Question

Globalization refers to
A) Dismantling barriers in matters of national trade
B) Integrating domestic economy with the world economy
C) Creation of global trading block
D) Opening Industries to the private sector

Answer 1

Hint: Humans have sought out far locations to settle, produce, and trade products since the dawn of time, thanks to advancements in technology and transportation. Globalization did not take off until the nineteenth century. Steamships, railroads, and the telegraph powered the first "wave" of globalisation after centuries of European colonisation and commerce activity.

Complete answer:
The term "Globalization" refers to the rising interdependence of the world's economies, cultures, and populations as a result of cross-border trade in commodities and services, technology, and investment, people, and information flows. Over many years, countries have formed economic alliances to enable these flows.

However, with the end of the Cold War in the early 1990s, the term acquired popularity as these cooperative agreements influenced modern life. The phrase is used more strictly in this guide to refer to international commerce and some investment flows among advanced economies, with a particular focus on the United States.

Globalization's far-reaching consequences are complicated and politically fraught. Globalization, like other great technological developments, benefits society as a whole while damaging specific sections. Understanding the relative costs and benefits can pave the road for problems to be solved while the larger payoffs are maintained.

Thus the correct answer is option ‘B’. Globalization refers to integrating the domestic economy with the world economy.

Note: Following WWII, the United States aided in the establishment of a global economic system defined by mutually agreed-upon standards and supervised by multilateral agencies. The goal was to make the world a better place by encouraging governments to work together to promote prosperity and peace.