Globalisation and the rise of the global middle class
Back to Topic
Click to Print
Useful Websites
Glossary Term Selection
By Will Straw, Associate Director for Globalisation and Climate Change at the Institute for Public Policy Research
Analysis of globalisation in recent years has focused primarily on the ‘supply shock’ created by a huge increase in low-cost labour in China, India and other emerging markets. Citizens in the developed world view this as both positive, due to the falling cost of consumer goods, and negative, due to the perceived pressure on their jobs and wages.
But a new phase of globalisation is now under way due to the ‘demand shock’ caused by rising prosperity in middle-income countries. Over the coming years, millions of people in the BRIC countries – Brazil, Russia, India and China – and elsewhere will be lifted out of poverty and see their disposable income rise. This creates challenges in resource scarcity and the impact on climate change while bringing great opportunities as businesses compete to meet the new demand for goods and services, and millions of jobs are created.
So ...
Want to see the rest of this article?
Would you like to see the rest of this article and all the other benefits that Issues Online can provide with?
- Useful related articles
- Video and multimedia references
- Statistical information and reference material
- Glossary of terms
- Key Facts and figures
- Related assignments
- Resource material and websites
