Study Notes: Globalisation

Globalisation

The increasing interconnectedness of countries through trade, technology, communication, and cultural exchange.

Technological Globalisation

Involves internet, social media, and innovation.

Friction of Distance

The idea that distance is a barrier to interaction, which globalisation reduces.

Time-Space Convergence

The perception that the world is 'shrinking' due to faster communication and transport.

Expansion Diffusion

The spread of ideas while remaining strong at the origin.

Relocation Diffusion

The process of people moving and bringing culture with them.

Global Village

The concept that the world is interconnected like a small village due to communication technology.

Positive Impacts of Globalisation

Includes economic growth, job creation, access to technology, cultural exchange, improved living standards.

Negative Impacts of Globalisation

Includes economic inequality, environmental damage, loss of cultural identity, exploitation of labour, financial instability.

Multinational Corporations (MNCs)

Companies that operate in multiple countries and influence jobs, culture, and economies globally.

Free Trade Agreements

Agreements like WTO, EU, and NAFTA that encourage trade and economic integration.

Cultural Diversity

The blending of traditions due to migration and global interactions.

Marshall McLuhan

The theorist who proposed the idea of the global village, where everyone can access the same information instantly.

Digital Economy

Economy based on digital technologies, including e-commerce and AI.

United Nations (UN)

An international organization that plays a key role in global governance.

Belt and Road Initiative (BRI)

China’s program aimed at expanding trade networks.

Fast Fashion Industry

An industry characterized by global supply chains and environmental concerns.

COVID-19 Pandemic

An event impacting trade, travel, and healthcare worldwide.