Globalisation

What are the four flows of Globalisation?

People- e.g migrants and tourists

Capita- flow of money between countries

Goods- exportation and importation

Information- data transferrence

What is the definition of Globalisation?

The evergrowing interconnectedness between countries and cultures worldwide through the four flows and connection.

What is the Shengen Agreement?

Allows people who have signed the agreement to move across most EU borders without being subject to border checks

What are the four main types of Globalisation?

Political

Social

Economic

Cultural

Give two benefits of globalisation

Globalisation has resulted in the fastest reduction of poverty in human history due to the rising levels of investment and global trade.

Life expectancy in developing countries has increased up to 70y/o and above.

What are the concerns with Globalisation?

Polluting industries have moved from Europe into Asia and Africa.

Many workers in Asia and lic's are exploited for low costs and labour, accompanied with terrible working conditions.

Income inequality has been amplified in most countries

How does Globalisation amplify income inequality?

By rewarding skilled workers and capital owners while reducing job security and wages for low-skilled workers.

What is protectionism?

policies to protect businessmen and workers in a country by restricting trade with foreign countries

What is a tariff?

tax imposed on important goods

what is a subsidy?

a financial grant or support provided by a government to a producer or consumer to lower production costs

What is one of the roles of the World Trade Organisation?

Seeks to reduce trade barriers through trade liberalisation

What are some of the roles of the IMF?

lends countries money to help countries stabilise their economy. Also helps countries pay off trade debts.

What are some of the roles of the World Bank?

Lends money to help countries develop their economies and tackle poverty- mainly focused on poorer countries, aimed in eradicating poverty.