Economics Year 13 revision Day 23 - Globalisation

On day 23 of the Year 13 Recap we discuss the causes, consequences and impact of globalisation on the UK economy.

Globalisation is a term which is used to explain how individual economies have moved away from their localised specialities towards a more global approach. Globalisation has fielded a series of advantages for firms, be that small or large, through the reduction in transportation costs and trade barriers.

Even though you could argue that the biggest recipients of the benefits of globalisation are the largest firms (MNCs) it is also important to stress the role that globalisation has had on helping economies develop and progress. The art of answering a question on globalisation is to avoid getting into the “fluff” that comes around this topic and directly address the winners and losers of this ongoing process of integration.

Here Jack guides you through the revision slide on globalisation: