Globalisation

James Foreman-Peck () and Peng Zhou ()
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James Foreman-Peck: Cardiff University
Peng Zhou: Cardiff University

Chapter Chapter 1 in Applied Economics in Globalised Economies, 2025, pp 1-31 from Springer

Abstract: Abstract Globalisation is the increasing interconnectedness of economies, societies, and cultures through trade, investment, and migration. Using examples like the global supply chain of the iPhone, we highlight the complexities and dependencies in modern economic systems. The chapter investigates the determinants of globalisation, such as technological progress, trade agreements, and reduced costs of communication and transportation. It also addresses globalisation’s profound effects, encompassing economic growth, efficiency gains, and challenges such as trade conflicts, deglobalisation, and inequalities. A detailed discussion of trade theories, including the gravity model and comparative advantage, provides theoretical underpinnings for understanding trade patterns and their implications. Further, the chapter covers the roles of international institutions and regional trade agreements in shaping globalisation’s trajectory. It concludes with an analysis of recent disruptions, such as the COVID-19 pandemic, geopolitical conflicts, and protectionist policies, which have ushered in a new era of economic realignment. Overall, this chapter sets the stage for exploring the dynamics of globalised economies and the policies required to navigate them effectively.

Keywords: Globalisation; Deglobalisation; Trade agreements; Economic integration; Gravity model; Comparative advantage; Trade war; Currency competition; Microfoundation (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-85621-1_1

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DOI: 10.1007/978-3-031-85621-1_1

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