Please wait while the transcript is being prepared...
0:03
Well, let's attempt the definition of globalisation.
The term globalisation has been in use for a number of decades,
and it's generally regarded as what we would call an umbrella term.
In other words, it's a catch-all term for a complex series of economic,
social, technological, cultural, and political
changes which continue to take place throughout the world.
That's an important aspect with this idea of globalisation continuously unfolding.
It's not a constant set phenomenon,
it's constantly changing, taking a new shape.
What we can conclude then is globalisation,
in essence, comprises three important flows.
One is trade in goods and in freight,
and an increase in services,
for example software and
financial services that increasingly move around the world today.
Picking up on that end, the second aspect of
globalisation concerns global capital flows, financial flows,
and of course in the recent financial downturn we saw
just how quickly problems in
one financial market can very quickly spread around the world,
that is an obvious symptom of globalisation.
The third flow that we refer to in the slides
concerns the migration of people with globalisation.
Another aspect of it is more and more people are moving
around the world for work, for business,
family, following opportunities and employment,
and creating new businesses and so on and so forth.
So these are the three different components of globalisation.
I think sometimes a word which can conjure derogatory images,
and sometimes we see it on our TV screens these anti-globalisation protests.
Globalisation is a rather complex phenomenon and it means different things to
different people and no doubt it has downsides as well as upsides.
In any event or concern here in this presentation is around
the impact of this phenomenon of globalisation and supply chains
and how today we've got supply chains wrapped around worlds and how logistic systems
facilitate and lubricate those supply chains and
allow them to exist to operate effectively.
