Globalisation
- Globalisation is the economic integration of different countries through increasing freedoms in the cross-border movement of people, goods/services, technology & finance
- This integration of global economies has impacted national cultures, spread ideas, speeded up industrialisation in developing nations & led to de-industrialisation in developed nations
- Globalisation has been increasing for thousands of years - it is not a new phenomenon
- Improvements in technology & the speed of global connections have exponentially increased the level of interdependence between nations in the past 50 years
- Consumers now source products globally recognising global brands wherever they travel
The Four Main Characteristics of Globalisation
1. Increasing foreign ownership of companies |
2. Increasing movement of labour & technology across borders |
3. Free trade in goods/services |
4. Easy flows of capital (finance) across borders |