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Eco Notes Globalisation

In: Other Topics

Submitted By Hutchy97
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Introduction to the Global Economy
The Global Economy
Globalisation – Refers to the integration between different countries and economies and the increased impact of international influences on all aspects of life and economic activity * No longer are economies dominated by local influences but rather through global influences from another countries and economies due to the impact of globalisation. * The aggregate value of all goods and services produced worldwide each year in the global economy is known as gross world economy * The Great depression in the 1930’s and the world wars are examples of international influences on economies in the twentieth century. This also caused trade barriers to arise * The major indicators of integration between economies include: * International trade in goods and services * International trade flows * International investment flows and transnational corporations * Technology, transport and communication * The movement of workers between countries
* Barriers have been put up to try and protect businesses * Benefits to removing barriers * Barriers have been removed but there are still some barriers that exist * Some say the EU is closing off itself to other countries * Benefits to globalisation: * Trading – we might not have products that are only overseas * Cheaper labour is overseas * Investment overseas and investment into Australia * Financial flows of banks * Technology * Businesses can become more productive * Disadvantages: * Other economies failure affects us. External shocks * Local businesses suffer as overseas businesses can be cheaper * Loss of cultural identity * China has been driving our economy for many years due to their demand for metals and minerals for their manufacturing sector Positives |...

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