What are some of the processes included under the label 'globalisation'?
Globalisation includes trends like the increase in international movement of commodities, money, information, and people. It relies on the development of technology in computers, telecommunications, and transport to facilitate this movement.
Economically, it involves liberalisation, which includes privatisation of public sector enterprises and the loosening of government regulations on capital, labour, and trade. It also entails marketisation, or using market-based processes to solve problems, which involves deregulation and removing controls over wages and prices.
Additionally, globalisation involves the circulation of cultural products and images. It leads to commodification, where things like labour and skills that were earlier not traded become commodities in the extended global market.
Explanation
The answer draws directly from the textbook sections defining globalisation. The first paragraph covers the general definition involving movement and technology. The second paragraph details the economic processes specifically mentioned under liberalisation and marketisation (privatisation, deregulation). The third paragraph addresses the cultural and social processes (circulation of culture and commodification) mentioned in the context.
Solution Steps
Identify the core definition: Interconnection through movement of goods, money, people, and technology.
Identify economic processes: Liberalisation, privatisation, marketisation, and deregulation.
Identify social/cultural processes: Circulation of cultural products and commodification of things like labour.