Studied by 6 people
Globalisation
A process of global integration of economies, politics, products, ideas and other aspects of culture.
Glocalisation
The adaption of a good offered by a TNC to suit a local market.
TNCs
Transnational companies. A company that operates in countries other than where they originated.
China’s open door policy
Established in 1978. China allows foreign industry and TNCs in to promote modern and thriving China.
Containerisation
A logistical system of transporting goods in steel containers.
Cultural diffusion
The spread of cultural beliefs and social activities into different cultures
Cultural erosion
The reduction of culture due to globalisation
Deindustrialisation
A reduction in industrial activity, leading to economic and social changes in a region
Diaspora
People displaced from their homeland, it can be voluntarily or forced.
Downward transition zones
A country or city with predicted economic decline, industrial
reduction or switched off from globalisation.(e.g. Scotland, Turkey, Brazil)
Economic migration
Movement of migrants to improve financial outcome or standard of living.
Foreign Direct investment (FDI)
An investment by one country or business with an interest in another country.
Global hubs
Cores that demonstrate connections to the world (through trade, ideas, migration, etc). TNCs and foreign direct investors will show an interest to base here.
Hyper-Globaliser
Someone who believes that globalisation and cultural diffusion is a positive process, which will lead to the formation of a homogeneous culture (one ‘super’ global culture).
International monetary fund (IMF)
A fund of 189 member countries with the aim to aid each other to achieve financial stability and provide loans for development.
KOF Index
Index of Globalisation which takes into account the social, economic and political globalisation of a state.
Liberalisation
A reduction in government control within industry, creating opportunity for greater participation from private businesses and TNCs within an industry.
Offshoring
Company moves parts of its operations to another country, often to save money. (e.g. BMW)
Outsourcing
A business contracts outside businesses to complete some of their work, with the aim to reduce costs.
Privatisation
When national public services become owned by private businesses.
Sovereignty
Control over a country's own laws and regulations.
Special Economic Zones (SEZ)
Regions where the government offer incentives to attract industry.
Trade bloc
A group of countries that act together to promote trade and a free movement of goods/services between member states.
Transformationalist
This is the belief that globalisation won’t lead to the formation of a homogeneous culture. Instead, the flow of culture is two-way.
Upward transition zones
A country or city with predicted industrial and economic increase (e.g. Mexico, Iceland, “The Asian Tigers”).
World trade organisation (WTO)
Members seek substantial reductions on tariffs and trade barriers and the elimination of preferences on a mutually advantageous basis.
