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Processes and Impacts of Globalisation - Coggle Diagram
Processes and Impacts of Globalisation
Financial
Global capitalism is spread by large TNCs-some with incomes even larger than the GDPs of many countries.
Trillions of dollars are exchanged globally by electronic means every day like loans debts payments etc.
Consumer prices have fallen globally (a ‘race to the bottom’)
Cheap labour in developing economies supplies consumers in wealthier nations
Political
UK politicians have been known to seek its support to influence voters’ opinions.
Some TNCs, like News Corp (which owns Fox News in the USA) seek to influence how people think.
TNCs and international political organisations can influence national governments/These governments can sometime lose the ability to control the payment of taxes by TNCs.
ISO's (International political organisations)have expanded to promote economic growth e.g. the EU
Many trade barriers like tariffs("a tax or duty to be paid on a particular class of imports or exports.")have been reduced or removed to remove or loosen restrictions on world trade.
Population
Those with skills in management, finance and IT move around the world to where they are most in demand.
Economic migrant labour flows to areas with higher incomes and higher rewards.
Communication and information
Lower transport costs allow increasing long distance tourism.(Cheaper holidays means more holiday goers
Cheaper global phone networks, increasing mobile phone usage, and fast fibre-optic internet connections allow increasing exchanges of information/opinions and ideas by email, social media and news networks
Social media have no political or social boundaries.
Music, TV and film are seen and heard in almost every country.