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4.4 Globalisation_Notes

Globalisation refers to the increasing interconnectivity of the world in economic, cultural, and political terms, primarily driven by post-World War II cooperation and advancements in transportation, particularly containerisation. The internet has further accelerated globalisation by facilitating interactions between firms and consumers across borders. Development is measured using the Human Development Index (HDI), which considers factors like life expectancy, education, and GDP per capita to provide a more comprehensive view of a country's development.

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14 views3 pages

4.4 Globalisation_Notes

Globalisation refers to the increasing interconnectivity of the world in economic, cultural, and political terms, primarily driven by post-World War II cooperation and advancements in transportation, particularly containerisation. The internet has further accelerated globalisation by facilitating interactions between firms and consumers across borders. Development is measured using the Human Development Index (HDI), which considers factors like life expectancy, education, and GDP per capita to provide a more comprehensive view of a country's development.

Uploaded by

Amit Gupta
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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4.

4 Globalisation
What is globalisation
Globalisation is the increasing interconnectivity of the world in economic, cultural and political terms. We
are most interested in the way econmies have become more interconnected.

The division of the 2nd World War was a driving force behind the globalisation that has swept the globe
since. Countries determined to co-operate and avoid another catastrophe became more open reducing
trade barriers like tarrifs, quotas and regulations.

Transportation has greatly improved meaning that products can be transported to places you wouldn't
think possible before. 100 years ago the idea that there might be New Zealand lamb in British
supermarkets was outlandish. By far the biggest transportation improvement in terms of trade has been
containerisation. The transporting of goods in standard sized containers that can easily be moved
between ships, trains and trucks has made it far more convenient to trade in all sorts of goods.

As well as improvements in the trade of goods, countries also reduced rules about foreign ownership.
This led to the development of large multinational corporations that exist today spanning multiple
countries.

The internet has had a huge role in connecting the world and increasing the pace of globalisation by
making it so easy for firms in one country to interact with consumers in another.

How development is measured


The accepted manner of measuring development is with the United Nation's Human Development Index
or HDI for short. The HDI measures a range of factors including life expectancy, years of education and
GDP per capita

As we mentioned back in the economic growth unit, GDP per capita is a more accurate refection of
incomes in a country than GDP alone. The inclusion of other factors helps to take into account disparities
that may exist in countries that are disguised by a relatively high GDP per capita.

Life expectancy and access to healthcare can give a lot of indication about the quality of life in a country.
The same is true of the number of years of compulsory education and average number of years of
education. Access to technology is another key factor with the internet bringing great leaps in areas such
as education and business.
Evaluate the costs and benefits of globalisation to developed countries
Costs and benefits for producers

Costs and benefits for workers

Costs and benefits for consumers


Evaluate the costs and benefits of globalisation to less developed
countries
Costs and benefits for producers

Costs and benefits for workers

Costs and benefits for consumers

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