Global economy
refers to economy of the world comprising economies of different countries closely
interrelated. By the way,
interrelated
is another very good word to use when speaking about global
economy and globalization.
Thanks to
global economy
a shirt is now likely to cost
roughly the same amount of money in New York as in
New Delhi.
And finally,
global trade
(often
international trade
) is simply the exchange of goods and services
between countries.
Global trade
not only results in increased efficiency, but
also allows countries to participate in
global economy
,
encouraging the opportunity of foreign
investments
.
Let’s continue our studies and examine two new words connected with globalization.
Sweatshop and outsourcing.
Sweatshop
(sometimes sweat factory) is a workplace with unacceptably severe conditions and
usually extremely low wages.
In 2006 Apple faced allegations that its iPod was being
produced in China’s
sweatshop
conditions. The Apple
incident illustrates how
sweatshops
can thrive with such
practices as
outsourcing
.
Outsourcing
means just what it says - going out to find the source of what you need. In the
globalization context we usually use the term outsourcing to describe a situation when businesses
outsource production to countries with developing economies.
Offshore
outsourcing
is often criticized, which can mean
bad public relations for a company.
Our next phrase is
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