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What caused globalization in the 1980s?

The term “globalization” began to be used more commonly in the 1980s, reflecting technological advances that made it easier and quicker to complete international transactions—both trade and financial flows. … There are countless indicators that illustrate how goods, capital, and people, have become more globalized.

What are the 3 causes of globalization?

The most important causes of globalization differ among the three major components of international market integration: trade, multinational production, and international finance.

What are the main causes for globalization?

– Improved transport, making global travel easier. …
– Containerisation. …
– Improved technology which makes it easier to communicate and share information around the world. …
– Growth of multinational companies with a global presence in many different economies.

What factors contributed to the rise of globalization in the mid 1980s?

– improvements to telephone networks.
– development of the internet.
– improvements in global transport.
– emergence of free market ideas promoted in the 1980s by Thatcher and Reagan, leading to increase in free trade and trading blocs (EU, NAFTA)
– Deregulation of world financial markets.

What are the four factors of globalization?

In 2000, the International Monetary Fund (IMF) identified four basic aspects of globalization: trade and transactions, capital and investment movements, migration and movement of people, and the dissemination of knowledge.

What are the main consequences of globalization?

At the same time, global economic growth and industrial productivity are both the driving force and the major consequences of globalization. They also have big environmental consequences as they contribute to the depletion of natural resources, deforestation and the destruction of ecosystems and loss of biodiversity.

What are the 4 factors of globalization?

In 2000, the International Monetary Fund (IMF) identified four basic aspects of globalization: trade and transactions, capital and investment movements, migration and movement of people, and the dissemination of knowledge.

What are the causes of globalization quizlet?

– Causes of globalisation. Emergence of TNCs (Transnational Co-orporations) …
– Emergence of TNCs (Transnational Co-orporations) This has spread products across the globe. …
– Improvements in transportation. …
– Advances in technology and communication. …
– Freedom of trade. …
– Availability of Cheap Labour.

What factors have led to the contribution of increased globalization?

– Containerisation. …
– Technological change. …
– Economies of scale. …
– Differences in tax systems. …
– Less protectionism. …
– Growth Strategies of Transnational and Multinational Companies.

What is the most dramatic element of globalization since 1980’s?

Rapid integration of financial markets is the most dramatic element of globalization over the past two decades. The Bretton Woods system, created after the Second World War, rested on closed capital accounts and fixed exchange rates.

What are the 3 components of economic globalization?

The characteristic elements that constitute economic globalization are cross-border flows of goods and services, capital, people, data and ideas.

What are 3 challenges of globalization?

– International Recruiting. …
– Managing Employee Immigration. …
– Incurring Tariffs and Export Fees. …
– Payroll and Compliance Challenges. …
– Loss of Cultural Identity. …
– Foreign Worker Exploitation. …
– Global Expansion Difficulties. …
– Immigration Challenges and Local Job Loss.

Why did globalization become the term of the 1990s?

The 1990s was a time of increasing globalization of the world economy, mostly as the result of technological advancements, the collapse of the USSR, and new free trade agreements. … Most notably, the North American Free Trade Agreement (NAFTA) removed trade barriers between the United States, Mexico, and Canada.

What are some of the positive effects of globalization quizlet?

– Outsourcing. other countries present opportunities to access cheaper raw materials and labour. …
– Lower Prices. …
– Decrease in Poverty. …
– Innovation. …
– Optimal use of resources. …
– Better jobs. …
– Increased capital flow. …
– Lost Jobs.

What is globalization and what are its causes and consequences?

“Globalization a process where people, companies, and governments from different nations interact and integrate through international trade and investments has effects on the environment, culture, political systems, economic development and on the human physical well-being in societies around the world”.

How has Globalisation changed over time?

Developments in IT, transport and communications have accelerated the pace of globalisation over the past 40 years. The internet has enabled fast and 24/7 global communication, and the use of containerisation has enabled vast quantities of goods and commodities to be shipped across the world at extremely low cost.

What caused globalization in the 1980s?

The term “globalization” began to be used more commonly in the 1980s, reflecting technological advances that made it easier and quicker to complete international transactions—both trade and financial flows. … There are countless indicators that illustrate how goods, capital, and people, have become more globalized.

What are the element of globalization?

The characteristic elements that constitute economic globalization are cross-border flows of goods and services, capital, people, data and ideas.

What are the major issues of globalization?

These include investment (particularly foreign direct investment), the spread of technology, strong institutions, sound macroeconomic policies, an educated workforce, and the existence of a market economy.

What are the 4 elements of Globalisation?

Chapter 2 The Four Defining Elements of Globalization: Integration, Interdependence, State Erosion, Transnational Power.


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