what is globalisation?
the widening and deepening of global connections and interdependence through the increased flows of people, capital, information and commodities
what is the shrinking world effect?
how technological advancements in transport and communication make the world feel smaller and more interconnected, despite physical distances remaining the same
what has contributed to the shrinking world effect?
what are the four types of globalisation?
what is economic. globalisation?
the increase of TNCs and informations and communications technology
what is political globalisation?
the increase in trading blocs, free trade agreements, and the globalisations e.g. the world bank, the IMF and the WTO
what is social globalisation?
International migration, improvements in education ad healthcare and social connectivity
what is cultural globalisation?
the worldwide exchange and blending of ideas, values, traditions, products, and popular culture, driven by technology (like the internet) and travel
what is containerisation?
the process of using large shipping containers to transport goods
what 19th century Developments aided globalisation? give examples
what 20th century Developments aided globalisation? give examples
what 21st century developments aided globalisation?
ICT and global communication
- mobile phones, internet, electronic banking, fibre optics
- no longer needing to wait days, weeks, months for responses
- large amounts of data (e.g., in emails, tweets) are carried across the ocean floor by fibre optic cables in real time reducing the cost of communication
how were global connections made historically?
Past global connections were made through trade, Colonialism and co-operation between countries through international organisations
what infrastructure project took place in 2013?
China belt and road initiative
what role does the IMF play in globalisation?
it lends money for developmental purposes in order to maintain international financial stability + stabilise currencies
- forces countries to privatise government assets therefore
= Transfer loans from HICs to countries that have applied for help
Recipients of the loan must agree to run free market economies so TNCs can locate there easily
what role does the WTO play in globalisation?
advocates for trade liberalisation + trade without barriers + therefore free trade policies
- 1995 - Took over from the General Agreement on Tariffs and Trade
what role does the world bank play in globalisation?
provides loans for development e.g. France for post war reconstruction
what is privatisation?
the transfer of assets from the public sector to the private sector
what are tariffs and what do they help do?
taxes charged on goods or services as they move from one country to another another
how do nationals governments play a role in globalisation?
they make decisions on running the county including tax collection, public spending, foreign policy
how do local communities play a role in globalisation?
encourage tourism, cultural exchange and migration
what is protectionism?
the protection from domestic industry and agriculture from overseas competition through tariffs and quotas
what is neoliberalism?
the ideas that more economic growth can occur if there are less barriers to trade
what are the positives of protectionism?