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International Baccalaureate Economics Higher Level Inter Community School of Zurich Marc Fleming Extract Title: Going global Source of Extract The economist Page: 75 Extract date: December 08 2001 Word Count: 450 Syllabus Links: 4, 5 This article discusses how more globalised poor countries have had higher economic growth over less globalised poor countries. Globalisation referring to the process by which there is increased trading of goods and services and increasing integration in world capital markets. The economist more simply defines globalisation as a rise in the ratio of trade to national income. The economist in plane terms is saying that increased trade (globalisation) has caused the high growth of more globalised less developed countries. Why does trade increase growth? There are four main economic reasons for this. They are comparative advantage, economies of scale, international competition, and spread of technology. Comparative advantage increases economic growth in that a country can specialise in producing goods and services at which it is most efficient at producing, concentrating...

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