Question

Define Globalization. What are the challenges faced under globalization by the country?

Answer 1

Globalisation means trade between two or more countries. MNCs are most important component of it.

It integrates different markets worldwide.

But some developing countries such as India also face some disadvantages from it.

Small scale producers face stiff competition from big MNCs as the imported products are of great quality and very advanced in technology.

Since MNCs produce on very large scale they sell products on comparatively lower rates.

Thus sale of small producers reduces.

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Answer 2

Globalization, or globalisation, is the process of interaction and integration among people, companies, and governments worldwide. Globalization has accelerated since the 18th century due to advances in transportation and communication technology.

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