Globalisation

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  • Globalisation
    • Benefits
      • Increase world output
      • Increase consumer welfare
      • State role is reduced
      • Peace > War
      • LR: Benefits for everyone
      • Increased free trade
    • Costs
      • Inequalities
      • Spread of Economic Shock
      • Exploitation
      • Poverty
      • Job Losses
      • Externalities
        • Pollution
          • Acid Rain
          • Litter
          • Great Pacific Garbage Patch
          • CO2
          • No Sustainability
          • Environment Needed for the Economy
    • Causes
      • Cheaper transport costs particularly since 1980s
        • Encouraging trade
        • Multinational companies growing
        • Promotes internationalisation
        • Increased knowledge about different economies
        • Helpred create demand for products not available before like phones and fast food
      • Improved technology
        • Communicatie factor increase knowledge
        • Can be shared
        • Hot money and capital can be shifted which influences more borrowing and lending
        • Russia has now been open to liberal trade
        • Push for trade blocks like EU, NAFTA etc.
    • What is Globalisation?
      • Increasing integration of national economies.

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