b) Factors contributing to globalisation

• What have improvements in transport infrastructure allowed for production?

  Separation of production around the world
• How have improvements in IT and communication affected companies?

  They allow companies to operate globally
• Since when has trade liberalisation and reduced protectionism been occurring?

  Since 1945
• What significant events have contributed to trade liberalisation?

  Breakdown of the Soviet bloc and opening of China
• What role do international financial markets play in trade?

  They allow raising and moving money globally
• What are TNCs?

  Large companies operating around the world
• How do TNCs contribute to globalisation?

  By increasing their profits through low labor costs
• What power do TNCs have in relation to governments?

  They have the power to lobby governments