Question

what is mean by globilization

Answer 1

Globalisation means opening up the economy to facilitate its integration with the world economy.It encourages foreign trade, private & institutional foreign investment.

Answer 2

Globalization means allowing foreign and multinational companies to come into the country and set up companies locally. They globalization permits international bodies to manufacture or distribute or market products or services.

Without globalization there will be many trade restrictions on foreign products and organizations. Globalization allows a foreign company to hold a higher stake or ownership in any local company. It also allows an international company to do business without having a local factory or office.

Globalization means opening the doors for foreign vendors to local market. So local vendors and national vendors face tough competition from international competitors. In globalized market, small local vendors or manufacturers may close down.  Globalization means higher investment into the country. Globalization is a step towards development in the modern economy. But it has negative effects as local independent manufacturers or small service providers lose their jobs and business.