Explain any three advantages of globalisation...
Answers
(ii) A wider variety of goods are available in the market for consumers.
Globalization is the effort towards creating the whole global community into one village. Three advantages of globalisation are namely:
Global market:
Privatisation of state-owned industries has led to flourishing emerging markets in developed countries. Globalisation has pushed businesses to increase their transactions across borders to escalate consumer demand.
Foreign investment:
The flow of foreign capital is another positive effect of globalisation. Companies directly invest in foreign soil by starting production units there. Successful native companies attract foreign investment pushing up the reserve of foreign exchange available.
Culture:
Today's world is an amalgamation of varied cultures that have come together over time. Good practices from across the world can be absorbed to be in tune with the changing times. There is a free flow of art forms, languages, food and customs across the world post globalisation.