Question

What is globalization? What are the merits and demerits of globalization​

Answer 1

The term globalisation is generally used to describe an increasing internationalisation of markets for goods and services, the means of production, financial systems, competition, corporations, technology and industries.

Merits or advantages :

• Globalisation helps to boost the long run average growth rate of the economy of the country through (a) Improvement in the allocative efficiency of resources; (b) Increase in labour productivity.

Demerits :

• Exploitation of Underdeveloped Countries.

• Increase in Unemployment.

• Widening of Rich-poor Gap.

• Harmful Effects of Consumerism.

• Adverse Effects on Social Security and Social Welfare.

• Harmful Effects on Small Industries and Small Business.

Answer 2

Answer:

The term globalisation is generally used to describe an increasing internationalisation of markets for goods and services, the means of production, financial systems, competition, corporations, technology and industries.

The following are some of the important advantages of globalisation for a developing country like India:

i) Globalisation helps to boost the long run average growth rate of the economy of the country through:

(a) Improvement in the allocative efficiency of resources;

(b) Increase in labour productivity; and.

Explanation:

but better answer is given above!!

so choose any one unnie

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