Globalisation Flashcards
1
Q
Globalisation
A
The process in which national economies become increasingly integrated and interdependent
2
Q
Causes of globalisation
A
Trade liberalisation
Trading blocs
Growth of MNCs
Technological advances
Greater mobility of capital and labour
3
Q
Advantages of globalisation
A
Lower prices
Benefits of trade
Greater employment
Large economies of scale
Free movement of capital and labour
4
Q
Disadvantages of globalisation
A
Growing inequality
Higher structural unemployment
Environmental costs
Trade imbalances
Risk of external shocks
Less cultural diversity
