Macro Summary - Globalisation & The International Economy
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Module
Macro Summary - Globalisation
Institution
Macro Summary - Globalisation
Macro Summary - Globalisation & The International Economy
1. define Globalisation the process through which nation-
al economies, societies and cultures
are becoming increasingly intercon-
nected through global networks of
trade, communication, transportation
and immigration
2. where are lev...
Macro Summary - Globalisation & The International Economy
1. define Globalisation the process through which nation-
al economies, societies and cultures
are becoming increasingly intercon-
nected through global networks of
trade, communication, transportation
and immigration
2. where are levels of globalisation between core countries, as a result
the highest of them having sorted out major do-
mestic problems, giving them spare
capacity to look to solve international
issues
3. where are levels of globalisation in countries participating in conflict
the lowest
4. 3 Key Characteristics of Globalisa- 1) increasing global capital flows
tion 2) global supply chains
3) high levels of international labour
migration
5. 4 causes of globalisation 1) containerisation
2) trade agreements
3) activity of TNCs
4) technological advances
6. define 'Containerisation' the use of the same container size
and format worldwide, increasing the
efficiency of international logistics
7. 2 reasons of an increase in TNC ac- 1) global logistics systems
tivities 2) global flows of capital
8. 2 examples of technological ad- 1) development of Boeing 747 in the
vances facilitating globalisation 1960s making air travel cheaper, in-
creasing migration
2) development of World Wide Web in
1989 allowing for information transfers
9. main aim of the WTO
, Macro Summary - Globalisation & The International Economy
lowering barriers to trade to increase
global economic integration
10. 2 activities of the WTO 1) settling trade disputes
2) reducing barriers to trade
11. example of the WTO reducing barri- 1986 Uruguay Round reduced barri-
ers to trade ers to the trade of manufactured in-
dustrial goods
12. define a Free Trade Area (eg. NAF- an agreement between countries to
TA) liberalise trade between them, remov-
ing all internal barriers to trade
13. 5 steps of economic integration, in 1) free trade area
order of increasing integration 2) customs union
3) single market
4) monetary union
5) economic union
14. define a Customs Union (eg. EU countries that agree to abolish tar-
Customs Union) iffs between member nations, but also
adopt a common external tariff on im-
ports from non-member countries
15. define a Single Market (eg. ASEAN) integration between countries allow-
ing for the free movement of labour,
goods and services and capital be-
tween them
16. define a Monetary Union (eg. the when countries establish a common
Eurozone) currency they all use, along with using
common monetary policy
17. define an Economic Union (eg. the when countries coordinate similar fis-
EU) cal and economic policies between
them
18. how does Outsourcing increase in- TNCs operating in developing coun-
equalities? tries pay wages 40% higher than local
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