Podcast
Questions and Answers
What is a key characteristic of globalisation from a business perspective?
What is a key characteristic of globalisation from a business perspective?
- Increased trade protectionism among countries
- Freer movement of capital, goods, and services (correct)
- Reduction in multinational corporations
- Decreasing interdependence of economies
Which factor is considered to promote globalisation through trade?
Which factor is considered to promote globalisation through trade?
- Local industry regulations
- World Trade Organisation (correct)
- Regional trade agreements
- Government tariffs
How have improvements in transportation contributed to globalisation?
How have improvements in transportation contributed to globalisation?
- By enabling economies of scale (correct)
- By reducing the capacity of shipping
- By limiting shipping routes
- By increasing travel costs for goods
Which argument is presented by opponents of globalisation?
Which argument is presented by opponents of globalisation?
What is one criticism of globalisation related to culture?
What is one criticism of globalisation related to culture?
Which of the following is NOT a factor influencing globalisation?
Which of the following is NOT a factor influencing globalisation?
How is the distribution of benefits from globalisation often viewed?
How is the distribution of benefits from globalisation often viewed?
What is a common belief about trade in relation to globalisation?
What is a common belief about trade in relation to globalisation?
Which issue is commonly cited as a challenge for local businesses due to globalisation?
Which issue is commonly cited as a challenge for local businesses due to globalisation?
What role does social media play in the context of globalisation?
What role does social media play in the context of globalisation?
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Study Notes
Globalisation
- The increasing interdependence of world economies
- Freer movement of capital, goods and services between countries
- Significant increase in international trade
- Rise in multinational corporations
Factors Influencing Globalisation
- Freedom of Trade
- Promoted by institutions such as the World Trade Organisation (WTO)
- Improvements in Transportation
- Larger ships
- Economies of scale (lower cost per item for larger quantities)
- Increased speed of transport
- Improvements in Communication
- Internet and mobile communication
- Social media platforms
- Labour Availability and Skills in LDCs (Least Developed Countries)
- Less regulation
- Lower labour costs
- Higher skill levels
###Â Globalisation: Good or Bad?
- Supporters
- Promotes economic development in poorer countries
- Leads to greater economic, social, and cultural equality
- Opponents
- Increases the gap between the world’s richest and poorest countries
- Operates in the interests of powerful nations, dominating world trade at the expense of developing countries
- Homogenises world culture, potentially eroding local languages and traditions
- Local businesses struggle to compete with multinational corporations
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