globalisation

• China's Open Door Policy

  1978 - China allows foreign industry and TNCs in to promote a 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 a culture due to globalisation
• Cumulative Causation


  Like a multiplier effect, "Success breeds Success". As the core regions increase in prosperity the periphery regions will too due to their links with the core.
• Deindustrialisation


  A reduction in industrial capacity, leading to social and economic change within a region.
• Diaspora


  People displaced from their homeland, 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 income 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.
• Globalisation


  The growing interdependence of countries through cross-boundary transactions (capital, technology, migration, knowledge, culture, etc).
• Glocalisation


  The adaptation of a good offered by a TNC to suit a local market
• 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 Bank for Reconstruction & Development (IBRD) and World Bank Group (WBG)


  Both offer loans and temporary financial assistance to developing countries.
• International Monetary Fund (IMF)

  A fund of 189 member countries with the aim to aid each other to achieve financial stability and providing loans for development
• KOF


  Index of Globalisation which takes into account the social, economic and political globalisation of a state
• Liberalisation


  A reduction in government rule 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.
• Outsourcing


  A business contracts outside businesses to complete some of their work, with the aim to reduce costs
• Potential Areas of Growth

  Regions where future economic development are predicted due to their undeveloped resources (e.g. Canada, Qatar).
• Privatisation


  When national public services become owned by private businesses
• Skeptics


  Someone who believes that globalisation only occurs within a core, therefore anyone living outside the core will receive no benefits from globalisation.
• Sovereignty


  Control over a country's own laws and regulations
• Special Economic Zones (SEZ)

  Regions where the government offer incentives to attract industry
• Transnational Company (TNC)


  A company which operates in different countries to where they are originally based
• 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 Zone


  A country or city with predicted industrial & 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.