Globalisation Essay - 1. ; worldslocal,/market...

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1. Definition and explanation of what is meant by the term Globalisation Globalisation is the growing integration of the world’s economy; it’s the integration of the  world’s local, regional and national economies into a single international economy/market  through trade, migration, capital flows, foreign direct investment and spread of technology.  Globalisation is the reduction and removal of barriers between national borders in order to  facilitate the flow of goods, capital, services and labour e.g. free trade in the E.U.  Businesses produce all or part of their products, or source their raw materials in areas of  the world that benefit them. Decisions taken in one part of the world affects other parts.  Decisions are based on what is happening in the `world market' rather than national  markets e.g. Ford. Consumers in different countries recognise the product easily and have  similar tastes for the product. 2. Identify and analyse factors which contribute to globalisation:  must include a. Trade liberalisation b. Reduced cost of communication c. Increase significance of transnational companies Trade liberalisation is a major factor that contributes to globalisation, the encouragement of 
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  • Spring '14
  • ismailov
  • term Globalisation Globalisation

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