Question

Discuss how the UK has benefited from globalization and international trade.

Answer 1

Globalisation , The process which created a more connected world with increased movement of goods ideas and people around the world . The major bonus is the increased trade , that is increase market for UK company. what has been selling in UK markets now can be sold across other countries . that resulted in 1-2 percent increase in UK economy.Another good thing happened is the foreign investment , that brings new ideas , high employment and high paid job to UK. there is also a lot of skill migration. UK technically has a skill gap. uk don't produce skill workers like doctors, engineers, nurses et cetera. with globalisation increased movement across the world occurred attracting a lot of migrants with skills. increased competition with abroad that resulted in cheap manufacturing workers willing to do work at lower cost . reduction in prices of factories , land , all of which now we can get at cheaper prices. cheaper production abroad means prices of the product in uk lowers , showing globalisation effect on street and shop around UK.

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