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Examine the impact of globalisation on a developing economy that you have studied. - Leaving Cert Geography - Question B - 2013
Question B
Examine the impact of globalisation on a developing economy that you have studied.
Worked Solution & Example Answer:Examine the impact of globalisation on a developing economy that you have studied. - Leaving Cert Geography - Question B - 2013
Step 1
Impact of Globalisation on Employment
Answer
Globalisation has led to increased employment opportunities in developing economies. For instance, multinational companies often relocate production to countries with lower labor costs. This influx of foreign investment can create jobs in manufacturing, service sectors, and technology. However, it can also lead to job displacement in traditional industries as globalization evolves.
Step 2
Economic Growth and Development
Answer
Globalisation fosters economic growth by opening up markets and attracting foreign direct investment (FDI). This access to new markets can boost local businesses and stimulate innovation. An example is in the case of Vietnam, where trade agreements have significantly increased GDP. However, it is essential to ensure that the growth is inclusive and benefits the larger population.
Step 3
Cultural Exchange and Influence
Answer
Through globalisation, cultural exchange occurs, allowing for shared knowledge, practices, and innovations. This can enrich local cultures but may also result in cultural homogenisation. The prevalence of global brands can overshadow local businesses, leading to a loss of cultural identity.
Step 4
Environmental Impact
Answer
While globalisation can spur economic activities, it also raises concerns regarding environmental sustainability. Increased industrial activities and consumption can lead to environmental degradation. Developing economies need to balance growth with sustainable practices to mitigate negative impacts.