Answer to Question #220325 in Economics for Nana K

Question

Discuss the various perspectives on the definition of globalisation and the resulting
features/characteristics of globalisation.

Answer 1

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.

Globalization also means the speedup of movements and exchanges (of human beings, goods, and services, capital, technologies or cultural practices) all over the planet.

The concept of Globalisation involves within its ambit the following features:

• Liberalisation,
• Free trade,
• Globalisation of Economic Activity,
• Liberalisation of Import-Export System
• Privatisation,
• Increased Collaborations,
• Economic Reforms,
• Several dimensions of Globalisation.