Leading Economic Blocs
What Stopped Globalization?
4. CURRENT ISSUES
5. ANALYTICAL COMMENTARY
VOCABULARY & GRAMMAR
|economic bloc||a set of countries which engage in international trade together, and are usually related through a free trade agreement or other association|
|gross domestic product (GDP)||the total monetary or market value of all the finished goods and services produced within a country’s borders in a specific time period|
|market access||the ability of a company or country to sell goods and services across borders|
|customs procedures||the set of managements and operations that are carried out related to a specific customs destination|
|standards harmonization||technical specifications meeting the essential requirements of the EU directives|
|social welfare policies||aims to protect citizens who may be considered poor, unemployed, unhealthy, or marginalized from their community|
|common currency||money system for more than one country|
|representative body||a body or persons (an association, trade union, works council) chosen to make decisions or craft the policy on behalf of a larger group|
|admission||the process or fact of entering or being allowed to enter an organization|
|per capita income||a measure of the amount of money earned per person in a nation or geographic region|
|apparently||по-видимому, очевидно, вероятно|
|implication||смысл, значение, подтекст|
|embrace||включать, заключать в себе, охватывать|
|robust||крепкий, сильный, устойчивый|
|shift||менять, изменять, перемещать|
- a reduction in
- central to
- implication for
- reaction to
- expose to
- shelter from
- at any rate
- revert to
- exemplify by
- response to
- at a pace
- critical for
- credit with
- accuse of
- at the level
WORDS FOR REPORT
|increase __% percentage points|
|go up substantially|
|at a historic high of __ %|
|peak at __% in 20….|
|the same pattern holds true|
|factor driving attitude|
Globalization survived Brexit and Donald Trump, and it appeared to be thriving even after the COVID-19 pandemic.
Given the potential costs of this shift, it is worth retracing how we got here.
Following the end of the Cold War, globalization brought about a drastic reduction in extreme poverty, not least by enabling East Asian countries, including China, to achieve rapid growth and development.
Most shortages proved to be short-lived
So, the economic “mutual assured destruction” that was supposed to deter deglobalization has apparently reached its limits.
Now, countries are seeking to build resilience by turning inward, embracing industrial policies for sectors that are viewed as critical for national security, such as semiconductors and energy.
So, despite an unprecedented public-health shock, the global economy kept going
The more interconnected countries are, the easier it is for disease to spread among them.