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Terms of Trade & Global Inequality / A-Level Geography Revision
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- Over the past two decades, demand for metals has grown rapidly, largely due to economic expansion in East Asia, especially in China.
- As industries and infrastructure projects have increased, the need for raw materials used in steel and other metal products has also risen
- significantly. To supply this growing demand, mining activities have increasingly moved away from highly developed economies
- and into emerging and developing regions. Although these may present political or economic risks,
- they often contain large, untapped mineral resources that are attractive to international investors.
- Many new mining operations have been established in Africa, particularly in the southern and western parts of the continent.
- These projects have brought investment into local economies, creating employment opportunities, and increasing government income through
- taxes and royalties. In addition, new transportation and trade routes have developed, strengthening economic
- connections between African and Asian countries. [snorts] China has played a major role in this process
- and argues that its investment strategies provide developing nations with opportunities for growth without strict political conditions attached.
- However, some critics question this claim. They argue that certain promises of development support have not been fully
- developed. Concerns have also been raised about the large volume of inexpensive Chinese manufactured goods entering African
- markets, which can make it difficult for local businesses to compete. Furthermore, there have been reports of
- poor labor conditions and unsafe or unethical practices in some mining operations. Collum Coal Mine is situated about 200
- km southwest of Lusaka and provides energy for Zambia's copper and cobalt mining sectors. In 2011, an incident at the site drew
- police attention after 11 Zambian workers were shot by Chinese supervisors during a protest over poor working conditions.
- The following year, a Chinese manager was killed amid a dispute over wages. In 2013, the Zambian government took control of
- the mine, citing serious concerns about the company's record on safety, health, and environmental standards.
- Additionally, government officials accused the company of underreporting coal output to reduce the amount of tax it owed.
- In a globalized world, decisions made at international level can have widespread effects. When G20 leaders met in November 2015,
- a key issue discussed was the closure of steel plants across Europe, the United States, and Mexico. A major factor behind this trend was
- competition from low-cost Chinese steel. As China's construction industry slowed in 2015, domestic demand for steel dropped,
- prompting producers to export surplus steel to global markets. Because Chinese steel production is
- supported by government subsidies, it can be sold at very low prices, sometimes even below production cost, a practice known as steel dumping. This
- oversupply has put pressure on steel industries in other countries, leading to job losses and plant shutdowns.
- In 2016, Tata Steel, supported by the UK government, sold its long products division, including the Scunthorpe Steel Steelworks,
- to Greybull Capital. By 2019, British Steel was once again facing a financial collapse, requiring further government
- intervention. In an ironic turn, the Chinese company, Jingye Group, purchased British Steel in March 2020.
- By early 2023, with jobs at Scunthorpe under threat again, the UK government announced a 300 million financial support package to
- help sustain the company. I hope this video has been useful. If it has, please do give it a like and [music] subscribe to the channel. Thank you for watching.