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.