Summary of Globalisation 🌍📈

1. What is Globalisation? 🔄🌐

• Globalisation refers to the rapid integration of countries through trade and investment.
• It is driven by greater foreign trade and foreign investment.

2. Role of MNCs in Globalisation 🏭💰

• MNCs play a key role by setting up production units in countries with cheaper costs.
• This has led to complex global production networks.

3. Impact of Technology 💻📡

• Advancements in technology, particularly IT, have made it easier to coordinate production across countries.

4. Liberalisation and WTO Influence 📜🌍

• Liberalisation of trade and investment has removed barriers to international trade.
• WTO puts pressure on developing countries to further liberalise trade and investment.

5. Who Benefits from Globalisation? 🏦📊

• Well-off consumers enjoy more choices, better quality, and lower prices.
• Producers with skills, education, and financial resources have gained from new opportunities.

6. Who Suffers from Globalisation? ⚠️👷‍♂️

• Small producers and workers face intense competition, leading to job losses and insecurity.

7. Towards Fair Globalisation ⚖️✅

• Fair globalisation should create equal opportunities for all.
• The benefits of globalisation must be shared more fairly, ensuring workers and small producers are not left behind.