ?

A

An acronym referring to more recently emerging economies of Mexico, Indonesia, Nigeria, Turkey.

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13
Q

What is a ‘core’ country?

A

Global power that is concentrated in hands of relatively small blocks of developed nations.

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14
Q

What is a ‘periphery’ country?

A

Less developed + have been exploited and suffered from lack of investment, leakages and out migration.

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15
Q

In 2005 - 2010 how many workers moved from S. Asia to W. Asia?

A

5 million

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16
Q

Containerisation

A

System of standardised transport that uses large standard-sized steel containers to transport goods. The containers can be transferred between ships, trains and lorries enabling cheaper, efficient transport.

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17
Q

Protectionism

A

Deliberate policy by government to impose restrictions on trade in goods and services with other countries - usually done with intention of protecting home-based industries from foreign competition.

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18
Q

Tariffs

A

Tax or duty on imported goods with the intention of making them more expensive to consumers so that the don’t sell at lower price than home-based goods - a strategy of protectionism.

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19
Q

By how much cheaper is labour cost in India less than UK?

A

10 - 20%

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20
Q

Conglomerates

A

Collection of different companies or organisations which may be involved in different business activities but all report to one parent company - most transnational corporations are conglomerates.

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21
Q

Economies of scale

A

Cost advantages that result from larger size, output or scale of an operation as savings are made by spreading costs or by rationalising operations.

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22
Q

What are high level services?

A

Services to businesses such as finance, investment and advertising.

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23
Q

What are low level services?

A

Services to consumers such as banking, travel, tourism, customer call centres or communication services.

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24
Q

What are flows of labour?

A

Movement of people from one place due to another, e.g. for better paid work someone might migrate from LIC to HIC.

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25
What are flows of products?
Movement of products, mainly for developing countries, e.g. clothes made in a manufacturing factory in LIC to shops in a HIC
26
What are flows of services?
Economic activities that are traded without production of material goods e.g. financial or insurance services.
27
What are flows of information?
Moment of people and speed of data and communication transfers.
28
What are the 2 international divisions of labour?
1. Highly skilled, high-paid, decision making research and managerial occupations concentrated in developed counties. 2. Unskilled, low-paid, assembly occupations located in developed countries, low labour costs.
29
What are the 4 Asian ‘tiger’ economies?
Hong Kong, Singapore, South Korea and Taiwan.
30
In 1954 what % of manufacturing was in industrialised economies?
95%
31
Why has decentralisation occurred?
As a result of foreign direct investment by TNCs.
32
What is a global shift?
The filtering down of manufacturing industry from developed countries to lower wage economies.
33
What is the consequence of global shift in richer countries?
Deindustrialisation and loss of jobs in manufacturing sector.
34
What factors affect location of manufacturing companies?
1. Availability of skilled and educated workforce 2. Opportunity to build new plant with latest, most predictive tech. 3. Government incentives in form of tax breaks or enterprise zones to entice companies to invest and relocate. 4. Access to large markets without tariff barriers, enabled through trade agreements.
35
Maquiladora
A manufacturing operation located in free trade zones in Mexico. They import material for assembly and then export final product without trade barriers.
36
Key factors to drive process of globalisation further into 21stC?
``` Increased communication Transport faster Collapse of communism Transnational corporation Capital/investment Global marketing Travel Containerisation Migration Trade ```
37
What does OPEC stand for ?
Organization of Petroleum Exporting Countries and is the simple most imported trade commodifying.
38
What are the advantages of nations grouping together?
On global scale: Improve peace/cooperation on trade conflict Increase global trade/cooperation on Trade issues Help members develop economies and standard of living On regional scale: Compete on global scale with other trading entities Larger representation of world affairs Allow freedom of movement of trade Allow people seeking work to move between countries Negotiate trade advantages as group with other groups Possibility of developing common currency Support particular sectors of national economy Share technological advantages Remote regions receive support from larger organisations Raise standards of living, education and healthcare across regions
39
What are some disadvantages of nations that group together?
Loss of sovereignty Loss of financial control to control central authority e.g. banks Pressure to adopt central legislation Economic sectors damaged by having to share resources
40
Name some trading blocs and where they are located?
EU - Austria, Belgium, Bulgaria, Cyprus, Denmark,Finland, France, Germany, Sweden, UK, Spain Italy, Poland, etc. APEC (Asia-Pacific Economic Cooperation) - Austria, Canada, chile, China, Hong Kong, Indonesia, Japan, Mexico, USA, Russia, S.Korea, etc. ASEAN (AFTA) (Asian Free Trade Area) - Brunei, Cambodia, Indonesia, Malaysia, Myanmar, Singapore, Thailand, Vietnam. SAARC (South Asian Association for Regional Cooperation) - India, Bangladesh, Nepal, Maldives, Sri Lanka, Bhutan. SADC (African Development Committee) UEMOA (West African Economic and Monetary Union) MERCOSUR OPEC PACIFIC ALLIANCE (chille, Colombia, Mexico, Peru) NAFTA (North American Free Trade) EFTA (European Free Trade Association) CARICOM (Caribbean community 20 countries)
41
What is NAFTA?
The North American Free Trade Agreement, signed by USA, Canada and Mexico in 1994. To eliminate barriers, promote economic competition, increase investment opportunities and improve corporation between 3 member states.
42
When and why were international financial institutions established?
At the end of ww2 in an attempt to steady global economy and provide financial stability.
43
Which are the 2 major global financial institutions?
The World Bank | International Monetary Fund
44
What is a ‘bottom-up’ project?
When local people are consulted and supported in making decisions to undertake projects or developments that meet one or more of their specific needs.
45
What is a ‘top-down’ project?
When the decision to undertake projects or developments is made by a central authority such as government with little or no consultation with local people whose it will affect.
46
What does the International Monetary Fund do?
1. Oversees global financial system 2. Offers financial + technical assistance to members 3. Only provides loans if will prevent global economic crisis 4. Provides loans to help members tackle balance of payment problems + stabilise economies. 5. Draws financial resources from quota subscriptions of member countries 6. 2300 staff from 185 counties - always elects European director.
47
What does the World Bank do?
1. Promotes economic development in developing countries 2. Provides long-term investment loans for development projects with aim of reducing poverty 3. International Development Association (IDA) provides special interest-free loans to countries with low per capita incomes. 4. Encourages start up private enterprises in developing countries 5. Acquires financial resources by borrowing on international bond market 6. Larger than IMF with 7000 staff from 185 counties - always American president.
48
What does WTO stand for?
World Trade Organisation
49
What is a bilateral agreement?
Agreement on trade/aid negotiated between 2 countries or groups
50
What is a multilateral agreement?
An agreement negotiated between more than 2 countries or groups at the same time.
51
Common markets
Group formed by countries in geographical proximity in which trade barriers for goods/services are eliminated.
52
Customs union
A trade bloc which allows free trade with on barriers between members but imposes a common external tariff to trading counties outside bloc e.g. EU.
53
What is the WTO responsible for?
1. Supervise/liberalise Trade by reducing barriers 2. Act as arbitrator sorting trade problems between govs. 3. Negotiate/agree on legal ground rules for international commerce 4. Provide stability giving trading nations confidence there will be no policy changes.
54
What did the ‘Uruguay round do?
In 1986-1994 - reduced barriers for manufacturing industrial goods trade.
55
Why did the trade talk (Doha in Geneva)collapse in 2008?
Disagreement between USA, China and India who wouldn’t comprise on the size of their tariffs. USA wouldn’t aggregate to let allow India and China to use ‘safeguard clauses’ which allowed developing nations to impose emergency quotas on imports.
56
What is outsourcing?
Coat saving strategy used by companies who arrange for goods or services to be produced or provided by other companies, usually at a location where cost is lower.
57
Consequences of outsourcing for original country?
- loss of jobs - de-industrialisation - structural unemployment
58
What are the 2 measures of inequality?
1. Difference between rich and low income countries and with this is increasing or decreasing. 2. Inequality in incomes that exists within each country and how this is affected by globalisation.
59
What is the Gigi Index?
Measure used to indicate levels of inequality of income distribution within a country. Based on idea of Lorenz curve.
60
What is the Lorenz curve?
Total national income in plotted against percentage of corresponding population. The greater the dip of the curve the more unequal the distribution. To look at inequalities with a country.
61
Comparative advantage
Why nations trade, countries that specialise in goods they excel in producing which they then trade for things they aren’t good at producing.
62
What are barriers?
Government imposed restraint on flow of international goods or services. Most common is a tariff.
63
What are the different barriers to trade?
Tariff: tax on imports to protect local industries Import licence: National gov. Authorising importation of goods for specific source. Import quotas: limit on quantities that can be imported into the country. Subsides: grants awarded to domestic producers to reduce cost and increase competition against imported goods. Voluntary export restrictions: technical obstacles like quality of goods imported and how they are produced e.g. EU put restraints on goods produced but child labour.
64
Which countries make up G7?
They account for 50% of global trade. | USA, Germany, Japan, uk, Canada, France, Italy.
65
Where is the largest growing global economy?
China
66
What are the 3 main attractions that pull investment?
Plentiful resources Large accessible consumer markets Financial services
67
What is fair trade?
Helps producers in developing countries achieve better trading conditions and promote sustainability.
68
What does TPP Stand for ?
Trans-Pacific Partnership. Allows free trade between USA, Asia and EU.
69
What does TTIP stand for?
Transatlantic Trade and Investment Partnership. Bilateral free trade agreement between EU and USA.
70
What is ‘group of 77 + china’?
A international forum that started in 1964 and aims to represent interests of worlds poorest countries and help development there to reduce poverty, disease and improve human rights.
71
What 2 trading blocs are in Latin America?
MERCOSUR which allows free movement of labour between members. Pacific alliance to manage fast growing economies and volume of trade between members.
72
What does SDT stand for?
Special and Differential Treatment. A multilateral trading system.
73
What do SDTs enable poor countries to do?
1. Tackle structural handicaps that characterise LDCs such as low income and exploitation of primary goods. 2. Engage in world trade at a higher level and provide incentives for export diversification and allowing mor stable exports. 3. Promoting faster income growth and development.
74
What is a TNC ?
Transnational Corporations. They are countries that operate in at least 2 countries, with a HQ in one and other business operations in other.
75
Why do TNCs operate in different countries worldwide?
1. To escape trade tariffs 2. To find lowest cost for location of production 3. Reach foreign market efficiently 4. Exploit minerals available in foreign countries.
76
What are the two types of trade integration in TNCs?
Vertical - where the entire company is owned and TNC is in complete control. Horizontal - companies diversify operations by expansion of boarder capability at some stages of production by either complementary or competitive to existing business.
77
What are some benefits of TNC?
Host country: - generates jobs and income - brings new tech. - gives workers new skills - multiplier effect For a TNC: - lower costs from cheap land and low wages - greater across new resources and markets - fewer controls like environmental legislations For country of Origin: - cheaper goods - specialise in financial services and r&d occupants
78
What are some costs of TNC?
``` For host country: - poor working conditions - exploitation of resources - negative impact on environment and local culture - Economic leakage and reputation of profits For TNC: - ethical issues like environmental damage or ‘sweatshops’ can be detrimental to their reputation -social and environmental conscience For country of origin: - loss of manufacturing jobs - de industrialisation Structuralunemployment ```
79
What is Glocalisation?
A term used to describe products or services that are distributed globally but which are fashioned to appeal to the consumers in a local market.
80
What is a global common?
An area that lies outside of political reach of any one nation state.
81
What are the 4 global commons?
High seas Atmosphere Antarctica Outer space
82
What are NGOs?
Non-Government Organisations. They democratise decision making and protect human rights and provide services to most needy.
83
What are the 2 types of NGOs?
Operational NGO: provide support and raise money for each project they undertake. Advocacy NGO: campaign and raise awareness to gain support. Money from donations and memberships

Geography (6 decks)

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