Globalisation

Meaning of Globalisation

Globalisation is usually interpreted to indicate the integration of the economy of the nation with the world economy, it is a multifaceted aspect. It is a result of the collection of multiple strategies that are directed at transforming the world towards greater interdependence and integration. It includes the creation of networks and pursuits transforming social, economic and geographical barriers. Globalization tries to build links in such a way that the events in India can be determined by events happening distances away.

To put it in other words, globalisation or globalization is the method of interaction and union among people, corporations and governments universally. Globalization has increased due to improvements in transportation and information technology. With the improved global synergies comes the growth of global trade, doctrines and culture.

What are the Outcomes of Globalisation?

Outsourcing: This is one of the principal results of the globalization method. In outsourcing, a company recruits regular service from outside sources, often from other nations, which was earlier implemented internally or from within the nation (like computer service, legal advice, security – each presented by individual departments of the corporation, advertisement). As a kind of economic venture, outsourcing has increased, in recent times, because of the increase of quick methods of communication, especially the growth of Information Technology (IT).

Many of the services such as voice-based business processes (commonly known as BPS, BPO or call centres), accountancy, record keeping, music recording, banking services, book transcription, film editing, clinical advice or teachers are being outsourced by companies in advanced countries to India.

Arguments on Globalisation

Q.1- WHAT DO YOU UNDERSTAND BY THE TERM ‘GLOBALISATION’?

(A)MEANING

  • Globalisation means integrating the Indian economy with the world economy.
  • It is the outcome of the policies of liberalisation and privatisation.
  • It attempts to establish links in such a way that the happenings in India can be influenced by events happening miles away.
  • It is an outcome of various policies that aim to transform the world towards greater interdependence and integration.

(B)AIM

  • It aims to create a borderless world.

Q.2- LIST SOME ARGUMENTS IN FAVOUR AND AGAINST GLOBALISATION?

ANSWER:

(A) IN FAVOUR OF GLOBALISATION

Globalisation resulted in:

  • Greater access to global markets
  • Advanced technology
  • Better future prospects for large industries of developing countries to become important players in the international arena.

(B) AGAINST GLOBALISATION

Globalisation has been criticised by some scholars because according to them:

  • Benefits of globalisation accrue more to developed countries as they are able to expand their markets in other countries.
  • It compromises the welfare of people belonging to developing countries.
  • Market-driven globalisation increases the economic disparities among nations and people.

Q.1- ______________means integrating the Indian economy with the world economy.

a. Liberalisation

b. Privatisation

c. Globalization

d. None of the above

Q.2-Globalisation is the outcome of__________ and ________.

a. Liberalisation

b. Privatisation

c. Globalization

d. Both (a) and (b)

Q.3- Globalisation aims to create ____________ world.

a. Limited

b. Restricted

c. Borderless

d. None of the above

For more data on Economics Class 11 Syllabus, Commerce notifications and sample papers for class 11 Commerce, stay tuned to BYJU’S.