NATUREOF THEGLOBAL ECONOMYANDGLOBALISATION
TH Elizabeth GLOBAL ECONOMY
Transact inGoods and Services had grown quickly increasing by 38%ofGWP in 1990 to 63% ofGWP in 3 years ago.
GWP is now9 times the exact level in 1950 howeverthe volume level ofworld control has grown 33 times it's 1950 level
During times of economic downturns, the growth of globaltrade features contracted fasterthanworld economic outcome highlightingthe better volatility oftrade compared toGWP. Essential developmentthat provides contributed to these kinds of flows is a increased influenceof Transnational Corporations.
Transnational Corporations: global companies that dominate global product and factor markets. TNCs haveproduction facilities in atleasttwo countries and are owned by citizens of atleasttwo countries.
Trade in addition has lifted in answer to majortrade agreements: um World TradeOrganisation (WTO): is anorganisation of153 member countries that tools and advances globaltrade agreements and resolves trade conflicts between nations. Established in 1995
um NorthAmerican Free TradeAgreement(NAFTA)
um Associationof To the south EastNations (ASEAN)
o EuropeanUnion (EU)
LOW WORLD MERCHANDISE
GrossWorldProduct(GWP): the total oftotal outcome of goods and services simply by all economics in the worldover a period oftime.
Inside the industrialisedworld the worthiness ofwhat various countries get and sellfrom overseas is greaterthan 50 percent ofthe country's economic output
Globalisation: the task ofincreased integration between distinct countries and economies as well as the increased impactofinternational influences on all aspects oflife and economic activity. Consists of layers ofinfluences in all directions
Majorindicators ofintegrationbetween economics incorporate:
o Internationaltrade flows
um International investmentflows and exchanges oftechnology
to The motion ofworkers between countriesEconomics SummaryNotes 2010 JamieKennedy� ‐ 9 ‐� M: \Documents\School\SchoolWork\Economics\Economics...