Question

Main features of Globalization ​

Answer 1

Answer:

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Explanation:

The concept of Globalisation involves within its ambit the following features:

1. Liberalisation:

It stands for the freedom of the entrepreneurs to establish any industry or trade or business venture, within their own countries or abroad.

2. Free trade:

It stands for free flow of trade relations among all the nations. Each state grants MFN (most favoured nation) status to other states and keeps its business and trade away from excessive and hard regulatory and protective regimes.

3. Globalisation of Economic Activity:

Economic activities are be governed both by the domestic market and also the world market. It stands for the process of integrating the domestic economies with world economy.

4. Liberalisation of Import-Export System:

It stands for liberating the import-export activity and securing a free flow of goods and services across borders.

5. Privatisation:

Keeping the state away from ownership of means of production and distribution and letting the free flow of industrial, trade and economic activity across borders.

6. Increased Collaborations:

Encouraging the process of collaborations among the entrepreneurs with a view to secure rapid modernisation, development and technological advancement.

7. Economic Reforms:

Encouraging fiscal and financial reforms with a view to give strength to free world trade, free enterprise, and market forces.

8. Several dimensions of Globalisation:

Increased and Active Social, Economic and Cultural Linkages among the people. Globalisation has social, economic, political cultural and technological dimensions. It involves all round inter-linkages among all the people of the world.

Free flow of knowledge, technology goods services and people across all societies is it key feature. It attempts at making geographical borders soft permitting all the people to develop their relations and links.

Answer 2

Globalization has enabled the countries to trade with each other form one country to another. It has opened the doors for capital investments, sharing of knowledge, migration and movement of people and other forms of transactions across the borders

Explanation:

• Globalization has many advantages in regards to international trading and flow of  communication between the countries,  access to technology,  education, healthcare and other form of resources
• Globalization has connected the world with each other  through business and  people  across different parts of the world. It helps in integration of global culture, along with socio-economic and political factors.  
• The people are able to communicate with others across the world in different locations and conduct their business in different parts of the world.   There are companies which are outsourcing their business in other parts of the world due to globalization.

To know more about globalization

What is globalization and consequences of globalization?

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