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Globalisation (Integration of: (economic activities, flow of information,…
Globalisation
Integration of:
economic activities
flow of information
trade
aid
foreign investment
labour
social, political
Drivers
fall of communism
technological innovation
transport
communications
communication
FDI (foreign direct investment)
economic blocs
Creative Destruction
Schumpeter
the nature of capitalism
driving force
innovation
competetition
idea used by pro & anti globalisation figures
something good is created
this leads to a worse thing being destroyed
another thing is created and system resets
Marxism
one class owns factors for production
workers sell labour
capitalism
system of social exploitation
conscious undervaluing of workers' labour
political and economic theories of Karl Marx
Communism
doesn't base production on accumulation of capital
bases on criteria of satisfying human needs
started by Marxism
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Deindustrialisation
imperfect relationship between deindustrialised sites and unemployment rates
causes
Mechanisation
overseas competition
overcapacity
working practises
1980s recession
government policy
declining resources
changing economies
NE England
19th-20th centuries
"smokestack" (related to coal)
"sunset" (in decline)
steel in terminal decline by 1970s
Newly Industrialising Countries
causes of underdevelopment
anti-industrial policies
lack of infrastructure
socialism/communism
poor governance
culture
malnutrition
colonialism
lack of resources
corruption
natural hazards
war
Rostow Model
5 - expansion of tertiary sector + decline of manufacturing
4 - self-sustaining growth + spread of economic wealth + increase in variety of manufacturing
3 - manufacturing industries develop + further expansion of infrastructure + specialisation in industries + decline in agriculture
2 - attractive industries develop + production of infrastructure + influence of MNCs
1 - limited technology and capital
Japan
Problems
circumvents creative destruction
high governmental control
financial drag
zombie companies
countries that copied Japan (Asian Tigers)
Singapore
Hong Kong
South Korea
Taiwan
moved production offshore
promoted exports
governmental economic control
picking of winning companies to back
education funding increase
Transport infrastructure investment
Import Substitution strategies
protect internal industry by producing goods
