Global economy

Jonathan Rosenberg 'Describe the main features of the global economy and examine the nature and extent of interdependence between economies' The global economy consists of all the countries in the world that produce goods and services and who therefore contribute to world Gross Domestic Product (GDP). Globalisation is the increasing economic integration between countries leading to the emergence of a global economy. There are 4 main features of this new Global Economy: 1.New Markets 2.New Actors 3.…

…last WTO meeting, all the poor counties walked out claiming the richer countries were being greedy and not cooperating with their requests. For instance the OECD countries would request their exports to be deregulated but expect to still keep small taxes on imports from the LDC countries. The LDC countries view globalisation as 'the rich getting richer and the poor getting poorer' where the OECD countries see globalisation a step towards equality in the world.