Question

Which of the following statements justifies the meaning of globalisation accurately?

• A. It is an integration of economies of two countries.
• B. It is the process of economic integration and interdependence between countries.
• C. It is the process of expansion of business of MNCs at a global scale.
• D. It is the process of transferring the ownership and management of public companies to private sectors across countries.

Answer 1

The correct option is B It is the process of economic integration and interdependence between countries.

Globalisation can be defined as the economic integration and interdependence of nations. This involves the free flow of capital, labour, goods and services, and exchange of technology, irrespective of boundaries. It is conducted on a global scale and involves various stakeholders across the countries.