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Globalisation: opportunities, Cheap labor, (prices go down), Culture loss,…
Globalisation: opportunities
Technology advancement
There were just 329 million iPhone users back in 2013. This number is further predicted to reach 1.56 billion by 2024.
There are more than 1.46 billion active iPhone users worldwide.
Access to new markets
According to the world bank, global trade(% of GDP) increased by 49%, 25% in 1970 and 74% in 2022.
(World Bank (2021))
Up to 1870, the sum of worldwide exports accounted for less than 10% of global output.
(Ospina, E.O., Beltekian, D. and Roser, M. (2018).)
Job creations
2.8 million people opened businesses in 2015 while, in 2022, 5.04 million people opened businesses.
(Institute, C. (2023).)
Spread of knowledge
job efficiency/ increased competition
wider range of items
Prices go down
This chart shows the deflation of groceries in November 2023. It shows a variety of food item's prices that went down. Some food items such as eggs, apples, lettuces etc (very common grocery items.
(Iacurci, G. (2023).)
higher living standards
According to the World Bank, extreme poverty decreased by 35% since 1990.
The first Millennium Development Goal aimed to lower the 1990 poverty rate in half by 2015. It was completely 5 years ahead of plan in 2010. Since then, around 1.1 billion people worldwide have been lifted out of extreme poverty.
Cheap labor
Unfair treatment to workers
Extremely overworked
prices go down
Culture loss
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