Globalisation

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Globalisation: The increased integration and interdependence of national economies; it involves increased international trade, increased inward investment and an increased role for global multinational companies. Reasons for greater globalisation of business: 

  • The growth of free trade areas, such as EU & NAFTA, have reduced barriers to trade within their groups and mean that individual economies are becoming more closely integrated with each other. 
  • Tariffs and other protectionist barriers have gradually been reduced in countries around the world, leading to an increase in world trade
  • The WTO has been instrumental in bringing about a more integrated and interdependent global economy 
  • Increased communication and improved transport have led to reduced barriers between countries and made global travel easier 
  • The growth of large multinational firms creates increased opportunities for economies of scale, leading to lower prices for consumers
  • Improved technology makes it easier to communicate and share information around the world 
  • Improved mobility of capital.

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