Topic 3: Globalisation Flashcards
(10 cards)
1
Q
globalisation
A
the process of increased interconnectedness and interdependence among countries
2
Q
interdependence
A
- mutual reliance between countries
- what happens in one place increasingly impacts other places
3
Q
flows
A
- commodities (movement of goods and services)
- capital (movement of money)
- information (movement of data and knowledge)
- migrants (voluntary or forced movement of people)
- tourists (short term movement of people)
4
Q
developments in transport
A
- 19th century: railways, telegraph, steam-ships
- 20th century: jet aircraft, containerisation
- accelerated globalisation
- transport has become cheaper over time
- also more efficient
5
Q
containerisation
A
- freight transport
- standardised, intermodal containers
- can be loaded, unloaded, stacked and transported efficiently over long distances
- can be transferred from one mode of transport to another
- mechanised process, all handling done with cranes and forklift trucks
- faster + reduced costs
6
Q
developments in communications
A
- 21st century: ICT (information and communications technology) and global communication (mobile phones, internet,
social networking, electronic banking, fibre optics) - reduced communication costs
- increased global information flows
7
Q
time-space compression and the ‘shrinking world’
A
- physical distances between places remain unchanged
- new technologies
- reduced time to trade and communicate
- increased connectivity with more distant places
8
Q
World Trade Organization (WTO)
A
- believes in free trade without subsidies or tariffs (barriers)
- advocates for trade liberalisation (removing barriers to trade)
- encourages all trade
9
Q
International Monetary Fund (IMF)
A
- ## maintains international financial stability
10
Q
World Bank
A
- provides loans for economic development
- poverty reduction
- unfair conditions attached to loans e.g. adopt trade liberalisation policies, open up to FDI
- puts economic development before social development
