All entries for Tuesday 14 October 2008

October 14, 2008

Globalisation

This week we are learning about globalisation. Its very interesting to know how China has benefited so much from globalisation. In the last 25 years it has tremendoulsy increased its exports and imported very little comparetively. China also has 11 trillion US dollars (Professor was not sure of the whole amount) as reserves in USA. It produces very cheap goods. I would love to know how it does it.

Also another interesting topic in globalisation for me was the use of Tariffs by countries to reduce imports from other countries. This is very useful if your country is making a defeciet on the whole. Its so interesting to know that developing countries charge more tariff and can have different prices for different goods. Superpowers like US and European Union charge a lower tariff

The in class assignments gave us good understanding of the tariffs.

I wished the role of World Trade Organisation (WTO) was disscuessed more.


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