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Globalisation

Advantages

  • Cheaper and quicker transport of people and goods
  • Increased travel
  • Promotes Free Trade
  • New products and new/easier production methods shared worldwide
  • Multicultural hybridisation
  • Ideas disperse across political boundaries
  • Better relationships between countries - Deeper understanding and acceptance
  • Investments made into Less Developed Countries - boosts profits of business as well as the economy of the LDC
  • Businesses have wider markets, boosting profits and the country's economy

Disadvantages

  • Domination of the World Economy
  • Widening of the development gap both within and between countries
  • Debt crisis
  • Global warming - increased transport and pollution
  • Exploitation of workers in LDCs (less power)
  • Can submerge local culture and lead to xenophobia and racism
  • Decrease in local/traditional languages (mother tongues) - many schools are teaching in/ teaching English
  • The downfall of one country's economy may have a detrimental effect on others, especially if the struggling country is a main investor

Evaluation

Globalisation has many advantages for developed countries as it opens up opportunities across the globe. However, for developing countries, globalisation may increase the chances of exploitation, or further reduce the income of local businesses

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