Question

how globalization has “flattened” the world?

Answer 1

Answer: Before the advent of the concept of globalization, the World was not a level playing field and it was not easy to do business across the national borders. But now after globalization, this situation has changed and the world has become flattened. This means that there is a level playing field in the global trade and most of the trade barriers across the nations have fallen. The countries have realized that their interests are not in closing their economies but to open up to the entire world for taking advantage of the global economic potential. Thus in other words the global economy has become open to all. The globalization has increased inter country trade and commerce and flattened the differences that existed between the countries. Most of the countries now support free trade and have removed the barriers that existed for FDI in their country. This has boosted the economic growth at the World level where because of level playing field there is a free flow of information, knowledge, capital and talent and so on across the nations.