Economic Geographies and Globalisation

These flashcards focus on key vocabulary and concepts related to economic geographies and globalisation as discussed in the lecture.

Economic Globalisation

The expansion of economic activities and processes across borders, leading to increased interdependence among national economies.

Tariffs

Taxes imposed on imported goods to protect domestic industries and raise government revenue.

Hyperglobalists

Those who believe that globalisation is leading to a single global economy, making state boundaries less significant.

Sceptical Internationalists

Scholars who argue that globalisation is exaggerated and that significant economic connections existed even before recent trends.

Transformationalists

Those who recognize that globalisation is a complex process that creates new inequalities and configurations of power.

Foreign Direct Investment (FDI)

Investment made by a firm or individual in one country in business interests in another country, in the form of establishing business operations or acquiring assets.

Trade Wars

Economic conflicts that arise when countries impose tariffs or other trade barriers on each other.

Contagion Effects

The potential for economic crises in one country to spread to others, particularly during periods of high interdependence.

MNCs (Multinational Corporations)

Enterprises operating in multiple countries but managed from one (home) country.

Economic Peripherality

Areas or countries that experience significant economic disadvantage relative to more developed economies, often characterized by lower productivity and income.