Q: Analyse the impact of globalization on trade flows, financial flows and economic development in the global economy. In recent decades, the global economy has undergone a stunning transformation through the breakdown of traditional barriers between nations in a shift towards an integrated world economy. Whilst factor flows have expanded rapidly, they have also changed in nature. The rise of trade blocs and trans-national corporations have created new patterns of trade and altered the composition of trade in various economies. Financial flows have also changed in response to the forces of globalisation, with an increase in short-term, speculative investment and a consolidation of foreign direct investment in developed countries. Globalisation has also influenced economic development, with governments pursuing a range of strategies in response to globalisation designed to improve levels of quality of life...