Question

Answer the following questions.

What are the factors needed for globalisation?

Answer 1

Globalisation refers to the process of integration of an economy with other economies of the world. It is a process associated with increasing openness, growing economic independence and promotion of economic integration among the world economies. The following factors are needed for globalisation:
i. Advancement of communication- Globalisation requires technological advancement in the communication sector, so that people are able to access the happenings and activities that take place across the world.
ii. IT- Information technology is an important factor required for globalisation such that the developing countries are able to access the information about developed countries and learn the best out of it.
iii. Development in transport- Globalisation requires improvement in transport so that competitive goods are efficiently made available in the global market.