Question

Explain the nature of globalization.

Answer 1

Hint: Globalisation is growth to a global or worldwide scale. It is the growing interdependence of the world’s cultures, populations, economies, etc.

Complete answer: In the given question, we have to find out and describe the nature of globalization.
1.) Investment Opportunities -
 (a) The phenomenon of globalization has provided economies, individuals and other institutions to invest across the world.
(b) Restrictions on investments are decreasing because of globalization.
2.) Open Economy -
(a) Trading has been made possible across borders.
(b) MNCs have been provided entry into many nations.
3.) Development of Cities -
(a) Increase in new technology helps in growth of cities but often villages are neglected.
(b) Tremendous progress in agriculture has been made in India.
(c) The development rate of India has increased.
4.) New Competition -
(a) Increase in and usage of new technology has led to increase in production.
(b) While trade opportunities are rising, the employment opportunities in third world countries and second world countries are decreasing.
(c) Sale of goods in the global market is now possible, which has led to competitions on global scales.
5.) Information Technology –
(a) Due to increase in information technology (satellites), communication has become easier.
(b) The Internet has decreased the geographical distance due to online portals of communication.
(c) The world has now even become a global village.

Note: In this question, it will be helpful for the student to recall the concept of a global village. It refers to - The world as a single community of interdependent inhabitants who are interconnected by contemporary technology, especially television and the World Wide Web