Write down three basic economic and social features of globalization.
Answers
Answer:
1. Globalization is Not a New, Western Concept:
When ancient Indian scriptures mentioned “Vasudhaiva Kutumbakam”, they had already viewed the world as a small global village of linked families. When our grandmother started her stories with “Saat samundar paar…”, she also meant that we are not alone in this Universe, and the world is cohabited by others too at far off places.
2. Globalization is Basically a ‘Mindset’:
Usually, Globalization is seen as another economic theory to enhance business & trade. It must be understood that Globalization is basically a mindset that is ready to encapsulate the whole universe into its scheme of things; a mindset that is broader & open to receive all ideas; that takes the whole globe as an area of operation.
3. Globalization is an Opportunity:
It is often feared that the implementation of Globalization will open up our domestic economy for foreign competition, thereby endangering economic progress & survival of local firms. While it does open our markets for entry of multinationals, it also opens all other markets in the whole world for our products & services too. Why can’t it be seen as an opportunity to scale up our operations globally?
4. Globalization means “Interdependence”:
We have all grown reading history wherein either a country is independent or a slave of another country. With the advent of Globalization, it has been understood that no country can be said to be totally independent, not needing anything from any other country. Hence, a culture of interdependence has been established between nations.
5. Globalization means “Caring & Sharing”:
The world today is more united and concerned about common problems being faced by the people- be it global warming, terrorism, or malnutrition etc. natural disasters faced or atrocities encountered at any part of the world attract immediate attention all over.
hope it helps you
Answer:
The characteristic elements that constitute economic globalization are cross-border flows of goods and services, capital, people, data and ideas.