Globalisation and the UK in the World Economy

What Globalisation and the UK in the World Economy covers

Globalisation and the UK in the World Economy is examined in Trade and development — assessed across all three components. It covers what globalisation is and what drives it, the benefits of globalisation, the costs of globalisation, the United Kingdom in the world economy, the World Trade Organisation, economic problems of developed, developing and emerging economies, the European Union and the single market, the advantages and disadvantages of membership, enlargement of the European Union, economic and monetary union and the euro and optimal currency areas and the European Central Bank.

The 11 subtopics

Each one has its own page.

• What globalisation is and what drives itFour main flows that globalisation increases and global supply chain.Open →
• The benefits of globalisationObjection to that evidence and political case made for globalisation.Open →
• The costs of globalisationRace to the bottom argument, evidence on the race to the bottom and carbon leakage.Open →
• The United Kingdom in the world economyUnited Kingdom's major export sectors, distinctive about the United Kingdom's trade balance and united Kingdom's position on foreign direct investment.Open →
• The World Trade OrganisationWorld Trade Organisation, most favoured nation principle and national treatment principle.Open →
• Economic problems of developed, developing and emerging economiesMore economically developed country, less economically developed country and emerging economy.Open →
• The European Union and the single marketEuropean Union, single European market and four freedoms.Open →
• The advantages and disadvantages of membershipTrade advantages of European Union membership, budgetary cost of membership and sovereignty objection to membership.Open →
• Enlargement of the European UnionMajor rounds of enlargement, widening versus deepening debate and convergence argument for enlargement.Open →
• Economic and monetary union and the euroEconomic and monetary union, convergence criteria for joining the euro and benefits of a single currency for trade.Open →
• Optimal currency areas and the European Central BankOptimal currency area and european Central Bank.Open →

What you need to know

Answer each one before you reveal it.

Take Globalisation and the UK in the World Economy further

The same content, four other ways.

Commonly confused

Pairs that lose marks when they are blurred together.

• Widening the EU vs Deepening the EU

  Widening the EU: admitting further member states. Deepening the EU: it means increasing integration among those already in.

Questions from this topic

Each one with the model answer underneath.

1. 1

   What is globalisation?

   Model answer

   Globalisation is the increasing integration of national economies into a single world economy. Goods, services, capital, labour and technology move across borders more freely than before.

2. 2

   Name the four main flows that globalisation increases.

   Model answer

   Trade in goods and services is the first flow. Capital through foreign direct investment and portfolio investment is the second. Migration of labour is the third, and the transfer of technology and ideas is the fourth.

3. 3

   How has the fall in transport costs driven globalisation?

   Model answer

   Containerisation standardised freight handling and cut the cost of shipping a unit of goods sharply. Air freight made high-value and perishable goods tradable. Production can therefore be located far from the customer.

4. 4

   How has communications technology driven globalisation?

   Model answer

   Instant and cheap communication allows a firm to coordinate operations in several countries at once. Services such as software and customer support became tradable, because delivery no longer requires physical presence.

5. 5

   How has trade liberalisation driven globalisation?

   Model answer

   Successive rounds of negotiation cut average tariffs substantially after 1947. Quotas and exchange controls were also removed by many countries. Cross-border production became far cheaper as a result.

6. 6

   How has the liberalisation of capital markets driven globalisation?

   Model answer

   Exchange controls were dismantled from the 1970s onward in most developed economies. Money can now be invested wherever the return is highest. Firms can finance operations in one country from savings raised in another.

What is inside Levo

Six ways to work the same material.

Globalisation and the UK in the World Economy revision questions

What does Globalisation and the UK in the World Economy cover in Eduqas A-Level Economics?

11 subtopics: what globalisation is and what drives it, the benefits of globalisation, the costs of globalisation, the united kingdom in the world economy, the world trade organisation, economic problems of developed, developing and emerging economies, the european union and the single market, the advantages and disadvantages of membership, enlargement of the european union, economic and monetary union and the euro and optimal currency areas and the european central bank. Each one has its own page with questions and model answers.

How is Globalisation and the UK in the World Economy organised?

By the Eduqas A520QS specification, subtopic by subtopic, so it matches the order you are taught it in.