Globalisation

• Globalisation is the way national economies & companies are becoming more interconnected by trade, the flow of money and ideas.
• Some advantages are:

  • It is cheaper and easier to communicate
  • Globalisation creates jobs in poor countries
  • The WTO was set up to create trade rules.
• Some disadvantages are:

  • Worker in Bangladesh has to save 8 years wages to buy a computer.
  • Advertisements are seen everywhere.
  • People work in bad conditions for little pay.
• Since 1991, India has removed barriers to trade and allowed foreign investment from companies like Sony and Coca-cola which grow the economy by 7% each year. Life expectancy has increased to 68 and literacy rates to 75%. India's middle class has increased to 300 million BUT wages are still very low at £600 per year and leakage removes a lot of money. The benefits also do not reach all people and the gap between rich and poor has increased