IB Geo - Power, Places, and Networks

globalization

the growing independence of countries worldwide through an increasing volume and variety of cross-border transactions in goods and services

global interactions

phenomenon that includes all of the varied economic, social, political, cultural and environmental processes that make up globalization

transnational corporations (tnc)

corporations whose operations are spread across the world, operating in many nations as both makers and sellers of goods and services

global supply chains

network between a company and its suppliers to produce and distribute a specific product to the final buyer

neo-colonial

the indirect actions by which developed countries exercise a degree of control over the development of their former colonies. achieved by aid and loans, cultural influence or military

foreign direct investment

occurs when a company or individual from one country invests in business operations in another country. boosts economic growth and global interconnectedness

neoliberalism

philosophy that supports free markets with minimal government interference; core beliefs are free markets, free trade, less government spending, and personal responsibility

economic globalization

measured by the actual flows of trade, foreign direct investment and portfolio investment

social globalization

spread of ideas, information, images and people

political globalization

characterized by the degree of political cooperation; measured by the number of embassies, members of int’l organizations, and int’l treaties signed

space/time convergence

the impression that distances between two locations have decreased because of advanced in communications and transportation systems

space/time divergence

interconnectedness from increased technology that has increased taransportation time

the shrinking world

the idea that the world is getting smaller as a result of changes in transportation and communication technology

time distance decay / friction of distance

described the effect of distance on cultural or spatial interactions

trade

the transfer of goods or services from one person or entity to another, often in exchange for money; a system or network that allows for trade is called a market

tariff barriers

barrier on trade that is taxes on certain imports; raise the price of goods making imports less competitive

non-tariff barriers

rules and regulations which make trade more difficult

quotas

a limited placed on the number of imports

voluntary export restraint (ver)

similar to quotas, this is where countries agree to limit the number of imports

subsidies

a domestic subsidy from government can give the local firm a competitive edge

embargo

a complete ban on imports from a certain country