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globalisation, work should be done from home, nature of work has undergone…
globalisation
positive economic impact
globalisation encourages the spread of technological advancements and the development of transport infrastructure = increased interconnectedness and interdependence
allows countries to make trade agreements with other countries to reduce or remove trade barriers to promote free trade
eg. ASEAN free trade area (AFTA) where ASEAN nations co-operate in removing intra-ASEAN trade barriers and tariffs so that ASEAN can be established as a competitive production base in the international market
eg. SG ranks 3rd in the world for trade openness, hence allowing for economic growth and development as well as increased labour
raises income, increases wealth and reduces poverty
strongly contributed to the improvement of economic development through trade especially in developing countries
raises living standards, providing employment and enabling consumers to enjoy a greater variety of goods
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allows migrants to take advantage of economic opportunities abroad to improve their quality and standard of living
globalisation increases migration of labour as people from less developed countries would often migrate to developed countries in search for simple but well paying jobs
eg. SG and UK recruit nurses from developing countries in Asia such as Philippines, Malaysia and China. this is to fill urgent vacancies in hospitals
negative economic impact
globalisation exacerbates the effects of financial contagion, causing global financial crisis
eg. Asian financial crisis in 1997 affected many Asian countries from Singapore to Thailand to Hong Kong and South Korea, countries' stock markets lost about 70% of their value
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technological impact
positive
bolster innovation, productivity and growth worldwide
gain easier access to foreign technology and knowledge, allowing for the diffusion and evolution of science and technology
eg. such dynamics are the major reasons why research and development expenditures have increased in countries such as China and South Korea
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