With the rapid rise of global value chains (GVCs) and cross-border financial flows, proponents argue that globalisation has unlocked unprecedented economic growth and efficiency. However, critics highlight the risks of structural unemployment in developed nations, the 'race to the bottom' in regulatory standards, and heightened vulnerability to systemic shocks.
Evaluate the view that globalisation has had a net positive impact on global economic welfare.
103 exam-style questions on Edexcel A A Level Economics 4.1 International economics, covering 4.1.1 Globalisation, 4.1.2 Specialisation and trade, 4.1.3 Pattern of trade, 4.1.4 Terms of trade, 4.1.5 Trading blocs and the World Trade Organisation (WTO), 4.1.6 Restrictions on free trade, 4.1.7 Balance of payments, 4.1.8 Exchange rates, and 4.1.9 International competitiveness. Each one has a worked solution and a mark scheme showing where the marks go.