Question

Explain the concept of Globalisation in detail.

Answer 1

Globalization is a term used todescribe increasing social, economic, and political interaction and interrelation across political and cultural boundaries. The process ofglobalization has advantages and disadvantages for social, political, and economic development.

Answer 2

Concept of Globalization

Industrialization meant a great increase in factories. And As We got modernized, Factories and Production started gaining greater importance. But The cost of production, availability of raw material differed in various states. One country may have low cost of production, but not have necessary goods. And sometimes availability of labor is scarce.

So to avoid these things and to produce the goods at a cheaper rate was possible if the companies could be based in various nations. This is the idea of Globalization. Making the production all around the Globe without any boundaries.

Globalization gave rise to MNC's, which are able to produce goods at a cheap cost. Though Globalization has its demerits and merits, It meant a competition among the producers to provide goods at a cheap rate yet of high quality.