Question

What is globalisation? Explain (3 points)

Answer 1

Dear student,

• Globalisation means the interconnections in economic activities, trade and business that have led to the integration of manufacturing industries and markets around the world.
• It is a process that is an offshoot of the liberalisation of previously closed national economies and opening them up to international manufacturers.
• Reduction of trade barriers like tariffs, import duties and licensing quotas have hastened this process by fuelling capital and investment movements.
• Globalisation has led to demand for skilled labour. It has manifested itself culturally as well through the circulation of ideas.
• Dissemination of knowledge and technology is another important aspect of globalisation.

Regards,