The main features of Globalisation

The main features of Globalisation

1. Free trade

   • Emergence of the free market ideas which were promoted in the 1980's by governments in the UK and USA.

2. International financial flows

3. International investment flows and transfers of technology

4. Cultural

   • The mixing of cultures has occurred through:
     • Migration
     • Rapid spread of news, ideas and fashions through the media, trade and travel
     • Growth of Global Brands - Nike, McDonalds, Coca Cola
     • Western culture had diffused to all parts of the world through television, cinema, the internet, newspapers and magazines. this has been reflected in media, art, sport and leisure.

5. Economic

   • International trade flows
     • Trade in goods and services throughout the world has grown very rapidly in recent years
     • Annual growth in the value of trade has been consistently around twice the level of economic growth
     • Much of this rapid increase in international trade flows can be attribute to the influence of TNC's (transnational corporations)
     • TNC's are global companies which dominate global product and factor markets
     • TNC's often structure production so that different stages of the production process occur in different parts of the world depending upon costs
     • The increase in world trade has also resulted from trade agreements such as: The General Agreement Tariffs and Trade (GATT) 1993, The World Trade Organisation (WTO) North American Trade Agreement (NAFTA) Asia-Pacific Economic Cooperation and the European Union (EU).

6. Political

   • The influence of nation states has reduced in many areas as more and more countries organise themselves into trade blocks. the influence of western democracies on developing countries has also been strong
   • The increasing role played by the United Nations around the world is a perfect example of the developing cooperation between nations.

7. Urban - a hierarchy of global cities has emerged to act as centres for the global economy

8. Demographic - the growth of international migration and the rise of multicultural societies

9. Linguistic - the emergence of English as the working language of the 'global village'

10. Environmental - the impact of activity in one country has a clear impact in others - e.g. the spread of pollutants and the impacts of global warming

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