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Name 3 consequences of global economy
1.Global division of labor (simply put, low-income countries produce raw material, high-income countries have a strong service industry and transform raw material into other products using technology.)
2.Products pass through more than one country – interdependence.
3.National governments have less control over the economic activity inside their country.
4.A few multinational companies (MNC) control a vast share of the world’s economy.
5.Concerns about worker’s rights – outsourcing/loss of jobs in high-income countries, and low wages and rights in low-income countries. Here we could also add environmental concerns.