Globalisation key terms

Globalisation

A process of global integration of economies, politics, products, ideas and culture

TNC's

Companies that have HQ's in one country and operations in another country

IGO's

Global organisations that work to harmonize economies and promote democratic ideology

Time- space compression

Heightened connectivity changes over conception of time, distance, goods and money

Interdependency

If 2 places become over reliant on each other financially or politically then they become interdependent

Remittances

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

Shrinking world

Distant places start to feel closer because of technology

Trade bloc

An intergovernmental agreement where barriers to trade are reduced or eliminated among the participating states.

Free- Trade

A policy where a government does not interfere with imports or exports by applying tariffs, subsidies or quotas

Tariff

A tax imposed on imports

Detached

Few flows, poor connections, struggling to globalise

Well connected

Fully globalised... so lots of goods, ideas, people and skills

Offshoring

TNC's move parts of their own production process to other countries to reduce labour or other costs

GDP

measure of financial value of goods and services produced within a territory

FDI

A financial injection made by a TNC into a nation's economy

Global shift

Movement of manufacturing and services from richer to poorer countries e.g. UK to China or India

Mega Cities

A city with a population over 10million people

Deindustrialisation

Decline in manufacturing

Cultural diffusion

Spread of culture

Cultural erosion

Loss of traditional lifestyle, characteristics, language, religion and behaviours

Global hub

Cores that demonstrate connections to the world

Glocalization

When a company tailors products to local markets

Brownfield site

Abandoned or derelict urban land previously used by commercial or industrial companies

Global culture

People from the same culture share common values and beliefs

Absolute poverty

When a persons income is too low for basic human needs to be met

Relative poverty

When a persons income is too low to maintain the average standard of living

Informal sector

Unofficial forms of employment that are not easily made subject to government regulation or taxation.

Diaspora

A dispersion of people from their homeland

Net migration

The overall balance between immigration and emigration

Natural resources

Materials or substances such as minerals, forests, water, and fertile land that occur in nature and can be used for economic gain

Consumer society

a society in which the buying and selling of goods and services is most important

Ecological footprint

A measure of how much an individual consumes, expressed in area of land

Water footprint

Amount of water used in production and transport to market food and other commodities

Carbon footprint

Amount of carbon dioxide produced by an individual or activity

Food miles

Distance food travels from a farm to the consumer

Transition town

A settlement where individuals have adopted 'bottom-up' initiatives wanting to make their community more sustainable .

Sustainability

meeting the needs of the present without compromising the ability of future generations to meet their own needs

Gini Coefficient

Measures inequality of wealth

Ethical purchase

A financial exchange where the consumer has considered the social and environmental costs of production for food, goods or services purchased.

Millennium development goals

Eight specific objectives for the global community created at the UN Millennium Summit in New York in 2000.