Gloabalisation Mindmap

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  • Globalisation
    • Def: increasing economic, financial, trade and comm. interactions and relations
    • enabled by: technological advancementstrade liberalisation and ease of transport
      • People have more choice, increased competition, competitive prices
      • Joint ventures by MNCs with foreign companies
        • Helps the local economy, MNC can be seem ethical towards the locals
          • Living standarrds increase
        • If there isn't a joint venture, MNC can dominate the local market
      • FDI for countries with potential and stable exchange rate(preferably valuable)
        • Def: Foreign ownership or a productive asset
        • Also skills transfer happens, labour becomes more productive
      • Increased Exploitation as well
      • Specialisation also made possible
      • Structural change also takes place - some industries shrink and unemployment might increase
      • Some countries do not benefit - because of trade blocs, trade divesion happens
      • The poor can get poorer
      • Environmental  problems would increase

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