Question

what is globalization? write its mertes and limitations in india context​

Answer 1

Answer:

(i) Globalisation paves the way for redistribution of economic power at the world level leading to domination by economically powerful nations over the poor nations.

(ii) Globalisation usually results greater increase in imports than increase in exports leading to growing trade deficit and balance of payments problem.

Explanation:

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Answer 2

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➽ what is globalization??

Globalization, or globalisation, is the process of interaction and integration among people, companies, and governments worldwide. Globalization has accelerated since the 18th century due to advances in transportation and communication technology.

➽ What Are the Benefits of Globalization?

• Access to New Cultures. Globalization makes it easier than ever to access foreign culture, including food, movies, music, and art. ...
• The Spread of Technology and Innovation. ...
• Lower Costs for Products. ...
• Higher Standards of Living Across the Globe. ...
• Access to New Markets. ...
• Access to New Talent.

➽ What limits does the process of globalization set to economic growth?

• Global economic integration has advanced at a relentless pace during the past several decades — fueling increases in growth rates and trade in the process. But there are plenty of reasons to question its sustainability. In this Globalist Document, Federal Reserve Board Chairman Alan Greenspan ponders how long the rapid pace of globalization can continue.

• Globalization has altered the economic frameworks of both advanced and developing nations in ways that are difficult to fully comprehend.

• Nonetheless, the largely unregulated global markets, with some notable exceptions, appear to move effortlessly from one state of equilibrium to another. Adam Smith’s “invisible hand” remains at work on a global scale.

• Because of a lowering of trade barriers, deregulation and increased innovation, cross-border trade in recent decades has been expanding at a far faster pace than GDP

• As a result, domestic economies are increasingly exposed to the rigors of international competition and comparative advantage.

• In the process, lower prices for some goods and services produced by our trading partners have competitively suppressed domestic price pressures.