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Globalisation
Internationalab 9 J.
The increasing interconnection of the world economy: goods, money, information and people move ever more freely across borders. Opportunities (cheaper products) and risks (jobs moving abroad).
Globalisation describes the increasing interconnection of economies worldwide. Trade barriers are falling, supply chains are global, capital flows around the world in seconds.
Advantages:
✅ Cheaper products (electronics from Asia, clothes from Bangladesh)
✅ Greater variety on offer
✅ Economic growth in emerging markets
✅ Cultural exchange, freedom to travel
Disadvantages:
❌ Jobs relocated abroad (low-wage countries)
❌ Environmental impact from transport routes
❌ Dependence on global supply chains (as the coronavirus pandemic showed)
❌ Growing inequality between winners and losers
Did you know? A typical iPhone contains components from more than 40 countries. The glass comes from the USA, the chips from Taiwan, the rare earths from China; it's assembled in China – and designed in California.
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