What Is Globalisation?


Globalisation is the process by which the world’s economies, markets and consumers have become increasingly interconnected.


KEYWORDS


Goods, services, capital and information now move across borders more freely than ever before. For consumers, this means access to products and brands from all over the world.


What Is Driving Globalisation?


Technology – advances in websites, apps and sales platforms.


Advances in technology mean that businesses can now sell to consumers anywhere in the world through websites and apps.


A small Irish business can set up an e-commerce store using Shopify online and sell to customers anywhere in the world. For example, a business in Cork can sell directly to a consumer in China through their website.


Transport – improvements in cargo shipping systems, roads and infrastructure.


Manufacturing and outsourcing of production to lower cost locations.


Improvements in international transport have made it faster and cheaper to move goods around the world.


Products manufactured on the other side of the world can now be shipped to Irish consumers within days.


Businesses can now make goods in countries where production costs are lower and import the items.


This reduces the price of goods for consumers but also means that products sold in Ireland are often made abroad.


Consumer demand for choice enabled by e-commerce.


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Consumers want more choice, better value and lower prices.


This demand has pushed businesses to source products globally and has driven the growth of international trade.


STRAND 1


CHAPTER 10: The impact of globalisation and technology


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