Wprowadzenie i podstawy biznesu
Język angielski w zastosowaniu zawodowym
Reading: Global Economic Shifts
Past developments and future predictions
Over the past three decades, the global economy has undergone fundamental transformations. Globalisation has accelerated at an unprecedented pace, reshaping international trade patterns, business operations, and economic power dynamics. Since the early 1990s, world trade has grown at a faster rate than world production, reflecting the increasing interconnectedness of national economies.
The liberalisation of trade policy has been a key driver of these changes. Countries have significantly reduced tariffs and eliminated many non-tariff barriers that previously restricted cross-border commerce. The World Trade Organisation has been working since its formation in 1995 to establish global trading rules and resolve disputes between nations. In parallel, numerous bilateral trade agreements and regional trade blocs have emerged, creating complex networks of preferential trading arrangements. The European Union has created one of the world’s most integrated customs unions, while ASEAN has been fostering economic integration in Southeast Asia.
Foreign direct investment has played a crucial role in this transformation. Multinational corporations have established subsidiaries around the world, seeking both new markets and production efficiencies. Many companies have leveraged offshoring and outsourcing strategies, relocating business processes to countries with lower production costs. This has allowed them to achieve economies of scale while reducing operational expenses. Global supply chains have become increasingly complex, with components for a single product often manufactured across multiple countries before final assembly.
For developing economies, these changes have created both opportunities and challenges. Many emerging markets have increased their participation in global trade significantly. China has become the world’s manufacturing powerhouse, transforming from a minor player in the 1980s to the largest exporter of manufactured goods today. 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.
However, the benefits of globalisation 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. This has contributed to rising protectionist sentiment in some countries, where governments have implemented policies designed to shield domestic industries from international competition.
The global economy has been changing rapidly in other ways as well. Digital technologies have revolutionised how businesses operate across borders. E-commerce has been growing exponentially, enabling even small companies to access international markets. Blockchain technology has been facilitating cross-border transactions with greater security and transparency. Meanwhile, automation and artificial intelligence have been transforming production processes and threatening traditional employment patterns.
Looking ahead, several significant trends will have reshaped the global economic landscape by 2050. First, demographic shifts will have altered economic power dynamics. Many developed economies will have experienced population declines, while Africa will have added over one billion people to its workforce. Second, climate change will have forced a fundamental restructuring of energy systems and production methods. By 2035, most major economies will have transitioned to renewable energy sources, driven by both environmental concerns and economic opportunities.
Third, by the end of this decade, China will have overtaken the United States as the world’s largest economy in absolute terms, though per capita income will remain significantly lower. India will have established itself as the third economic superpower. The combined economies of emerging markets will have exceeded those of traditional developed nations, fundamentally shifting the centre of economic gravity eastward and southward.
Fourth, technology will have transformed how value is created and distributed. Digital platforms will have become the dominant business model across sectors, with traditional physical products increasingly augmented by digital services. Automation will have eliminated millions of routine jobs, while creating new categories of employment that we cannot yet fully envision.
Finally, by 2040, new models of economic integration will have emerged that balance the benefits of global interconnection with resilience and sustainability concerns. 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. Companies will have diversified their supply networks and governments will have implemented policies encouraging domestic production of critical goods.
Despite these changes, the fundamental trajectory toward greater global economic integration seems likely to continue, albeit in modified forms that mitigate its negative consequences and distribute its benefits more equitably. The key challenge for policymakers and business leaders will be managing this transformation to harness its potential while addressing its inevitable disruptions.
Comprehension questions
Section A: Multiple Choice
According to the text, since the early 1990s, world trade has: a) Grown at the same rate as world production b) Grown at a slower rate than world production c) Grown at a faster rate than world production d) Declined relative to world production
Which organisation has been working to establish global trading rules since 1995? a) The European Union b) ASEAN c) The World Trade Organisation d) Multinational corporations
The text identifies which of the following as a key driver of global economic transformations? a) Increasing tariffs b) Trade liberalisation c) Reduced foreign investment d) Declining e-commerce
According to the text, which country has become the world’s manufacturing powerhouse? a) India b) United States c) European Union d) China
What issue does the text mention has been associated with globalisation in developed nations? a) Job losses b) Population growth c) Increased exports d) Rising wages
By which year does the text predict China will have overtaken the United States as the world’s largest economy? a) 2050 b) 2040 c) By the end of this decade d) 2035
Which technology has been facilitating cross-border transactions with greater security? a) Artificial intelligence b) Blockchain c) Automation d) E-commerce
What event exposed vulnerabilities in global supply chains according to the text? a) The rise of China b) Digital transformation c) The COVID-19 pandemic d) Climate change
Section B: True, false, or not given
Most major economies will have transitioned to renewable energy sources by 2045.
Per capita income in China will not be larger than that of the United States even after China becomes the world’s largest economy.
Demographic shifts will result in population declines in many emerging markets.
The European Union is the world’s most integrated customs union.
Digital platforms will have replaced all traditional business models by 2030.
The fundamental trajectory toward greater global economic integration is expected to reverse in the coming decades.
Companies have been diversifying their supply networks in response to vulnerabilities exposed during the COVID-19 pandemic.
Section C: Short answer questions
Identify two ways that digital technologies have impacted global business according to the text.
What does the text suggest has been happening to the distribution of benefits from globalisation?
Explain what the text means by “shifting the centre of economic gravity eastward and southward.”
What does the text identify as the “key challenge for policymakers and business leaders”?
According to the text, how has India benefited from globalisation?
Vocabulary: globalisation
Instructions: Fill in each gap with the most appropriate term from the table below. Each term can be used only once.
| globalisation | liberalisation | tariff | non-tariff barrier |
| protectionism | outsourcing | trade deficit | customs union |
| bilateral trade | multilateral trade | trade bloc | foreign direct investment |
| quota | embargo | dumping | subsidy |
| joint venture | economies of scale | localisation | repatriation |
The government imposed a new ______________ of 25% on imported steel to protect domestic producers.
After years of ______________, 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.
Many technology companies engage in ______________ 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.
The USA currently has a ______________ 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.
The agreement between the UK and Australia represents an important ______________ relationship that benefits both economies.
The World Trade Organization facilitates ______________ agreements involving numerous countries simultaneously.
Japan and South Korea formed a ______________ 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.
The United States imposed a complete ______________ 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.
Car manufacturers achieve ______________ 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 government placed a strict ______________ 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.
The profit ______________ 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.
Rising ______________ in various countries threatens to reverse decades of international economic integration.
Grammar: present perfect, present perfect continuous, and future perfect
Instructions: Fill in the blanks with the correct form of the verb in brackets, using either present perfect, present perfect continuous, or future perfect tense.
Since the early 1990s, world trade _________________ (grow) at a faster rate than world production.
By 2030, e-commerce _________________ (transform) the retail landscape completely.
China _________________ (become) the world’s largest exporter of manufactured goods.
Global companies _________________ (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.
The process of globalisation _________________ (accelerate) dramatically since the advent of the internet.
Many traditional manufacturing jobs _________________ (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.
Developing nations _________________ (increase) their share of global trade significantly since 2000.
The World Trade Organisation _________________ (work) to reduce trade barriers since its formation in 1995.
By 2025, most multinational corporations _________________ (establish) significant operations in emerging markets.
The gig economy _________________ (change) traditional employment patterns over the past decade.
International investors _________________ (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.
Since the beginning of globalisation, consumer prices _________________ (fall) in many product categories.
The European Union _________________ (negotiate) trade agreements with numerous countries since its inception.
By the end of this century, climate change _________________ (alter) global agricultural production patterns significantly.
Multinational corporations _________________ (adapt) their strategies to accommodate cultural differences for many decades.
Digital platforms _________________ (revolutionise) how businesses connect with international customers.
Economic analysts predict that by 2050, several African nations _________________ (develop) into major economic powers.
Grammar: conditionals
Instructions: Complete the sentences using the correct conditional form of the verbs in brackets.
If the government (to introduce) more stringent regulations for corporations, many (have to) revise their compliance strategies.
If an LLC (to choose) to be taxed as a corporation, it (to be) subject to corporate income tax.
If a company (to operate) as an LLC, what kind of tax benefits (potentially / to enjoy)?
If the founders (to choose) a corporation instead of a partnership at the outset, they (to face) personal bankruptcy.
If a sole proprietorship (to operate) without proper accounting practices, it (to face) inevitable financial discrepancies.
If a cooperative (to manage) to effectively pool resources, it (significantly / to reduce) costs for its members.
Were a cooperative (to implement) innovative technology, it (to streamline) its operations and enhance member satisfaction.
Whenever a corporation (to issue) new shares, its existing shareholders (to dilute) their ownership percentage.
If a partnership (to not draft) a comprehensive partnership agreement, they (to encounter) legal problems in the future.
Had the business (to structure) as an LLC from the beginning, it (to enjoy) more flexibility in profit distribution.
If the company (to opt) for an S corporation status, how (to affect) its tax liabilities?
If a business (to want) to limit its owners’ personal liability, it (should / to consider) forming an LLC.
When partners in a general partnership (to disagree) on fundamental business decisions, the partnership (to suffer) operational inefficiencies.
If an investor (to be) more risk-averse, he (to prefer) investing in corporations over sole proprietorships.
Were a sole proprietorship (to convert) into a corporation, it (might / to find) it easier to attract investors.
Should an entrepreneur (to fail) to understand the tax implications of their chosen entity, they (to face) unexpected fiscal obligations.
If the cooperative (to not meet) its members’ needs, it (to struggle) to sustain its operations.
Had the entrepreneur (to understand) the implications of sole proprietorship, he (might / to opt) for a different business entity.
If partnerships (to offer) limited liability, (to be) as popular as LLCs?
If a cooperative (to fail) to distribute its profits equitably among members, it (would / to risk) losing its cooperative status.