Definition
What is globalisation?
The process of increasing interconnectedness and interdependence between countries, cultures, and economies.
Name a trade bloc.
European Union (EU), USMCA/NAFTA, ASEAN, MERCOSUR, etc.
What is the open door policy?
China's Open Door Policy, initiated by Deng Xiaoping, refers to the country's gradual shift from a closed, centrally planned economy towards a more market-oriented system with increased engagement in international trade and investment
Who are the winners?
TNCs, emerging economies, consumers in developed countries, skilled workers.
What is containerisation?
The use of standardized containers to transport goods efficiently across sea, land, and rail.
What is the WTO’s role?
To promote free trade by removing barriers and ensuring trade flows as smoothly as possible.
What year did China open up?
1978 (start of the Open Door Policy).
Who are the losers?
Workers in deindustrialised areas, small local businesses, some indigenous communities.
Define “shrinking world” effect.
The idea that advancements in transport and communication reduce the time it takes to connect distant places, making the world feel smaller.
What does the IMF do?
Provides financial aid and advice to countries facing economic instability to maintain global financial stability.
What are SEZs in China?
Special Economic Zones where foreign investment was encouraged and regulations were relaxed to boost industrial growth.
How do workers in deindustrialised areas suffer?
Job losses, reduced income, social deprivation, unemployment due to outsourcing.
What is a “switched-off” place?
A country or region that is poorly connected to global networks due to economic, political, or physical reasons.
How do TNCs drive globalisation?
They invest in different countries, create global supply chains, and spread products, culture, and employment internationally.
Name a switched-off country example.
North Korea, parts of sub-Saharan Africa (e.g., Chad, Niger).
Give a positive environmental impact of globalisation.
Spread of green technology and international cooperation on climate issues.
Explain glocalisation.
The adaptation of global products and ideas to local cultures and markets (e.g., McDonald’s changing menus in different countries).
Example of a World Bank project?
Infrastructure building (e.g., roads in Africa), clean water projects, rural electrification programmes.
Give a negative cultural impact of globalisation.
Cultural homogenisation — loss of traditional cultures and languages (e.g., dominance of Western culture).