Key concept of globalisation Flashcards
(26 cards)
What is globalisation?
The increasing interconnectedness and interdependence of the world’s economies, societies, cultures, and environments
What facilitates globalisation?
Advances in communication, technology and transport
What are the dimensions of globalisation?
flows.
Flows of goods, services + info, capital, people
What is economic globalisation? (5)
Growth in international trade.
Expansions in TNCs
Offshoring, outsourcing
Increased FDIs
Emergence of global economic institutions (IMF, WB, WTO)
What is political globalisation? (4)
Rise in influence of international political organisation (G7, UN, EU).
Spread of democratic values (norms)
Treaties and agreements (E.g. paris agreement)
Greater cooperation to address global issues (pandemics, climate change, conflict)
What is cultural globalisation? (5)
Spread of western culture, through media, food, fashion, and language.
growth of global media platforms.
Cultural hybridisation (mixing cultures, e.g. Kpop).
Resistance of cultural erosion
What is social globalisation? (4)
Increased international migration.
Greater individual connectivity.
rise of global diasporas (Transnational communities).
Spread of ideas, norms and practices.
What is environmental globalisation? (4)
Shared global environmental issues.
Impact of global economic activity on the environment.
Need for global environmental governance.
Transfer of environmental risks across borders (e.g. oil spills)
What are the factors accelerating globalisation? (6)
Technological changes.
Liberalisation of trade.
Growth of TNCs.
Financial deregulation.
Migration and labour mobility.
Role of global institutions
How have technological changes accelerated globalisation? (3)
Internet, mobile phones, satellite communications.
Innovations in transportation –> containerisation.
Growth of e-commerce
How has liberalisation of trade accelerated globalisation? (2)
Reduction of tariffs and quotas by WTO and trade blocs (EU NAFTA).
Promotion of FTA and open markets
How has the growth of TNCs accelerated globalisation? (2)
Global brands establish supply chains and production sites worldwide.
Influence consumer habits and local economies
How has financial deregulation accelerated globalisation? (2)
Free movement of capital across borders.
Global stock markets
How has migration and labour mobility accelerated globalisation? (2)
Movement of economic migrants.
Global remittance flows
How has the role of global institutions accelerated globalisation?
WTO governs trade rules.
IMF stabilises exchange rates and lends money.
WB financial development projects
What are the positive impacts of globalisation? (4)
increased trade and economic growth.
Access to new markets and innovation.
Spread of knowledge, technology and culture.
International cooperation on global issues
What are the negative impacts of globalisation? (5)
Widening inequality.
Cultural homogenisation.
Environmental degradation.
Exploitation of labour and resources.
Vulnerability to global shocks (e.g. 2008 financial crash, COVID)
What is a TNC?
Trans-national cooperation.
Company operating in more than one country, Usually has headquarters in HICs
What is Global Shift?
Movement of economic activity from HICs to NEEs and LICs, especially in manufacturing and services
What is time-space compression?
The idea that globalisation reducesthe time it takes to connect with distance places due to advances in transport and communication.
Makes the world feel smaller
What is a global common?
Natural resources and areas that are not owned by any one country and are shared by all.
E.g. Antarctica, high seas, atmosphere, space
What is outsourcing?
Contracting work or services to an external organisation, often overseas, to reduce costs.
What is offshoring?
Relocating business operations or production to another country to take advantage of lower costs, tax breaks or favourable regulations
What is glocalisation?
Adapting global products or ideas to suit local cultures and preferences
