Question

What are three important developments in globalization?

Answer 1

Globalization has touched all spheres of life such as economy,education,technology, cultural phenomenon,social aspects etc.The term "global village" is also frequently used to highlight the significance of globalization.This term signifies that that revolution in electronic communication would unite the world.

Thus globalization refers to integration of various economies of world.As a result of globalization physical boundaries and political boundaries remained no barriers for business enterprise.Whole world becomes a global village.Globalization involves greater interaction and interdependence among the various nathions of global economy.

• Access to technology- Globalization has drastically,improved the access to technology.Internet facility has enabled to gain access knowledge and services from around the world.Use of mobile telephone has revolution used communication with other countries.
• Growth of international trade-Tariff barriers have been removed which has resulted in the growth of trade among nations.Global trade has been facilitated by GATT,WTO etc.
• Increase in production- Globalization has resulted in increase in the production of a variety of goods.MNCs have established manufacturing plants all over the world.Employment opportunities increaed.Globalization has encouraged free flow of capital which has improved the economy of developing countries to some extent.It increased capital formation.