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Friday, February 23, 2024

Is globalisation breaking down or transforming? | Business and Economy

From: Counting the Cost

Disaster upon disaster threatens to fracture the worldwide economic system after many years of financial integration.

The top of the Chilly Struggle, free commerce and technological advances have helped create a world system that’s delicate to what’s occurring on the opposite facet of the world.

Globalisation has been credited for creating economies, rising incomes and lifting hundreds of thousands of individuals out of poverty.

However the pandemic and the conflict in Ukraine have uncovered the fragility of that financial interdependence.

On the similar time, globalisation has additionally been criticised for rising inequality, and worldwide charity Oxfam says the world’s richest 1 % pocketed almost twice as a lot wealth as everybody else over the past two years.

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