thank you for this video !! super helpful :) i'm definitely going to be reading further into all of these points too, the globalisation debate is super interesting and very important
Pros 1) More trade so lower prices due to more international competition and this benefits consumers due to more choice and consumer surplus and businesses are able to access resources so reduced costs 2) benefits of trade with more economic growth and employment 3) firms have more economies of scale as market size increases they can lower costs by increasing output 4) ease of movement benefits for people and businesses 5) better tech Cons 1) inequality 2) structural unemployment 3) environmental cost 4) trade imbalances like China depending on exports and this can harm the economy when things go wrong for exports 5) countries can be harmed by shocks elsewhere like USA causing worldwide shock in 2008 6) less diversity culturally
I think Evergrande is a good example of systemic risk that you mention in the greater risk of external shock point. Also, I think a historic moment in which China’s footprint on global trade comes into play is when Xiaoping begins the integration of China and its billion plus workers and consumers into the world economy.
yeh Deng's back door policy is a really good example, it was so influential in China that 50% of Chinese exports by the end of the 20th Century I think were being generated by TNCs
A country loses economic independence and resilience if they globalise because globalism exacerbates downturns on everyone. The 2020 lockdowns are a great example of the above.
Hi could anyone explain why a shock in growth would lead to protectionist measures, wouldn't that just worsen growth even more? I mean it made sense when the teacher said that imbalances are bad but i don't understand why it would lead to protectionist measures - thanks
i believe a reduction in ecg would lead to general economic insecurity and cause a reduction in imports as it will be relatively more expensive to purchase imports, likely resulting in more people making purchases domestically. It would also halt the expansion of capital so that the export industry becomes unproductive, possibly leading to 'protectionist' government measures. It could also mean, as productivity is not increasing, that export prices are uncompetitive on the global market and less goods may be sold resulting in much less g+s sold by the nation. I know this is 5 years old, just testing my understanding.
high income earners and large firms benefit more from increased globalisation but those with low incomes may be left jobless (e.g. less reliance on 'low skill' jobs due to immigration and possibly the high RULC mean that it is cheaper for a business to produce overseas, causing less reliance on domestic labour)
can you plz explain the role of globalization in the development of free-market capitalism?? If you can reply right here in comment plz I need a perfect explanation............
globalisation is the process of places becoming more interconnected and by doing that places become more interconnected with economies that will tend to promote the free market capitalist view such as America, therefore economies will become more switched on to that idea. That could be why ?
well through trade liberalisation, reduction of tariffs and the accessibility of imports due to globalisation, it allows firms to be truly competitive with one another as productivity is expanded and production can be done cheaply. Im not sure though, just another student
Certain industries are going under in some countries for instance manufacturing in the UK as the Chinese are simply better at it, so its can create employment and unemployment due to multiple countries.
well the spread of technology can cause increased productivity which reduces need for labour input. Employment is comparatively increased by industries created through globalisation such as tourism or jobs working for MNC's expanding into a new nation.
Dude, I'm glad I found you, I have difficulty understanding readings and people when they talk, but I understand you easily. Thank you!
I am taking an interest in Economics, I find these videos very helpful. THANKS
Hi Dal, would be great if you could make an updated version of this video follow Covid, Brexit and Russia’s invasion…
He dis 5 days ago
On fiscal policy
Less so invasion, more so self defence
@@FLAMEalan Russia's self defence??
@@FLAMEalan lol imperialist
thank you even after so many years your video still help me out
thank you for this video !! super helpful :) i'm definitely going to be reading further into all of these points too, the globalisation debate is super interesting and very important
You predicted trade war.
Also thank you, tomorrow is my exam this video is going to help me so much.
Sir thank you so much for everything! Your channel is extremely helpful!
THANK YOU! WE LOVE YOU DADDYDAAAL!!!
Tal we need an updated version for this man got my A2 in may
Love the videos sir. I am happy for you. Keep em coming! Robert
thx for the detailed its help me a lot even my grade has improved.
Pros
1) More trade so lower prices due to more international competition and this benefits consumers due to more choice and consumer surplus and businesses are able to access resources so reduced costs
2) benefits of trade with more economic growth and employment
3) firms have more economies of scale as market size increases they can lower costs by increasing output
4) ease of movement benefits for people and businesses
5) better tech
Cons
1) inequality
2) structural unemployment
3) environmental cost
4) trade imbalances like China depending on exports and this can harm the economy when things go wrong for exports
5) countries can be harmed by shocks elsewhere like USA causing worldwide shock in 2008
6) less diversity culturally
I think Evergrande is a good example of systemic risk that you mention in the greater risk of external shock point.
Also, I think a historic moment in which China’s footprint on global trade comes into play is when Xiaoping begins the integration of China and its billion plus workers and consumers into the world economy.
yeh Deng's back door policy is a really good example, it was so influential in China that 50% of Chinese exports by the end of the 20th Century I think were being generated by TNCs
Great Video on Globalisation! Thks
Really interesting channel!
As of 2022, it’s my understanding that TTIP didn’t materialise right ? But TPP is now a modified agreement after USA withdrew in 2017.
Great voice. It's like perfect.
grate video. i enjoy
love your videos! LIFE SAVER
thank you so much ... well done
What are your thoughts on the EU referendum? And who would you like to see become president?
lmao gg
@@ethansk3613 even more ggs
thanks boss
I had to subscribe - thanks for your help. How does Globalisation work with media?
i got a clarity of this topic ,thak you.
Great vid man. Very helpful
Thanks a million!!!!
your the GOAT
HE IS THAT GUY
Amazing
i just what to know what a country lose or gain by entering globalization
A country loses economic independence and resilience if they globalise because globalism exacerbates downturns on everyone. The 2020 lockdowns are a great example of the above.
Very educative
THANKS BAE
Hi could anyone explain why a shock in growth would lead to protectionist measures, wouldn't that just worsen growth even more? I mean it made sense when the teacher said that imbalances are bad but i don't understand why it would lead to protectionist measures - thanks
Only thing I could think of is that protectionism would help to reduce a countrys net imports, which as a factor of AD might help to grow GDP
i believe a reduction in ecg would lead to general economic insecurity and cause a reduction in imports as it will be relatively more expensive to purchase imports, likely resulting in more people making purchases domestically. It would also halt the expansion of capital so that the export industry becomes unproductive, possibly leading to 'protectionist' government measures. It could also mean, as productivity is not increasing, that export prices are uncompetitive on the global market and less goods may be sold resulting in much less g+s sold by the nation. I know this is 5 years old, just testing my understanding.
hi, are you planning on doing any Unit 3 topics such as: monopoly's, pricing strategies ect as it would be very helpfull :)
hi
May i know the key effects of Globalisation
class video again Dal
Thanks mate
Thanks!
what's a specific reason for inequality; i no there are many factors but i need specific examples. Thanks!
high income earners and large firms benefit more from increased globalisation but those with low incomes may be left jobless (e.g. less reliance on 'low skill' jobs due to immigration and possibly the high RULC mean that it is cheaper for a business to produce overseas, causing less reliance on domestic labour)
People not being equal
@@xj2626 slightly late there mate
can you plz explain the role of globalization in the development of free-market capitalism?? If you can reply right here in comment plz I need a perfect explanation............
globalisation is the process of places becoming more interconnected and by doing that places become more interconnected with economies that will tend to promote the free market capitalist view such as America, therefore economies will become more switched on to that idea. That could be why ?
well through trade liberalisation, reduction of tariffs and the accessibility of imports due to globalisation, it allows firms to be truly competitive with one another as productivity is expanded and production can be done cheaply. Im not sure though, just another student
Too good
thanks for this
WHATS YOUR VIEW ON LEAVING THE EU? SHOULD WE LEAVE?
u da best
I got a exam in this tommorow.
A billion thanks for this. If an essay asks you to decide whether it's bad or good, what would you choose?
Ich von reussen a deuc a triuce, mon a mal ez le deuces arrigato.
For me, globalism is not really the great thing it’s made out to be.
How does globalization cause both greater employment but higher structural unemployment?
Certain industries are going under in some countries for instance manufacturing in the UK as the Chinese are simply better at it, so its can create employment and unemployment due to multiple countries.
well the spread of technology can cause increased productivity which reduces need for labour input. Employment is comparatively increased by industries created through globalisation such as tourism or jobs working for MNC's expanding into a new nation.
Can somebody tell me what he said @4:54
The quantities they can produce and sell has increased enormously
OMG ITS VIKKSTAR123
😂😂
What's that
Cheers gaffa
exam in 2 days....
I feel it.
good luck
3 hours
ooooooo
Good luck everyone, I'm shitting it
One day before exam hehe
too old update dal
Exam rn …
exam in 4 hours....
Vikkstar123 here saving grades :0
وشو اغبياء
طفشان لدرجة قاعد اشوف الكومنتات
give this in hindi also
Arav yadav lol
Too much , you ppl want all content in the world in hindi !
When you finally found the Indian guy on youtube
it's spelled wrong
can be s or z, difference in US to UK
ajajajjajjajaa noob