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Globalisation (Trade (Trade wars possible (Tariffs imposed, Quotas),…
Globalisation
Trade
Greater international trade
Current account imbalances can rise
Trade blocs emerge e.g. NAFTA
Exchange rate changes more significant
Trade wars possible
Tariffs imposed
Quotas
International relations crucial
Sanctions
Trade deals
Growth
More trade opportunities
More competition
Lower cost components
More efficient production dominates
Export led growth
Emerging nations
Environment
Trade transport costs
Depletes natural resources
More travel, tourism
Factories move to lax locations
Income distribution
Migration incresaes
aware of national differences
Low wage economies prosper
World poverty declining