The consequences of globalisation for less-developed and for more-developed countries
Globalisation creates opportunities and problems for all countries. Less-developed countries can attract investment and grow faster. More-developed countries gain new markets but can lose jobs to cheaper producers abroad.
Real World
China's integration into the global economy from the 1990s brought $1.9 trillion in FDI and lifted 800 million people out of poverty, while the US 'Rust Belt' lost roughly 3.5 million manufacturing jobs to lower-cost Chinese producers.
Exam Focus
For 'evaluate' questions, always weigh a specific benefit against a specific cost before reaching a justified conclusion.
Price Elasticity of Demand
PED = % change in quantity demanded ÷ % change in price
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