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20 Cards in this Set
- Front
- Back
- 3rd side (hint)
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What has led to a 'shrinking world'? |
Time-space compression |
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Shrinking world: 1500-1840 |
Horse-drawn coaches and sailing ships averaged 10mph |
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Shrinking world: 1850-1930 |
Steam trains averaged 65mph and steam ships averaged 36mph |
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Shrinking world: 1950s |
Propeller aircraft 300-400mph |
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Shrinking world: 1960s |
Jet passenger aircraft 500-700mph |
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Shrinking world: 1990s - today |
Cyberspace information in seconds |
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What has a 'shrinking world' led to? |
Falling costs of communications and reducing time lapse of information transmission |
C+T L I T |
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What has led to time-space compression? |
Developments in transport and in ICT and mobile communications |
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3 organisations established to promote economic development |
1. The International Monetary Fund (IMF) 2. World Bank 3. The World Trade Organisation (WTO) |
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Role of the IMF |
Lends money for development purposes, its main role is to maintain international financial stability Also exists to stabilise currencies and therefore countries to maintain economic growth |
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How does the IMF work? |
In return for loans, it tries to force countries to privatise government assets in order to increase the size of the private sector and generate wealth |
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Negative of how IMF works |
Many observers believe that this policy has forced poorer countries to sell off their assets to wealthy TNCs |
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Example of IMF use |
Involvement in the Greek debt crisisin the years after the 2008 financial crash. From 2008 onwards, Greece was forced to cut back on its government expenditure - known as austerity. |
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Role of the World Bank |
Formed to finance economic development |
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How does the World Bank work? |
It uses bank deposits placed by the world's wealthiest countries to provide loans for development in countries that agree to certain conditions concerning repayment and economic growth. |
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Where was the World Bank's first loan to? |
France for post-war reconstruction |
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What does the World Bank also focus on? |
Natural disasters and humanitarian emergencies |
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What does the WTO believe in? |
Free trade without subsidies or tariffs - known as barriers The WTO advocates for trade liberalisation, and seeks to encourage all trade between countries free of tariffs, quotas or restrictions on trade |
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How many member states did the WTO have by 2016? |
162 member states |
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What is removing barriers known as? |
Trade liberalisation |
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