Back to the full dot-point answer
SingaporeSocial StudiesQuick questions
Being Part of a Globalised World
Quick questions on Economic impacts of globalisation explained: O-Level Social Studies
7short Q&A pairs drawn directly from our worked dot-point answer. For full context and worked exam questions, read the parent dot-point page.
What are the economic benefits?Show answer
For a small, resource-poor country, globalisation brings major economic benefits:
What are the economic costs?Show answer
Globalisation also brings economic costs and risks:
What is the net effect depends on management?Show answer
The key analytical point is that whether globalisation's economic impact is positive overall depends on how the costs are managed. Left unmanaged, competition and inequality could leave many citizens worse off even as the economy grows, breeding resentment. Managed well, by helping workers upgrade their skills to stay competitive, supporting those who lose out, and keeping the economy adaptable, Singapore can capture the benefits while cushioning the costs. The same globalisation can therefore be a great gain or a source of hardship for some, depending on the response, which is the subject of later dot points.
What is no Singapore link?Show answer
Ground both benefits and costs in concrete examples such as the hub role, foreign investment or skills competition.
What is q1?Show answer
Explain two economic benefits of globalisation for Singapore. [2 marks]
What is q2?Show answer
Explain two economic costs or risks that globalisation brings to Singapore. [4 marks]
What is q3?Show answer
Why does the overall economic effect of globalisation depend on management? [2 marks]
Have a question we have not covered?
This dot-point answer is short enough that we have not extracted many short questions yet. Read the full dot-point answer or ask Mo, our study assistant, in the chat for follow ups.