Question

Globalisation is the process of rapid integration of countries. This is happening through greater
foreign trade and foreign investment. MNCs are playing a major role in the globalisation process.
More and more MNCs are looking for locations around the world that are cheap for their
production. As a result, production is being organised in complex ways Technology, particularly
IT. has played a big role in organising production across countries. In addition, liberalization of
trade and investment has facilitated globalisation by removing barriers to trade and investment.
At the international level. WTO has put pressure on developing countries to liberalize trade and
investment. While globalisation has benefited well-off consumers and also producers with skill
education and wealth, many small producers and workers have suffered as a result of the rising
competition. Fair globalisation would create opportunities for all, and also ensure that the
benefits of globalisation are shared better.
Describe the Globalisation in your own words.
Describe the role of MNC's in Globalisation
How technology helps in Globalisation.
Suggest some measures to ensure fair Globalisation ​

Answer 1

• Globalisation can be defined as a process associated with increasing openness, growing economic independence and promoting economic integration in the world economy.
• MNC's play an important role in the globalisation process. They compete with the local producers directly even after being miles apart, thus integrating the markets. Their working leads to exchange of investments and products which leads to interconnection between diverse countries.
• Globalisation means unification or integration of the domestic economy with the world economy through trade, capital and technology flows. Government can ensure fair globalisation to its people by · ensuring that the labour laws of the country are followed so that workers are not exploited.