global systems and governance- key aspects

What are the four global commons?

Oceans, atmosphere, space, and Antarctica.

What is globalisation?

The process by which the world is becoming more interconnected due to increased trade.

What are examples of human aggrievances on a global scale?

Famine, droughts, bad natural disasters, and conflicts.

What does HDES stand for?

Higher Developed Economies.

What does LDES stand for?

Lower Developed Economies.

What are EMEs?

Emerging Major Economies.

How has globalisation affected connections between people?

People around the globe are more connected to each other than ever before.

What is the significance of information and money flow in the context of globalisation?

Information and money flow more quickly than ever due to globalisation.

How has globalisation impacted the availability of goods and services?

Goods and services produced in one part of the world are increasingly available in all parts of the world.

What is a trend in international travel as a result of globalisation?

International travel is more frequent.

What is containerisation?

Containerisation refers to the use of standard-sized containers to improve logistics and movement of goods globally.

How has containerisation impacted the cost of goods?

It has made goods cheaper by allowing mass buying, which leads to economies of scale.

What was the reduction in shipping time from the EU to Australia due to containerisation?

The shipping time was reduced from 10 days to just a few hours.

What percentage did shipments increase between 1993 and 2002?

Shipments increased by 40%.

What are some advantages of containerisation?

Advantages include cheaper products, increased access to markets, more employment opportunities, and increased profits.

Name a disadvantage of containerisation.

Disadvantages include the closure or relocation of many ports, loss of low-skilled jobs, increased pollution, and human trafficking.

How has global warming affected shipping routes?

Global warming is opening new routes for shipping, making logistics more efficient.

What does containerisation help connect directly?

Containerisation connects manufacturers straight to consumers.

What is one significant environmental issue linked to containerisation?

Increased pollution and its contribution to climate change.

Why is containerisation considered a universal method?

Containerisation is universal because it has been widely agreed upon and adopted globally.

What are some examples of new technologies that contribute to globalization?

Social media and call centers.

What is the shrinking word effect in the context of globalization?

Globalization has reduced the significance of time and distance, leading to increased connectivity.

What are the 5 factors of globalization?

1) New technologies, 2) Communication systems, 3) Transfer of information, 4) Services, 5) Capital movement.

How has satellite and fiber-optic communication impacted globalization?

It has enabled the growth of internet and mobile phone systems, facilitating international money transfers.

What does the term 'time-space compression' refer to?

The phenomenon where time and distance become less significant in a connected world.

How can relationships be maintained according to the lecture notes?

Relationships can be maintained even across great distances.

What has deepened global connections and increased flows of labor?

The global availability of smartphones and various apps.

What app is mentioned as having added a new dimension to migration?

Global positioning service (GPS) apps.

How many more cell phones than toilets are there in Africa?

There are more cell phones than toilets in Africa.

What has changed in the management of companies due to global relationships?

The way companies are managed has changed due to the global relationships and systems in place.

What is required for companies to ensure profits are heightened?

Management by companies is required to ensure profits are heightened.

What is economies of scale?

The ability to save money by buying in bulk, selling in bulk, and delivering in bulk.

What do global supply chains enable companies to do?

They allow companies to have different stages of production in different countries.

What overall effect does the ability to communicate information and transport products have on production?

It minimizes costs at each stage of production.

What is outsourcing in the context of globalization?

Outsourcing refers to companies hiring external service providers from lower developed economies to save time and money.

What motivates companies to outsource?

Companies are motivated to outsource due to lower labor costs and the ability to effectively communicate information to the firms they hire.

What is offshoring?

Offshoring is the relocation of a company's process abroad to minimize costs, often by locating in low-income countries with lower labor costs.

Why might companies choose to offshoring?

Companies may choose to offshoring due to lower taxes and availability of materials in other countries.

What comprises a global financial system?

A global financial system encompasses the relationships between those who borrow money, those who invest money, and the institutions that manage these transactions, such as banks.

How has globalization impacted financial systems?

Globalization has transformed financial systems into a global process facilitated by online communication and transactions.

What role do multinational corporations play in the global financial system?

Multinational corporations invest their profits to earn more interest, significantly increasing capital flow in the global financial system.

How do individuals interact with the global financial system?

Individuals buy and sell shares and stocks from global corporations, contributing to the vast array of transactions in the financial system.

What is an example of a large financial institution involved in global finance?

The World Bank is an example of a large financial institution that countries borrow from, representing a significant flow of global capital.

What is a key feature of modern banking facilitated by globalization?

Internet banking exemplifies how globalization has allowed financial transactions to occur on a global scale.

What is colonialism?

The act of gaining control, building an empire, and exerting influence over other countries.

What are the four dimensions of globalization?

Flow of information, flow of capital, flow of services + global marketing, flow of technology, and labor.

What are the different dimensions within globalization?

Economic, social, political, and cultural.

How have innovations in transport affected the transportation of goods?

Innovations in transport have made it easier to transport goods faster and in larger quantities.

What is containerisation?

Containerisation makes global transportation cheaper and allows containers to move between ships, trains, and lorries.

How have larger and faster aircraft impacted travel?

Reduced travelling times and allowed products to be sold over larger distances.

What are some advancements in transporting people?

High-speed rail provides important transport links between neighboring countries; air travel has become cheaper and more accessible.

What effect has migration had on globalization?

Migration of jobs and money has increased due to improved transportation.

What is time-space compression in terms of travel?

The phenomenon where air travel allows quicker and cheaper access to more destinations, reducing perceived distances.

What is a common technology used at airports for security purposes?

X-ray technology.

What is a global concern mentioned in the notes?

Cybersecurity and cyber attacks.

Which council is responsible for ensuring security and limiting disagreements globally?

The United Nations Security Council.

What can be used to track individuals attempting to commit crimes?

CCTV, search histories, and financial purchases.

How can security measures contribute to globalization?

Countries work together to increase the security of transported goods.

What can stricter immigration policies do to globalization?

They can limit globalization by restricting the flow of people.

What have trade agreements done to globalization?

They have deepened and accelerated globalization by making international trading less expensive and easier.

Which organization oversees all trade agreements to ensure fairness?

The World Trade Organization (WTO).

What is a multilateral trade agreement?

Treaties created between three or more nations looking to trade with each other.

What is one reason trading can be expensive?

Controls and restrictions such as tariffs on imports and exports.

What are bilateral trade agreements?

Agreements between countries to promote trade, normally involving only 2 countries.

What are unilateral trade agreements?

Agreements when developed countries grant non-reciprocal trade preferences to developing countries to help them increase exports and promote economic development.

List some advantages of globalisation.

Economic benefits, increased international relations, wider consumer choice, access to cheaper labor, economic growth for developing countries, cultural diversity, improved air travel, and quicker delivery.

What is a disadvantage of globalisation related to technology?

Becoming reliant on technology.

How can globalisation impact trade balances negatively?

Countries can have deficits in trade agreements, such as Mexico and America.

What is a potential environmental issue resulting from globalisation?

Environmental impacts such as oil spills.

What cultural effect can globalisation have?

Loss of individualization and culture.

What are some health risks associated with globalisation?

Widespread diseases like COVID-19 and increased mosquito-borne diseases.

How has globalisation improved air travel?

Air travel has become cheaper with more options.

What are some negative aspects of globalisation regarding immigration?

Increased illegal immigration and drug trafficking.

What are the main objectives of market stability?

The main objectives are ensuring a constant supply of goods and providing consumers with reasonable prices.

Where do transnational corporations (TNCs) typically locate in host countries?

TNCs tend to be located near centres of higher education.

Can you give an example of a TNC in the primary sector and its location?

Shell, which is located in Nigeria.

What factors attract TNCs to the secondary sector?

Low labor costs, a high work ethic, and fewer holidays.