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Globalisation - Coggle Diagram
Globalisation
Interconnections
Independent relationships between suppliers, producers and consumers
Two or more parties are mutually dependent on one another
Ideas and activities of people in different parts of the world become interconnected
Driving forces of globalisation
Developments in transportation
Improvement in size and speed of the different modes of transportation
Enables more goods and people to be carried per trip
Development of efficient and integrated transportation infrastructure
Lower cost
Facilitates the process through which people's activities and ideas become interconnected
E.g
Singapore
Recognised as one of the world's leading transportation hubs
Competiton from other international hubs such as Malaysia and Hong Kong
Singapore continuously improve its transportation infrastructure
Growth of Multinational Corporations (MNCs)
Economic activities in more than one country
Control more aspects of international trade and investments
Global span of their operations drive globalisation as they increase the economic interconnections between people and goods
Interdependent relationships between the parties involved in the operations of the MNCs
E.g
StarBucks
Largest coffee chain
Coffee beans sourced from North and South America, Africa and Asia
Transported to roasting facilities in different countries in the United States and India
Delivered to over 21,000 stores in more than 65 countries across the world
Singapore
Owns MNCs, both locally owned and foreign owned
Major site of international business today
Singapore-owned MNCs have been operating in regions and countries across the world
Benefits:
Providing employment
Higher wages
Bringing new technology
Sustain Singapore's competitiveness
Exchange in ideas
Pharmaceutical and biotechnology
Novartis and Roche, established collaborations in Singapore