Global Shift
This is an economy in which there are many (multi) different economic centres ("poles").
What is a multipolar world economy?
•1500-1800: phase of trade colonialism
•1800-1950: phase of industrial colonialism
What were the two phases of colonialism?
This is a measure of the inequality in the distribution of income or wealth within a population, ranging from 0 (perfect equality) to 1 (perfect inequality).
What is the Gini coefficient?
Reliant on the heavy steel and coal industry, factories moving to low-wage economies.
Why did many European industrial areas get into problems after 1990?
The practice of basing some of a company's processes (mostly the production processes) or services overseas, so as to take advantage of lower costs (especially lower labour costs)
What does offshoring mean?
The use of economic, political, cultural, or other pressures to control or influence other countries, especially former colonies.
What is neocolonialism?
Natural conditions, landlocked, political system, population growth and age structure, social inequality
By focussing on exporting capital intensive high value goods and financial services.
How does Germany respond to globalisation?
A system where goods are produced, delivered, and scheduled to arrive only when they are needed, rather than being kept in large stockpiles.
What is meant by a Just-in-time economy?
Independence of the colonies and decolonisation were a result of this.
How did the second World War impact colonies?
Colonial past, role of a country in the world economy.
What are external causes of poverty?
The absence of trade barriers like tariffs, quotas, and subsidies; unrestricted market access for goods and services; competitive pressure that encourages efficiency and specialization; and simplified customs procedures to facilitate the movement of goods.
What are the characteristics of free trade?
Division of the production chain, cheaper and faster transportation, disappearing trade borders.
What are the key factors that have led to rapid increased global trade?
It aims to connect China with over 60 countries in Asia, Europe, and Africa through a network of high-speed railways, roads, ports, and other infrastructure projects to boost global trade.
It appears in unfair access to things like good education, healthcare, and justice, as well as different levels of income and social status.
How does social inequality appear in a country?
The theory or practice of shielding a country's domestic industries from foreign competition by taxing imports.
What is protectionism?
The process of bringing production or service activities back to a company's home country after they were previously moved overseas.
What is reshoring?
Supply and demand: prices are not set by a government agency but are instead determined by how much of a product is available (supply) and how much of it people want (demand).
What is the free market economy?
The abuse of entrusted power for private gain, and it negatively affects economic development by reducing investment, diverting public funds from essential services, increasing costs, and creating an uneven playing field.
What is corruption an how does it affect economic development of a country?
The reduction of industrial capacity and jobs within a country or region, leading to a shift from manufacturing to a service-based economy.
What is deindustrialisation?