Complete revision notes for Unit 4. Globalisation, international trade, exchange rates, poverty and inequality, the role of the state, and economic development — the global perspective.
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What drives globalisation and its impact on economies, businesses, and workers — trade liberalisation, technology, MNCs, and trade blocs.
The case for free trade vs protectionism — comparative advantage, the WTO, tariffs, quotas and the arguments for and against trade barriers.
International money flows — the balance of payments, exchange rate systems, currency determination, and the Marshall-Lerner and J-curve analysis.
Measuring and addressing poverty and inequality — absolute vs relative poverty, the Lorenz curve, Gini coefficient, and the causes of widening income gaps.
Public goods, merit goods, redistribution, and the full policy toolkit — fiscal, monetary and supply-side approaches to managing the economy.
Economic growth vs development — HDI, barriers to development, market-led vs interventionist strategies, and the challenge of sustainability.
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