• Globalisation?is the economic integration of different countries through increasing freedoms in the cross-border movement of people, goods/services, technology & finance
• This?integration?of global economies has impacted?national cultures, spread ideas, speeded up?industrialisation?in developing nations & led to?de-industrialisation?in developed nations
• Globalisation has been increasing for thousands of years - it is not a new phenomenon
• Improvements in technology & the?speed of global connections?have exponentially increased the?level of interdependence?between nations in the past 50 years
• Consumers now?source products globally?recognising?global brands?wherever they travel

The Four Main Characteristics of Globalisation

Factors Contributing to Globalisation

• In 2000 the value of global trade was approximately?$6.45 trillion.?By 2020 this figure was at?$19 trillion
• Numerous factors have contributed to the?rapid increase in the pace of globalisation?but perhaps two of the most significant are the improvements in?containerised shipping?& the?innovation in communication technology

Factors Contributing to Globalisation in the Last 50 Years

• Many of the?impacts of globalisation?have been positive, however there have been some very negative ones too
• When considering the impacts, it is useful to?acknowledge?all of the?stakeholders?including individual countries, governments, firms, consumers, workers & the environment

The impacts of Globalisation on Stakeholders

• Two of the more recent?criticisms of globalisation?include
  • The lack of action by some governments to help workers unable to find new jobs as a result of?structural unemployment
  • The use of?legal mechanisms (e.g. transfer pricing)?& corruption by transnational corporations is stripping developing countries of their assets & has been called 'new colonialism'