Summary
Summary Globalisation
- Institution
- WJEC
Summary notes for globalisation.
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GlobalisationGlobalisation is the process that enables product, financial and investment markets to operate
across the globe.
Globalisation in the process of deeper economic integration of the worlds economies.
Factors of globalisation:
Technological changes
Migration
Flows of capital investment and technology
Death of distance
Containerisation
WTO – promote free trade
De-regulation of markets
Rise of MNC’s and TNC’s
Advantages:
EOS.
Lower taxes.
Cheaper labour.
Cheaper resources.
Greater choice.
Gain from sharing ideas/skills/technology.
Opening up of capital markets allowing developing countries to borrow money.
Disadvantages:
Increased inequality.
Cultural issues.
Language barriers.
Political problems.
Legislation.
Vulnerability to external economic shocks.
Pollution – environmental issues.
Low wages for workers.
Harsh working conditions.
Multinational corporations operate in a number of different countries, it could be extracting,
manufacturing, retailing or a combination of these activities. E.g., Apple, Samsung, Google,
McDonalds.
Advantages of MNC’s in UK:
Provide employment – improve living standards.
Investment leads to infrastructure development.
Government can collect taxes – increase tax revenues.
Increased consumer choice.
Increased growth in the UK economy.
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