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globalisation - Coggle Diagram
globalisation
factors in globalisation
new technologies, communications and information systems
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molbie phones are the most important technologies for LDEs as they connect different people, markets and trade
global financial systems
banks and financial services operate across the world and are linked together by vital transmission systems allowing lending and flow of money
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security
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high profile leaks of sensitive information have brought issues of cybersecurity to greater prominence due to our reliance on information systems
trade agreements
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without a system of global trading rules, countries would resist some foreign imports whilst favouring others
dimensions
flows of information, technology and capital
information and capital can be shared all parts of the world due to cheap and reliable communications
technology (internet, mobile phones) ignores political boundaries when connecting people and places
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international trade
positives
comparative advantage
a country specialised in produced only those goods that can be produced effficiently and at the lowest opportunity cost
economies of scale
producing a narrower range of goods and service - means that a country can produce in higher volumes and lower cost
purchasing power
increasing trade results in increased competition- lowers prices and allows consumers to be able to buy more for their money
transfer of technology
application of new technologies is incentivised as this may lead to design improvements and cost saving as well as supporting innovation and enterprise
increased employment
increased production for export is likely to result in increased employment - multiplier effect = more jobs created across the world economy
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uganda case study
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rich in raw resources - copper, cobalt
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