how have customers pay benefited due to the economic policy of globalisation
Answers
Globalization has boosted output in the Western economy
Globalization has enabled firms to specialize – and to increase the intensity of R&D, innovation and capital in their output.
Globalization has made it easier for new companies to start competing with old incumbents.
The trade sector has increased the number of people that it employs, both through exports and imports.
Globalization has raised household income
Globalization helped to reduce high inflation rates in Western economies, giving consumers more “bang for the buck”.
Globalization has increased real wages by lowering the cost of consumption.
Many goods that previously were affordable to only the few – e.g. a mobile phone or sewing machine – are now common in most households.
Globalization has given economies and people new opportunity
Globalization has spurred the spread of new technology, helping to make economies greener and more productive.
Globalization has helped to reduce gender wage discrimination and giving new opportunities to women.
Globalization has improved the quality of management in firms and the working conditions for people.