Question

Explain the factors which are responsible for the acceleration of globalization around the world.

Answer 1

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FACTORS ENABLING GLOBALISATION -

(i) Technology: Rapid improvement in technology has been one major factor that has stimulated the globalisation process .

(ii) Trade barrier: Tax on imports is an example of trade barrier. It is called a barrier because some restriction has been setup.

(iii) Liberalisation: Removing barriers or restrictions set by the government is what is known as liberalisation. With liberalisation of trade, businesses are allowed to make decisions freely about what they wish to import or export.

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