Essay: Explain the Benefits and Problems Associated with Globalisation, Using Examples Wherever Possible. (10 Marks)

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Globalisation is the process by which the world is both becoming more interlinked and compressed via communications, trade, technology and ideas. This leads to interdependence, where global links and communications lead to countries becoming more reliant on each other, especially in economic terms; with trade and intercontinental investments intertwining global growth. Advancements in technology in recent years have led to increased communications and faster and more efficient travel. This has caused the process of globalisation to speed up rapidly, especially in relation to the time-space continuum, in which events happening in one area of the world reach other areas within a matter of hours over the internet and more efficient phone connections. This process has both negative and positive impacts, and whilst the process of globalisation is accelerating these impacts are also likely to become more exaggerated.

Globalisation can often have a positive effect on economic growth around the globe, resulting in higher living standards for citizens. Increased wealth can be spent on the improvement of services such as health and education, and more disposable income for populations can be spent on necessities such as food, but also on consumer luxuries. The ability of nations to export and produce consumer goods to other areas of the world ensures a much larger market, avoiding over-saturation and more customers to support sales. Increased trade and transport links mean the accessibility of both imports and exports is greater and more efficient, ensuring a country can both gain and sell assets to ensure it can develop and function properly. Globalisation also provides more capacity for investment in companies and industries all over the globe, ensuring room for economic growth and development. It is easy to find examples of over-saturated markets crippling economies; indeed, the famous 1929 Wall Street crash in America was partly due to a market over-saturated with...
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