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The first important words are developing countries and developed countries
Developing countries are countries with little industrial and economic activity where people
generally have low incomes.
Contrarily, Developed countries are countries with a lot of industrial and economic activity
where people generally have high incomes.
There is also another good term - emerging economy or emerging market economy which
means a nation’s economy progressing toward becoming developed and advanced.
Though it once reigned alongside the United States as a world superpower, Russia is not
classified as a developed country as of 2015.
Global village - the idea that we became a single community due to affordable and effective
transportation, mass media, and electronic communications.
People are afraid that the evolution of a global village will raise conflicts between cultures.
Global economy refers to economy of the world comprising economies of different countries
closely interrelated. By the way, interrelated is another very good word to use when speaking
about global economy and globalisation.
Thanks to global economy, a shirt is now likely to cost roughly the same amount of money in
New York as in New Delhi.
Global trade (often international trade) is simply the exchange of goods and services
between countries.
Global trade not only results in increased efficiency, but also allows countries to participate in
global economy, encouraging the opportunity of foreign investments.
Offshore outsourcing is often criticised, which can mean bad public relations for a company.
Our next phrase is loss of identity. Some people fear that globalisation will inevitably lead to
total loss of cultural identity.
Prosperity To put it simply it is the state of being successful usually by making a lot of money.
Globalisation plays an important role in contributing to sustainable prosperity for all people.
Standard of living could be described as a quality of life or level of material prosperity
available to an individual or a group of people.
The standard of living includes factors such as: income, availability of employment,
affordability of housing, quality of healthcare, and many others.
And finally, Human Development Index (HDI) is an index prepared by the United Nations
which lists countries in the order of human achievement taking into consideration three
dimensions: health, education and living standards.
Human Development Index also shows that countries with lots of income do not always spend
money in ways that create high life expectancies or education levels.
Consumerism It is the belief that it is good for people and society to spend a lot of money on
goods and services.
Although consumerism can take many forms, it generally refers to very high levels of
excessive consumption.
Cultural convergence which is a tendency for cultures to blend and become more alike and
cultural divergence which describes things that make separations of cultures.
The English language is a prime example of cultural convergence on a global scale.
Additional vocabulary
Immigration
Some people move to another countries in search of a better life
Many immigrants come from less developed countries
Richer, industrialised countries may offer opportunities for employment
Free healthcare and schooling are available in some developed countries
Other people migrate to a foreign country to improve their academic qualifications
Negatives of Immigration
Some people believe that immigrants take jobs that should go to local people
Some immigrant workers work longer hours for less money
Companies might pay lower salaries to immigrant workers
Unemployment rates could rise if there are too many immigrants
Positives of Globalisation
Businesses are becoming increasingly international
Multi-national companies do business across the world
Companies like MacDonald’s can be seen on high streets in most cities
Goods are produced in one country and sold in many others
A global economy means free trade between countries
This can strengthen political relationships
Globalisation can also create opportunities for employment It encourages investment in less
developed countries
It could reduce poverty in the developing world
Negatives of Globalisation
Globalisation is not always beneficial to everyone
Companies can move to countries where labour is cheap
This creates redundancies, or job losses
Employees cannot be confident that they have stable jobs
Companies sometimes exploit their employees in developing countries
Global trade creates more waste and pollution