Globalisation
Introduced| English | Meaning |
|---|---|
| globalisation/ˌɡləʊbəlaɪˈzeɪʃn/ | The increasing connections and interdependence between countries through trade, investment, communication and other flows. |
| trade liberalisation/treɪd ˌlɪbərəlaɪˈzeɪʃn/ | trade liberalisation |
| multinational corporations/ˌmʌltɪˈnæʃənl ˌkɔːpəˈreɪʃnz/ | Businesses that own or control production or other operations in more than one country. |
| supply chains/səˈplaɪ tʃeɪnz/ | supply chains |
| technology transfer/tekˈnɒlədʒi ˈtrænsfɜː/ | technology transfer |
| inequality/ɪniːˈkwɒlɪti/ | An unequal distribution of a quantity, opportunity or outcome between people or groups. |
The shrinking world
- A phone designed in California, made in China from Korean chips, sold in Nigeria — that's globalisation 全球化: the deepening integration of the world's economies.
- It has lifted millions out of poverty and stirred fierce debate in equal measure.
Open economy lab
See how trade or exchange-rate pressure changes domestic outcomes.
Which is a key driver of globalisation?
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Cheaper transport/communication, trade liberalisation and MNCs drive integration.
Large firms operating across many countries, central to globalisation, are ______ corporations.
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Multinational corporations (MNCs) drive global supply chains.
What drives it
- Falling transport and communication costs (containers, the internet),
- trade liberalisation 贸易自由化 (lower tariffs, trade agreements),
- the rise of multinational corporations 跨国公司 and global supply chains 供应链.
Globalisation: falling trade and transport costs tie national economies together
A benefit of globalisation is:
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It lowers prices, widens markets, transfers technology and has cut poverty in places.
Globalisation can cause job losses in industries that cannot compete internationally.
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Uncompetitive domestic industries may shrink — a real cost of openness.
Classify each effect of globalisation.
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Globalisation brings both gains and losses — hence the debate.
Winners and losers
- Benefits: cheaper goods, access to bigger markets, technology transfer 技术转移, and millions lifted from poverty (e.g. East Asia).
- Costs: job losses in uncompetitive industries, widening inequality 不平等, environmental strain, and loss of cultural diversity.
Both at once. Globalisation cut consumer prices and grew developing-country exports, and hollowed out some manufacturing regions in rich countries — which is why the politics are so contested.
The debate
- The question isn't whether to globalise but how: managing the losers (retraining, safety nets), the environment, and fair terms — so the gains are shared.
You've got it
- globalisation = deepening integration of economies (trade, finance, supply chains)
- driven by lower transport/communication costs, trade liberalisation, multinationals
- it has winners and losers — cheaper goods + poverty reduction vs job losses + inequality