unit 3 - globalisation Flashcards

Question

Why would a country accept free trade?

Answer 1

With the idea that it is cheaper and easier to buy rather than make

Answer 2

cons: 1. local industries can collapse due to lower prices of foreign companies 2. displace jobs and exploit workers in developing countries using lax regulations pros: 1. consumers have more options to choose from for their needs product/service 2. Consumers get products at lower costs due to high competition.

Answer 3

North American Free Trade Agreement (NAFTA) A free trade area between the US, Canada and Mexico which eliminated tariffs on most goods and services However, each country was independent and maintained its own trade policies such that each country was free to set their own specific regulation for their own country

Answer 4

This is the opposite of free trade where there are high import tariffs which discourage relocation and restrict international trade. This is because these countries want to be independent and produce everything internally and help grow domestic industries rather than seeking help from others

Answer 5

Pros: Stabilizes economy reduces competition prioritizes local industries Cons: High production costs fewer consumer choice Minimum flexibility

Answer 6

No country can do well in a particular field without the help of others, especially during this modern era of globalisation.

Answer 7

Many producers in LEDCs don't get the wages they deserve and this is where Fair Trade comes in. It is a worldwide movement which aims to help the producers of LEDCs and help mitigate the negative impacts of globalisation. This is done using the Fair Trade premium and Fair Trade minimum

Answer 8

A type of fund which uses some of the profit gained to help the laborers. It is given back to the workers in the LEDCs which made the product in the form of investing in welfare programs like developing schools, access to clean water and food, electricity, etc.

Answer 9

the lowest price that a buyer must pay for a certified Fair trade product to ensure that the producer doesnt need to minimise his profits during times of reccessions

Answer 10

1. equal pay 2. safe working conditions 3. environmental sustainability 4. gender equality 5. community development

Answer 11

Free trade is focused more on economic efficiency and economic growth with little to no trading restrictions. More profitable for larger companies and governments rather than small scale producersc Fair Trade is more on the social and cultural aspects. It focuses on social justice, and environmental sustainability and promotes marginalised communities and small-scale producers.

Answer 12

pros: promotes sustainability and reduces envrionmental impact Better wages and working conditions for producers Empowers smaller workers to grow by giving them more control over their business and access to international markets Promotes equality by giving farmers what they deserve

Answer 13

Cons: Limited market reach as only a handful of products are fair trade certified consumers need to pay a more premium fund and hence limited avaliability Limited avaluability in markets Limited producer reach as they need to meet a plethora of guidlines and criteria before being eligbile for fair trade

Answer 14

The Caribbean, african and south american countries. They were bullied to implement the free trade principle by other larger nations like the US and european countries with whom they have to desperately trade with. The also do this to appease the IMF

Answer 15

International Monetary Fund offers low interest loans to developing countries (LEDCs)

Answer 16

Foreign aid refers to the financial, technical, monetary and material assistance provided by one donor country or international organization voluntarily to another recieving country or region.

Answer 17

Bilateral aid Multilateral Aid Humanitarian Project Aid Debt Relief Military Support

Answer 18

Bilateral aid involves the direct transfer of resources from one country (donor) to another country (recipient) through government-to-government agreements or partnerships.

Answer 19

Humanitarian aid provides emergency assistance to populations affected by natural disasters, conflicts, and humanitarian crises. It includes food aid, medical supplies, shelter, water, sanitation, and other forms of relief assistance.

Answer 20

Project aid funds specific development projects aimed at addressing targeted areas of need, such as healthcare, education, agriculture, infrastructure development, environmental conservation, and poverty alleviation.

Answer 21

Multilateral aid involves contributions from international organizations, such as the World Bank, International Monetary Fund (IMF), United Nations (UN), and regional development banks. These organizations use resources from multiple donor countries to fund development projects and initiatives in recipient countries.

Answer 22

Debt relief refers to the donor country partially or fully ending all debt owed by the recipient country, in order to strengthen their international relations, influence in the recipient country, etc.

Answer 23

Military aid given in terms of army personell or weaponary given to recipient country in times of war. This not only helps solve a humanitarain crisis, but also helps expand the host country's military

Answer 24

1. UN 2. Redcross 3. IMF 4. WHO 5. World Bank

Answer 25

Moral and Ethical where countries feel obliged to improve QOL in the LEDCs Economic where the donor country gives its fund to a receiving country and tells them to expand/grow their market in their notation for economic growth. Eg: Tied Aid political or self-interest reasons why countries want to establish a good relationship with a nation for trade or make an influence of them for security reasons.

Answer 26

Type of aid in which donor country gives capital and forces host country to spend it on donor country's good and services to help expand its economy globally

Answer 27

Yes, foreign aid is a product of globalization. Globalisation allows for easier flow od goods and servcies which makes foreign aid even more accesible for receveing countries Countries are forced to maintain a good relationship with otehrs for trade purposes due to the evergrowing interconnectedness between them Institutions involved in providing foreign aid are also created as a result of foreign aid

Answer 28

1. Provides assistance in dire situations for receiving countries and helps empower individuals and communities in the receiving country 2. Investments in infrastructure, technology, healthcare and agriculture can help, create jobs, and elevate quality of life.

Answer 29

1. Overreliance on aid can hinder local initiatives and lead to unsustainable development. 2. Improper governance and transparency mechanisms can create opportunities for aid to be mismanaged or diverted from its intended goals. 3. Donor country may gain unfair political advantages leading to exploitation of the LEDCs

Answer 30

After the Korean War in the 1950s South Korea received significant bilateral and humanitarian aid from the United States, which helped infrastructure development, education, and industrialization, which helped them grow economically and transform into a devloping nation

Answer 31

Following the 2010 earthquake, Haiti received billions in foreign aid for reconstruction and development. However, corruption, political instability, and lack of long-term planning hampered progress, leading to criticisms of aid effectiveness.

Answer 32

U.S. Tariffs on Steel and Aluminum in 2018. The U.S. government imposed a 25% tariff on steel and a 10% tariff on aluminum imports, primarily targeting China, in an effort to protect American steel and aluminum industries.

Answer 33

Positive: US aluminium and steel industries saw an increase in its production Increased jobs within this sector fo the economy Negative: - Higher costs of raw materials espaically for those industries who rely on steel and aluminum such as automotive machinery - Consumers faced higher costs on products made of steel and aluminum

Answer 34

Multilateral economic Aid headed by the US and give to its alliances in Western Europe such as France, Italy in 1948 after WW2. The aid was managed through the Organization for European Economic Co-operation (OEEC). This helped create a market for American goods within Europe and helped restore political stability and milatry prowess again.

Answer 35

MEDC: High literacy rates High GNP which allows access to resources such as healthcare Low birth and death rate Generally in Stage 4 of DTM Stationary population pyramid

Answer 36

LEDC: Low literacy rates Low GNP making it dificult to escape the poverty cycle High brith and death rate Generally in Stage 2 or 3 in DTM Expansive population pyramid Lot of people stuck in welfare/poverty trap

Answer 37

Diffusion - Kpop becoming more and more popular across the world, leading to the spread of South korean culture acoss the world (such as sushi being more prominant in Europe and US) Imperialism - Due to colonisation, many countries such in Africa and India follow the british education system, often dispalcing the core values and roots of their own traidtions

Answer 38

Bill Gates views globalization mostly in a positive light. He believes that globalization has helped reduce poverty, improve healthcare, and spread innovation around the world. Gates argues that through globalization, technologies, ideas, and opportunities have reached millions of people in developing countries, helping raise their standard of living.

Answer 39

Fror: Hyper-Globalists Agaianst: Skeptical internationalists

Answer 40

The spread of an underlying principle or concept, even if the specific characteristic itself does not spread. The idea behind the diffusion spreads, but the exact characteristic might adapt or change as it spreads. Very similar to glocalisation Eg: Mcdonalds adapting its menu

Answer 41

The spread of an idea or cultural trait through the physical movement of people from one place to another. Example: The spread of Mexican cuisine to the U.S. through Mexican immigrants.

unit 3 - globalisation Flashcards

(65 cards)