Globalization is a term which almost all of us are familiar with. It broadly means opening up of the economy by attaining international competitiveness. W rite an article
Hints: meaning of the term, the silent features, advantages and disadvantages, conclusion
Answers
Defining Globalization
Globalization is a term used to describe how countries, people and businesses around the world are becoming more interconnected, as forces like technology, transportation, media, and global finance make it easier for goods, services, ideas and people to cross traditional borders and boundaries. Globalization offers both benefits and challenges. It can provide tremendous opportunity for economic growth to improve the quality of life for many people. It can also lead to challenges with the welfare of workers, economies, and the environment as businesses globalize and shift their operations between countries to take advantage of lower costs of doing business in other world regions.
Globalization, Economic Growth and Market Opportunity
Globalization creates opportunities for many countries to experience economic growth. Economic growth is the increase in the amount of the goods and services produced by an economy over time. It is conventionally measured as a percentage change in the Gross Domestic Product (GDP) or Gross National Product (GNP). These two measures, which are calculated slightly differently, total the amounts paid for the goods and services that a country produced. As an example of measuring economic growth, a country that creates $9,000,000 in goods and services in 2010 and then creates $9,090,000 in 2011 has a nominal economic growth rate of 1 percent for 2011.