Question

what is mean by globalisation discuss the role advantages and disadvantages of globalisation​

Answer 1

Answer:

Globalization is the word used to describe the growing interdependence of the world's economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information.

Advantages:-

1) Access to New Cultures. Globalization makes it easier than ever to access foreign culture, including food, movies, music, and art.

2) The Spread of Technology and Innovation.

3) Lower Costs for Products.

4) Higher Standards of Living Across the Globe.

Disadvantages:-

1) Unequal economic growth.

2) Lack of local businesses.

3) Increases potential global recessions.

4) Exploits cheaper labor markets.

Answer 2

(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.