Development and Globalisation

Development

A process of social and economic advancement in terms of the quality of human life.

Development can involve can involve economic, demographic, social political and cultural changes.

Development is a term that can be used in many different contexts whether it is social, economical, political etc. However generally development refers to an improvement in certain areas:

• Economic

o An increase in the country’s economy with a shift from secondary to tertiary industry which becomes less dependent on FDI.

• Demographic

o An increase in population and a more ageing population as standard of living increases. Birth rates and death rates drop as life …show more content…

Globalisation continued in the 20th century and was shaped by a number of factors including:

1. Emergence of free markets (capitalist economy)

2. Deregulation of world financial markets

3. The establishment of the General Agreements of Tariffs and Trade (GATT) –the WTO which sought to lower trade barriers.

4. The emergence of trade blocs

5. The establishment of the IMF and the World Bank

6. Development of global marketing and the continuing rise of TNCs.

Flows • Capital o ICT allows cheap, reliable and almost instantaneous communication o Allows sharing information o Allows transfer of capital o Allows Marketing around the world • Labour o Improved transport for people o Size of air craft o Low cost airlines o High speed rail links o Specialised workers- doctors, ICT etc. o Unskilled workers • Products and services o Integrated networks o Goods handling o Computing logistics o Container revolution o Improved transport for goods o Global marketing, the world as one market and create products that fit various regional market places e.g. coca-cola