Impact Of Globalisation On The Uk Circular Flow Of Income

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IMPACT OF GLOBALISATION IN THE UK CIRCULAR FLOW OF INCOME
The United Nations states that globalisation “is a widely-used term that can be defined in a number of different ways. When used in an economic context, it refers to the reduction and removal of barriers between national borders in order to facilitate the flow of goods, capital, services and labour… although considerable barriers remain to the flow of labour… Globalisation is not a new phenomenon. It began in the late nineteenth century, but its spread slowed during the period from the start of the First World War until the third quarter of the twentieth century. This slowdown can be attributed to the inward looking policies pursued by a number of countries in order to protect their respective industries… however, the pace of globalisation picked up rapidly during the fourth quarter of the twentieth century” Globalization has expanded quickly in the course of recent years; the primary helping variables are regularly highlighted as:
- The quick extension in global exchange.
- Enhanced exchange liberalization where there are currently less limitations on global exchange.
- Significant worldwide capital streams.
- Developing immediate financing by multinational companies in different nations .
- Expanded global versatility of work and the related movement of individuals between nations.
- The joining of national economies and developing association of national economies.
Changes in technology that have led to the

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