Question

Explain any three causes of globalization?
Answer in Points

Answer 1

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THREE CAUSES OF GLOBALIZATION:

Containerisation

• ContainerisationThe costs of ocean shipping have come down, due to containerisation, bulk shipping, and other efficiencies. The lower unit cost of shipping products around the global economy helps to bring prices in the country of manufacture closer to those in export markets, and it makes markets more contestable globally.

Technological change

• Rapid and sustained technological change has reduced the cost of transmitting and communicating information – sometimes known as “the death of distance” – a key factor behind trade in knowledge products using web technology.

Economies of scale

• Many economists believe that there has been an increase in the minimum efficient scale (MES) associated with some industries. If the MES is rising, a domestic market may be regarded as too small to satisfy the selling needs of these industries. Many emerging countries have their own transnational corporations

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Answer 2

Answer:

Globalization or globalisation is the process of interaction and integration among people, companies.