GLOBALISATION
What is Globalisation?
Why has Globalisation occured?
What are the benefits of globalisation?
What are the downsides of globalisation?
Increasing jobs in lower wage countries
Better quality of life for developing countries
Easier access to goods, services and communication
Better global trade
Countries form connections
Cheaper cost of goods
Labour Availability
Better transport
More money invested in LEDC's
Transnational Corporations bring wealth to LEDC's
Migrants can send back remittances to help their country
More competition, keeping prices low and affordable
Higher crime rates and people can get away by fleeing to other countries
Countries take in refugees
Aid is available from other countries when natural disasters occur
More deforestation
Global warming
MEDC's dominate over LEDC's which live to a low standard
Better access to foreign culture and food
Sometimes, local communities do not benefit
Local companies may be put out of business
MEDC's abuse and exploit the natural resources of LEDC's
while paying little
Outsourcing makes people in MEDC's lose their jobs
Cultures lose individuality and authenticity when they interact and come together
Lack of law enforcement leads to risk on environment and workers safety
The process of countries becoming more interconnected, particularly in terms of politics, economy, and culture, is known as globalisation. Every nation is a part of the global economy, meaning that events in one nation can have an impact on the entire world.
Globalisation has occured due to increased trade. Many countries rely on globalisation to make more profit. It has also occurred due to labour availability and skills in other countries, so companies outsource their production to reduce costs and make more profit. Improvements in transport have also caused this, as it is now very easy for TNC's to transport goods, raw materials etc. around the globe for much cheaper and quicker than before. People in different countries can now communicate more effectively with the advancements in technology, which allow for easy ordering from other countries.