Question

Write short answers of the following.

What is Globalization?

Answer 1

Globalization refers to the process of integration of various economies of the world. It implies reducing the restrictions on imports and exports, such as licensing and tariffs in order to facilitate trade across nations. It is the process associated with increasing openness, growing economic independence and promotion of economic integration with the world economy. The following are some of the important features of globalization.

1. Freedom- Globalization is characterized by the freedom to operate and conduct trade across the boundaries of a nation.
2. Boundless trade- Under globalization, the trade or the buying and selling of goods can take place from or to any country of the world.
3. Reducing differences- Globalization not only helps in the smooth trade across nations but also helps in diminishing down the differences that prevail between different nations.