Question

What are the distinctive features of a globalised economy? Discuss.​

Answer 1

$\huge{\texttt{ANSWER:-}}$

The distinctive features of globalised economy are –

1) Globalisation extends the social and economic relationship throughout the world.

2) Globalisation has given us electronic economy where banks, corporations, fund managers and individual investors can shift funds internationally with a single click of mouse.

3) The global economy is no longer primary agricultural or industrial but it is knowledge economy based majorly on software industries, media and entertainment products and internet based services.

4) There has been a revolutionary change in global communication due to advancement in technology and world Telecommunication infrastructure.

5) New international division of labour has emerged in which more and more routine manufacturing, production and employment is done in third world cities.

Answer 2

(i) Globalisation refers to the growing interdependence between different peoples, regions and countries in the world as social and economic relationship come to stretch world-wide