Analyse the impact of globalisation on the economic development and standard of living in an economy other than Australia.

Globalisation is the progressive integration of national economies, leading to the removal of both natural and artificial barriers to the movement of goods, services, resources and finance between nations. The process of globalisation involves economic integration, world trade and financial flows, the increasing spread of technology, the growth of financial markets and products, the different directions of flow of investment portfolio and direct investment, and the movement of labour resources between countries. Different nations have been affected in different ways by globalisation, depending on their degree of development and the extent to which they are open to the flows of the world economy.

The growth of the global economy has increased the opportunity for investment by breaking down national boundaries. This has facilitated the worldwide introduction of new technology, although technology has spread at different rates in different regions.

Workers move between countries to ...