Table of Contents
How would you describe globalization in your own words?
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.
What is the importance of defining globalization as a student?
An Globalization It is very important to study globalization because understanding the contemporary international political economy is an essential part of being an informed citizen. Understanding globalization is a very important part of learning about our human involvement with the environment and society.
What are the merits of globalization?
Merits and Demerits of Globalization Closer contact with foreign people makes us quite familiar with their manners, habits, and customs. It helps us fight illiteracy and promotes education. It helps us shed or combat the burning social issues such as child labor, dowry, etc. It has helped the global community to fight against poverty.
What is the significance of globalization?
Globalization allows countries to benefit from economic synergy and collaborate in handling political, social and economic challenges. A global economy expands the reach of buyers and sellers for governments and countries.
What are the positives of globalization?
Positives of Globalization. Globalization also boosts the ongoing competition between countries all over the world as well as within any particular country; hence making sure that prices of commodities are lowered to a considerable extent. This is a great chance for all end- users to procure goods at low rates.
What is one of the advantages of globalization?
Another one of the benefits of globalization is that it helps to provide economic stability in countries that have low economic status. It also provides a comparative advantage, which means that productivity is high because trade is open and resources are used more effectively.