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The Effects of Economic Globalisation
Summary: The phenomenon of economic globalisation can be measured through the internationalisation of labour, international trade flows, international financial and investment flows and the growth in the transfers of technology. There are several benefits gained from globalisation, which include greater world output, wider and larger market and higher living standards. There are also costs for these benefits, which include having a more unstable global economy, the brain drain and increased exploitation of workers.
Globalisation is the increased integration of different countries and economies, in the social, political and economic spheres. It is also the increased impact of international influences on all aspects of life and economic activity. There are several indicators of globalisation, which include: the internationalisation of labour, international trade flows, international financial and investment flows and the growth in the transfers of technology. There are several costs and benefits associated with the process of globalisation as there are with any process.
As a result of globalisation, the global economy is seeing an increasing amount of workers migrating to different countries seeking better job opportunities, wages and working conditions. This was seen in a report by the ILO in 2000, which estimated that around 120 million people had migrated to work in different countries. This movement of workers occurs mainly at the top end of the labour market, as highly skilled workers...
This section contains 1,447 words (approx. 5 pages at 300 words per page) |