Do you agree that we now have a ‘global economy’? Justify your answer.
Yes we do, but its full of inequality
Globalisation is a system where goods and services re transferred
It’s a local market gone global
What is an economy?
Economy is where income...
Resource and wealth distribution...
Yes we have global economy but rid with inequality and poverty. DEFINE
Market is a place where people buy and sell. Commodities bought and sold for a given price as standard in local market. Globalisation, according to Schafer et. al, [footnoteRef:1] is the economic and sociological and cultural process by which nation-states, organisations and induvial become increasingly interlinked and interdependent. In terms of international political economy, globalisation involves the movement of goods, services and sales and encompasses the economic resources of data, capital and technologies.[footnoteRef:2] [1: ] [2: ]
Globalisation in effect has made local markets global, With the advent of internet and technology advances in this global age, goods and services at available at a touch of button. Globalisation makes world smaller people closer, therefore find a way to exchange goods and services in return for profit. Globalisation increased trade across countries and nations.
Neo Liberal theorists may hail that globalisation has brought the world closer, free markets have brought prosperity, and argue that highest rates of economic growth occurred to countries over the course of globalization”
However his question can be considered in light of world's poverty and inequality.
Capitalism stems from capitalism of old structures, built on unequal relations with history of slavery and feudalism, (Schafer et al, 2017, p11) However industrialisation marked the pivotal shift in the history of economy, and transformation of feudal society. However inequality remains evident through impact of globalisation, as the world’s poor remain in the state of poverty do not enjoy do not equal access especially in terms of status rights and opportunities.
Para 1 Globalisation
Look at current system, consider globalisation – definition and impact
Adam Smith wealth of nations
poletrariat Marxist theory
Para 2/3- No poverty inequalities
Poverty and Inequality has fallen, gap even wider. Living standards .... Living in absolute poverty.
Wealth gap income inequality, south north, use of global labor abritrage, means of production industry and manufacturing....imbalance
*What can done
Economy is linked to GDP and wealth distribution.
HDI records different measures of development and gaps inequality. The definition for economy does not apply to current global structure.
Economy (perhaps utopian) arguably should be based on fair and equitable structures wealth and resource distribution based on ......growth and meeting the needs of world population. Brits have put forward a f...