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Globalisation - Coggle Diagram
Globalisation
Introduction
What is Globalisation
- interconnectedness of ideas and activities from different parts of the world, where global developments influence domestic development
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History of SG economy: moving up the value chain through industralisation, regionalisation and globalisation. SG anticipates change and stay relevant, constantly upgrades to achieve economic independence → allow them to have a say in intl market and less vulnerable
Value Chain:
- Primary Economy → Raw materials
- Secondary Economy → Manufacturing
- Tertiary Economy → Services
- Quaternary economy → banking/finance
- Quinary economy → Research and development
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Economic Impacts
Countries
- economic growth: opportunities for greater trade and foreign direct investment and development of new industries, attracting MNCs and allowing domestic companies to expand overseas (eg US-SG FTA)
- economic recession/ downturn: more money more money being leaked out of the economy, all countries economies become connected, if one falls, all fall (eg COVID-19 impact on SG aviation and tourism sector (suspend T2 operations), unemployment etc)
Companies
- Higher profits and market share: Able to reach more customers and more possible sources of employees, reduce costs, increase profits and increase global market share (eg capitaland in china)
- Lower profits and market share: Increased competition from foreign companies, local SMEs unable to compete. Have to keep up with global standards and compete actively
- Consequence: PROTECTIONISM. Governments try to allow their own companies to expand overseas to reap the benefits, while preventing foreign companies from investing in their own country to protect their own companies. (eg European “strategic economic areas”, Chinese state-owned enterprises)
Individuals:
- Increased income: Can work for MNCs or overseas where their skills are in greater demand than locally, MNCs may also pay more than local wages, and economic growth may occur to raise wages generally (eg SG nurses from Philippines to strengthen our healthcare sector)
- Lower income: Competition from foreign labour which may be more skilled or willing to have lower wages. Lose jobs when companies move to other areas to get more money.
- SG measures to help indiv: SkillsFuture
Security impacts
Impacts:
- Private data may give hackers access to financial resources
- Digital identity can be sold to criminals who use it to hide their identity
- Leaked data can cause inconvenience and even physical harm to a person
Methods of stealing data:
- Man-in-the-middle attack: Victims connect to insecure wireless networks → hacker on same network can intercept data transmitted through the network → can view passwords of victim and other private data
- Phishing: Victims receive emails or links where they key in personal data for seemingly legitimate reasons → hacker steals the data that the user willingly keys in (spear phishing: hackers impersonate someone to make attacks more believable)
- Malware: Malicious software that infects computers and networks → hackers can remotely manipulate the user’s systems to access information → personal data stolen
- Ransomware: infiltrates user’s computer and encrypts the data inside → user cannot access data and has to pay the hacker money if not the hacker may delete the data permanently
Strategies:
- Laws
eg in 2013 SG experiences cyber attacks, including hacking of govt websites like those belonging to Istana. Individuals behind cyber attacks were subsequently arrested and charged in court
- Enhance security of cyberinfrastructure
Eg. Infocomm Media Development Authority of Singapore (IMDA) works closely with cyber security companies to develop SG’s cyber security capabilities through methods like training cyber security professionals.
- grow SG pool of cyber experts
- promote cybersecurity among businesses and indiv
- collaborate internationally to share cybersecurity info
eg Eg. Asia Pacific Computer Emergency Response Team (APCERT) encourages cooperation between countries through information sharing and brainstorming ideas for solutions to cyber security challenges in the region
- Hold exercises to prepare for attacks
Eg. Singapore holds ASEAN CERT Incident Drill (ACID) annually which strengthens countries’ proficiency at dealing with online threats by cooperation
Cultural impacts
Cultural Homogenisation: local culture take on feature of foreign culture and become similar to them
Entertainment
US influence
- US entertainment industry represents one-third of global music industry
- (+) spread messages of freedom and self determination → empower consumers to develop values such as independence
- (-) threatening to local culture and values
- (-) compete for market share with local entertainment industry resulting in lesser revenue for them
- eg China restricted foreign media: annual limit of 34 foreign films
Korean influence:
- Kdrama, Kpop → rise in popularity of products associated with them eg cosmetics
- eg 2011 fuji tv protests → unhappiness with increasing presence of Korean programmes broadcasted (from political tensions)/ 2018 BTS controversy
Food
Italy's rejection of Mcdonald:
- protested against the "americanisation" of italian culture bc it is seen as a threat to local culture, might decrease demand for local food
India's rejection of KFC:
- KFC wanted Indian farmers to use western farming techniques → threatened their livelihoods bc they are unable to afford these expensive farming techniques → lose out to bigger agricultural business therefore risk losing their farms
pros and cons:
- (+) allows people to have access to cultural products outside of their country
- (+) promote understanding between people from diff cultures
- (-) threatens durvival of local cultural products as they become less popular
- tensions between different groups of people, rejection of cultural norms and values
Cultural hybridisation: local cultures are changed by foreign cultures by taking on foreign features and become similar to them, adapted to suit local taste
Entertainment
eg Kungfu Pandacalls by Chinese to boycott film bc of its inaccurate portrayal of Chinese cultureChinese cultural backdrop with american humour and comical portrayal → considered by Chinese to be offensive and disrespectful to cultural heritage
Food
eg fusion cuisine: nasi lemak burger, chicken rice chips, laksa pasta
- foreign cultures provides a diverse food landscape, greater variety of food options without having to travel out of their countries
- offer them new experiences like foreign flavours in local forms or vice versa
Pros and Cons
- (+) blending of different cultural influence can result in new and innovative cultural products
- (+) introduces foreign cultures to local markets which may not otherwise consume foreign cultural products
- (-) products subject to cultural appropriation, misrepresentation and may no longer be authentic