Flashcards
Globalisation
Cards in this deck (5)
- 1What is globalisation?It can be defined as a phenomenon of increased inter-connectedness & integration of people & activities across the world; also refers to the international integration of the markets for outputs & inputs & the diffusion of knowledge & info.
- 2What is the trend towards increasing globalisation?The degree of economic integration varies across time & space. National policymakers choose to engage or disengage with the international economy, according to domestic political concerns.
- 3What are the main causes of increasing globalisation?1. Government policies that open up their economies
2. Rapid advancements in transport, info & comm technologies (ICT)
3. Rise in consumer Dd - 4What are the benefits from globalisation?1. Benefits from free trade; high SOL, EG, greater efficiency, EOS
2. Benefits from attracting labour & capital into the country; sustained EG, actual & potential growth, improves capital account in BOP
3. Opportunities for capital & labour to earn higher rates of returns
4. Benefits on a global level; raised world income & economic welfare of the majority of the people in the world. - 5What are the costs from globalisation?1. Rising unemployment
2. Rising income inequality
3. Greater vulnerability
4. Environmental damage
5. Unequal gains from globalisation
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- JC 2 Economics Flashcards on Globalisation, created by FOOCHOOLA3 . on 13/08/2016.
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- FOOCHOOLA3 .
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