Globalisation EQ1

Question 1

What is globalisation?

Answer 1

A variety of ways in which places are now more connected with one another than they used to be

Question 2

What are the 4 strands of globalisation?

Answer 2

1- Economic Globalisation
2- Social Globalisation
3- Political Globalisation
4- Cultural Globalisation

Question 3

What are the 4 flows of globalisation?

Answer 3

1- Capital (Money)
2- Commodities (Goods)
3- Information (Data)
4- People (Migrants + Tourists)

Question 4

How did globalisation occur pre-1940s?

Answer 4

-Trade (eg Silk Road)
-Colonialism
-Co-operation (international organisations after WW1)

Question 5

What is time-space compression?

Answer 5

The perceptual change of time, distance and potential barriers to the migration of people, goods, money and information though heightened connectivity

Question 6

What is ‘shrinking world’?

Answer 6

Thanks to technology, distant places start to feel closer and take less time to reach

Question 7

Why might some people be against the globalisation flows?

Answer 7

-Some people are against remittance as the money isn’t contributed to the host country’s economy
-Some people against open borders and free movement of migrants
-Some fear TNCs are responsible for the spread of culture
-Some against flows of personal data and information across the World

Question 8

What is the interrelationship between trade and transport growth?

Answer 8

Technological developments in transport has allowed trade to happen more quickly and easily, increasing profits which drives technological changes

Question 9

How has container ships in 1950s led to increased globalisation?

Answer 9

Goods can be transported more efficiently with intermodal containers (ships carry up to 23946 containers)

Question 10

How has the jet aeroplane in the 1960s led to increased globalisation?

Answer 10

The Boeing 747 allowed international travel to be easier, quicker and cheaper

Question 11

How has steam technology in the 1800s led to increased globalisation?

Answer 11

Steam technology powered ships, which could move goods and armies quickly and further along trade routes

Question 12

What is meant by the spatial division of labour?

Answer 12

TNCs moving low-skilled work abroad to places where labour costs are low, with important managerial jobs being retained at the TNC’s headquarters

Question 13

What are transnational corporations (TNCs)?

Answer 13

Businesses whose operations are spread across the world, operating in many nations as both makers/sellers of goods and services

Question 14

GDP (Gross Domestic Product)

Answer 14

A measure of the financial value of goods and services produced within a territory (including foreign firms located there)

Question 15

Emerging economies

Answer 15

Countries that have begun to experience high rates of economic growth (usually due to rapid factory expansion/industrialisation)

Question 16

Remittances

Answer 16

Money that migrants send homes to their families via formal or informal channels

Question 17

What are economies of scale?

Answer 17

Where companies expand production to increase efficiency and reduce unit production costs

Question 18

Technological leap frogging

Answer 18

The adoption of a new technology by a developing economy without it having to use a more basic technology first

Question 19

How has the growth of ICT led to time space compression?

Answer 19

-Telephone and telegraph
-Internet and social network
-Broadband and fibre optics
-GIS and GPS

Question 20

What are tax breaks?

Answer 20

Reducing the tax rates on certain goods, making import values cheaper

Question 21

What are grants + subsidies?

Answer 21

Loans/grants given by governments to increase the profitability of and develop industries

Question 22

Free market liberalisation

Answer 22

Removing the influence and control of the state and government in the economic market

Question 23

Privatisation

Answer 23

Ownership of national services by private investors/companies to reduce government spending and raise money

Question 24

Trade bloc

Answer 24

Voluntary international organisation that exist for trading purposes, bringing greater economic strength and security to the nations that join

Question 25

Why do countries join trade blocs?

Answer 25

-To freely trade with neighbours or more distant allies without internal tariffs -Provides a sense of security -Can agree to a common external tariff and quotas on foreign imports