Globalisation

What is Globalisation?

The process of increasing integration of economies aound the world, particularly through movement of goods, services, and capital across borders. Also, culture, political, environmental dimentions of globalisation.

What are the 5 strands of Globalisation?

• Economic

• Demographic

• Cultural

• Political

• Environmental

Define Cultural globalisation.

Refers to the transmission of ideas, meanings and values around the world in such a way as to extend and intensify social relations. This normally consists of western cultural traits dominating territories.

Define Political globalisation.

The growth of trading blocs, free trade agreements, and global organisations. The emergence of national, international, and non-governmental organisations that act as watchdogs over governments and have increased their activities and influence.

Define Demographic globalisation.

How population structures have changed as a result of shifting population characteristics such as migration, immigration, and emigration.

Define Environmental globalisation.

A holistic approach to natural problems and issues, looking at the international environment ratherthan just the local or national issues.

Define Economic globalisation.

The increasing integration and interdependance of national, regional, and local economies across the world through a strengthening of cross-border movement of goods, services, technologies, and capital.

What does Flow mean?

The connections between places, how various networks travel from one place to another.

What are the different types of Global Flows?

• Capital

• Commodities/Servics

• Information/Technology

• Culture/People

What is Capital flow?

Refers to all the money flowing between and within a country.

What is Commodities/Services flow?

Raw materials (e.g. fossil fuels, food, minerals)

What is Info/Tech flow?

Internet and communications

What is Culture/People flow?

Transport advances and budgets airlines have encouraged this.

What is another way of saying “The Shrinking World”?

Time-space Compression

What does “The Shrinking World/time-space compression” mean?

The more advanced the world gets, (e.g. technology, transport, communication) the smaller it feels. Travel, communication, etc take less time and money.

How has Containerisation shaped the modern world?

Malcom Mclean change break bulk shipping (og idea in 1937) to save time

Mclean Trucking Company - loan from Citibank (NY)

He designed the ship ‘Ideal X‘ and the shipping containers we use today

What is Fibre Optics?

Fibre Optics refers to technology associated with the transmission of info as light pulses along a glass or plastic strand/ fibre. Gigantic amounts (99%) of data traffic flow across the earth’s ocean floors through fibre optic cables owned by governments or internet TNCs (Google)

What are the benefits of Fibre Optic cables?

The data transmission cost has decreased because of the global network of cables (300 cables)

By 1858 cables reached across the Atlantic and mostly around the world

What does trade require?

Up-to-standard goods or services, with prompt payments

Why is trade beneficial for governments?

Because it increases economic growth, employment, and taxation

What was the Bretton Woods Agreement?

Rules, institutions, and procedures to regulate international monetary flow.