Question

6.Which of the following methods can be used by the government for a fair globalisation? i)It can impose trade barriers. ii)It can negotiate at the WTO for fairer rules. iii)It can align with other developing countries. iv)It can close its market for foreign trade *
1 point
a)Only i and ii
b)Only ii and iv
c)Only i ,ii ,iii

Answer 1

Globalisation is a process of rapid integration or interconnection between countries by:

• Greater Foreign Investment
• Greater Foreign Trade

These 2 factors have led to the Integration of markets & production centers.

MNC's are playing a major role in Globalisation. More & more goods &  services, Investments & Technology are moving among countries of the World.

Fair Globalisation = Benefits of Globalisation should be shared equally by Producers & Consumers, i.e

• Government of India must protect Local Producers from Global Competition
• Consumers must also get good quality goods at reasonable prices

For Fair Globalisation, the Government of India can

• Impose Trade Barriers
• Negotiate with World Trade Organisation (WTO) for fairer rules.
• Allign with other Developing countries.

It cannot close its market for Foreign trade because: This might make Indian Producers to use Low Quality materials & sell in market for Exorbent rates. This is not beneficial for the Country as well as Consumers.