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5 Cards in this Set
- Front
- Back
Definition: The global economy
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The sum of the interactions between the economies of individual countries that are now increasingly linked together in one economic unit
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Definition: Gross World Product (GWP)
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The total gross national production of all the countries in the world
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Definition: Globalisation
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Increased integration and interconnectedness of economies around the world
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Characteristics of Globalisation:
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LIFTIT: Labour, Investment, Financial, TNCs, International Business Cycle, Trade
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Changes in the size, pattern and direction of trade and investment
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Trade:
-Volume of world trade has grown to 33 times its 1950 level -Consistently twice the level of world economic growth -Direction of trade shifted from high-income economies (11% drop in global trade) to growing economies esp. in East Asian and Pacific region (7% increased to 12%) Investment: -FDI increased x7 since 1990-2006 from US$201bn to US$1.3trillion -2006, 66% of world's FDI have been receive by high income earners in the OECD |