Course introduction / Globalization of the economy
Department of Social Sciences, SWPS University
June 22, 2026
This course is designed to enhance your professional English skills through:
Since the early 1990s, world trade _________________ (grow) at a faster rate than world production.
Since the early 1990s, world trade has grown (grow) at a faster rate than world production.
By 2030, e-commerce _________________ (transform) the retail landscape completely.
By 2030, e-commerce will have transformed (transform) the retail landscape completely.
China _________________ (become) the world’s largest exporter of manufactured goods.
China has become (become) the world’s largest exporter of manufactured goods.
Global companies _________________ (struggle) to adapt to changing regulatory environments since the financial crisis.
Global companies have been struggling (struggle) to adapt to changing regulatory environments since the financial crisis.
Experts predict that by 2040, renewable energy _________________ (replace) fossil fuels in most developed economies.
Experts predict that by 2040, renewable energy will have replaced (replace) fossil fuels in most developed economies.
The process of globalisation _________________ (accelerate) dramatically since the advent of the internet.
The process of globalisation has accelerated (accelerate) dramatically since the advent of the internet.
Many traditional manufacturing jobs _________________ (disappear) from Western economies over the past three decades.
Many traditional manufacturing jobs have disappeared (disappear) from Western economies over the past three decades.
Economists believe that by the end of this decade, India _________________ (overtake) several European countries in terms of GDP.
Economists believe that by the end of this decade, India will have overtaken (overtake) several European countries in terms of GDP.
Developing nations _________________ (increase) their share of global trade significantly since 2000.
Developing nations have increased (increase) their share of global trade significantly since 2000.
The World Trade Organisation _________________ (work) to reduce trade barriers since its formation in 1995.
The World Trade Organisation has been working (work) to reduce trade barriers since its formation in 1995.
By 2025, most multinational corporations _________________ (establish) significant operations in emerging markets.
By 2025, most multinational corporations will have established (establish) significant operations in emerging markets.
The gig economy _________________ (change) traditional employment patterns over the past decade.
The gig economy has been changing (change) traditional employment patterns over the past decade.
International investors _________________ (shift) significant amounts of capital to Asian markets in recent years.
International investors have been shifting (shift) significant amounts of capital to Asian markets in recent years.
Experts predict that by 2035, automation _________________ (eliminate) up to 30% of current jobs worldwide.
Experts predict that by 2035, automation will have eliminated (eliminate) up to 30% of current jobs worldwide.
Since the beginning of globalisation, consumer prices _________________ (fall) in many product categories.
Since the beginning of globalisation, consumer prices have fallen (fall) in many product categories.
The European Union _________________ (negotiate) trade agreements with numerous countries since its inception.
The European Union has been negotiating (negotiate) trade agreements with numerous countries since its inception.
By the end of this century, climate change _________________ (alter) global agricultural production patterns significantly.
By the end of this century, climate change will have altered (alter) global agricultural production patterns significantly.
Multinational corporations _________________ (adapt) their strategies to accommodate cultural differences for many decades.
Multinational corporations have been adapting (adapt) their strategies to accommodate cultural differences for many decades.
Digital platforms _________________ (revolutionise) how businesses connect with international customers.
Digital platforms have revolutionised (revolutionise) how businesses connect with international customers.
Economic analysts predict that by 2050, several African nations _________________ (develop) into major economic powers.
Economic analysts predict that by 2050, several African nations will have developed (develop) into major economic powers.
Structure: has/have + past participle
When to use:
Words and phrases that often signal present perfect:
Structure: has/have been + present participle (-ing)
When to use:
Words and phrases that often signal present perfect continuous:
Present perfect
Present perfect continuous
Structure: will have + past participle
When to use:
Words and phrases that often signal future perfect:
Present perfect is commonly used in:
“Our research has shown that market liberalisation has led to increased competition, which has resulted in lower consumer prices.”
Present perfect continuous is effective for:
“The renewable energy sector has been growing at 15% annually since 2015, and investments have been increasing accordingly.”
Future perfect is valuable for:
“According to our five-year plan, we will have established operations in 10 new markets by 2028.”
The government imposed a new ______________ of 25% on imported steel to protect domestic producers.
The government imposed a new tariff of 25% on imported steel to protect domestic producers.
After years of ______________, many developing countries have opened their markets to international competition.
After years of liberalisation, many developing countries have opened their markets to international competition.
The European Union is an example of a ______________ where member states do not charge customs duties on goods moving between them.
The European Union is an example of a customs union where member states do not charge customs duties on goods moving between them.
Many technology companies engage in ______________ by moving their customer service operations to countries with lower labour costs.
Many technology companies engage in outsourcing by moving their customer service operations to countries with lower labour costs.
Complex safety regulations can act as a ______________ that effectively restricts imports without explicitly imposing taxes.
Complex safety regulations can act as a non-tariff barrier that effectively restricts imports without explicitly imposing taxes.
The USA currently has a ______________ with China, meaning it imports more goods from China than it exports to China.
The USA currently has a trade deficit with China, meaning it imports more goods from China than it exports to China.
Countries within ASEAN form a significant ______________ that negotiates preferential trading terms with other nations.
Countries within ASEAN form a significant trade bloc that negotiates preferential trading terms with other nations.
The agreement between the UK and Australia represents an important ______________ relationship that benefits both economies.
The agreement between the UK and Australia represents an important bilateral trade relationship that benefits both economies.
The World Trade Organization facilitates ______________ agreements involving numerous countries simultaneously.
The World Trade Organization facilitates multilateral trade agreements involving numerous countries simultaneously.
Japan and South Korea formed a ______________ to develop new battery technology, sharing both the costs and the potential profits.
Japan and South Korea formed a joint venture to develop new battery technology, sharing both the costs and the potential profits.
Many governments provide a ______________ to their agricultural sectors to keep domestic food prices low and support farmers.
Many governments provide a subsidy to their agricultural sectors to keep domestic food prices low and support farmers.
The United States imposed a complete ______________ on Cuban goods, prohibiting any trade between the two countries.
The United States imposed a complete embargo on Cuban goods, prohibiting any trade between the two countries.
In response to unfair competition, the EU accused China of ______________ solar panels at prices below production cost.
In response to unfair competition, the EU accused China of dumping solar panels at prices below production cost.
Car manufacturers achieve ______________ by producing millions of vehicles, which reduces the cost per unit.
Car manufacturers achieve economies of scale by producing millions of vehicles, which reduces the cost per unit.
The company’s ______________ strategy involves adapting their products to meet the specific cultural preferences of each market.
The company’s localisation strategy involves adapting their products to meet the specific cultural preferences of each market.
The government placed a strict ______________ on rice imports to protect domestic farmers, limiting imports to 100,000 tonnes per year.
The government placed a strict quota on rice imports to protect domestic farmers, limiting imports to 100,000 tonnes per year.
______________ from developed nations into emerging markets has accelerated economic development in recipient countries.
Foreign direct investment from developed nations into emerging markets has accelerated economic development in recipient countries.
The profit ______________ rules require multinational companies to transfer earnings from foreign subsidiaries back to the parent company’s country.
The profit repatriation rules require multinational companies to transfer earnings from foreign subsidiaries back to the parent company’s country.
Critics of ______________ argue that it leads to job losses in developed countries and exploitation of workers in developing nations.
Critics of globalisation argue that it leads to job losses in developed countries and exploitation of workers in developing nations.
Rising ______________ in various countries threatens to reverse decades of international economic integration.
Rising protectionism in various countries threatens to reverse decades of international economic integration.
According to the text, since the early 1990s, world trade has:
From the text: “Since the early 1990s, world trade has grown at a faster rate than world production, reflecting the increasing interconnectedness of national economies.”
Which organisation has been working to establish global trading rules since 1995?
From the text: “The World Trade Organisation has been working since its formation in 1995 to establish global trading rules and resolve disputes between nations.”
The text identifies which of the following as a key driver of global economic transformations?
From the text: “The liberalisation of trade policy has been a key driver of these changes.”
According to the text, which country has become the world’s manufacturing powerhouse?
From the text: “China has become the world’s manufacturing powerhouse, transforming from a minor player in the 1980s to the largest exporter of manufactured goods today.”
What issue does the text mention has been associated with globalisation in developed nations?
From the text: “While millions have been lifted out of poverty, particularly in Asia, many communities in developed nations have experienced job losses as manufacturing has shifted to lower-cost locations.”
By which year does the text predict China will have overtaken the United States as the world’s largest economy?
From the text: “Third, by the end of this decade, China will have overtaken the United States as the world’s largest economy in absolute terms…”
Which technology has been facilitating cross-border transactions with greater security?
From the text: “Blockchain technology has been facilitating cross-border transactions with greater security and transparency.”
What event exposed vulnerabilities in global supply chains according to the text?
From the text: “The COVID-19 pandemic exposed vulnerabilities in global supply chains, prompting a reconsideration of just-in-time production systems and excessive geographical concentration of manufacturing.”
Most major economies will have transitioned to renewable energy sources by 2045.
True, False, or Not Given?
False
From the text: “By 2035, most major economies will have transitioned to renewable energy sources…”
The text states 2035, not 2045.
Per capita income in China will remain significantly lower than in the United States even after China becomes the world’s largest economy.
True, False, or Not Given?
True
From the text: “China will have overtaken the United States as the world’s largest economy in absolute terms, though per capita income will remain significantly lower.”
Demographic shifts will result in population declines in many emerging markets.
True, False, or Not Given?
Not Given
The text mentions population declines in developed economies but does not specifically state this about emerging markets.
The European Union is the world’s most integrated customs union.
True, False, or Not Given?
Not Given
From the text: “The European Union has created one of the world’s most integrated customs unions…”
The text states it is “one of the most integrated” but does not claim it is definitively the most integrated.
Digital platforms will have replaced all traditional business models by 2030.
True, False, or Not Given?
False
From the text: “Digital platforms will have become the dominant business model across sectors, with traditional physical products increasingly augmented by digital services.”
The text indicates digital platforms will become dominant but not that they will replace all traditional models.
The fundamental trajectory toward greater global economic integration is expected to reverse in the coming decades.
True, False, or Not Given?
False
From the text: “Despite these changes, the fundamental trajectory toward greater global economic integration seems likely to continue, albeit in modified forms…”
Companies have been diversifying their supply networks in response to vulnerabilities exposed during the COVID-19 pandemic.
True, False, or Not Given?
True
From the text: “Companies will have diversified their supply networks and governments will have implemented policies encouraging domestic production of critical goods.”
Identify two ways that digital technologies have impacted global business according to the text.
According to the text, digital technologies have:
(Any two of these points constitute a complete answer)
What does the text suggest has been happening to the distribution of benefits from globalisation?
The text suggests that benefits have not been distributed equally. While millions have been lifted out of poverty, particularly in Asia, many communities in developed nations have experienced job losses as manufacturing has shifted to lower-cost locations.
Explain what the text means by “shifting the centre of economic gravity eastward and southward.”
This refers to the economic power moving from Western developed economies (North America, Europe) toward Asian countries like China and India (eastward) and developing nations in the southern hemisphere (southward). The text notes that “the combined economies of emerging markets will have exceeded those of traditional developed nations.”
What does the text identify as the “key challenge for policymakers and business leaders”?
The key challenge is “managing this transformation to harness its potential while addressing its inevitable disruptions.”
According to the text, how has India benefited from globalisation?
According to the text, “India has established itself as a global hub for information technology services, with companies from around the world outsourcing software development and customer support operations to Indian firms.”
English for Professional Purposes