![]() This comparative advantage enables higher exports which creates jobs. For example, the UK has a comparative advantage in goods such as financial services, video gaming and nuclear power components. Globalisation and increased trade mean UK firms can benefit from specialising in goods where they have a comparative advantage. ![]() Impact of globalisation on the UK economy The benefits include greater competition, lower prices, economies of scale.Ĭritics argue globalisation can leave many left behind due to the pace of progress which gives more power to large multinationals – enabling them to avoid tax but use monopoly power to charge high prices. There are both pros and cons of globalisation. It means there will be a rise in trade, and increase in movement of labour and capital. Globalisation involves the increased integration and interdependence of the global economy.
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