Economics - Nature of the Global Economy & Globalisation



 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)


 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

to Internationalfinancialflows

um International investmentflows and exchanges oftechnology

to The motion ofworkers between countriesEconomics SummaryNotes 2010 JamieKennedy� ‐ 9 ‐� M: \Documents\School\SchoolWork\Economics\Economics...

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