Globalisation

Globalisation

1. The Clark-Fisher model represents economic development.

   • 3 stages: Pre-industrial, industrial and industrial.
     • Pre-industrial; primary job sector. Farming, fishing and mining are all examples.
     • Industrial; secondary job sector. Manufacturing goods in factories and workshops
     • Post-industrial; tertiary job sector. Education,retail and banking

2. WTO: promotes free trade by persuading countries to reduce or remove trade barriers.

   • IMF: gives loans to developing countries for infrastructure.
     • TNC's: aim to reduce costs and increase profits by moving factories to cheaper locations.

3. FDI: when money from one country is invested in another.