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Globalisation

In: Applied Economics in Globalised Economies

Author

Listed:
  • James Foreman-Peck

    (Cardiff University)

  • Peng Zhou

    (Cardiff University)

Abstract

Globalisation is the increasing interconnectedness of economies, societies, and cultures through trade, investment, and migration. Using examples like the global supply chain of the iPhone, we highlight the complexities and dependencies in modern economic systems. The chapter investigates the determinants of globalisation, such as technological progress, trade agreements, and reduced costs of communication and transportation. It also addresses globalisation’s profound effects, encompassing economic growth, efficiency gains, and challenges such as trade conflicts, deglobalisation, and inequalities. A detailed discussion of trade theories, including the gravity model and comparative advantage, provides theoretical underpinnings for understanding trade patterns and their implications. Further, the chapter covers the roles of international institutions and regional trade agreements in shaping globalisation’s trajectory. It concludes with an analysis of recent disruptions, such as the COVID-19 pandemic, geopolitical conflicts, and protectionist policies, which have ushered in a new era of economic realignment. Overall, this chapter sets the stage for exploring the dynamics of globalised economies and the policies required to navigate them effectively.

Suggested Citation

  • James Foreman-Peck & Peng Zhou, 2025. "Globalisation," Springer Books, in: Applied Economics in Globalised Economies, chapter 0, pages 1-31, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-85621-1_1
    DOI: 10.1007/978-3-031-85621-1_1
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