Globalisation Flashcards
Globalisation Strengths
Increased Trade: Globalisation boosts trade by allowing countries to access a larger variety of goods and services.
Economic Growth: It can lead to higher GDP, create jobs, and improve living standards through international business.
Cultural Exchange: Globalisation encourages the sharing of ideas, cultures, and innovation.
Access to Technology: Countries can adopt new technologies faster, improving efficiency and productivity.
Globalisation Weaknesses
Environmental Impact: Increased production and transportation can harm the environment through pollution and overuse of resources.
Loss of Local Businesses: Large multinational corporations may overpower smaller, local businesses, driving them out of the market.
Job Losses: Some industries may move to countries with cheaper labor, leading to job losses in developed countries.
Income Inequality: The benefits of globalisation may not be evenly distributed, widening the gap between rich and poor.
