The Concept of Globalisation

What do you mean by globalisation?

Globalization is the word used to describe the growing interdependence of the world’s economies, cultures, and populations, brought about by cross border trade in goods and services, technology, and flows of investment, people, and information.

What is the significance of globalization?

Globalization changes the way nations, businesses and people interact. Specifically, it changes the nature of international economic activity, expanding trade, opening global supply chains and providing access to natural resources and labor markets.

What is globalisation and its features?

Globalisation enables the coming together of individuals, corporations and resources from different countries. The unique characteristics of globalisation have allowed people with diverse backgrounds to interact freely.

What is the aim of globalisation?

The main goals of globalisation are: Increase international trade between countries. Improve status of underdeveloped countries. Increase the cultural relations among countries.

What is globalization and examples?

Globalization can be defined as the stretching of economic, political, and social relationships in space and time. A manufacturer assembling a product for a distant market, a country submitting to international law, and a language adopting a foreign loanword are all examples of globalization.

Is globalisation good or bad?

Globalization is economically facilitated by free trade agreements, which permit barrier-free imports and exports across borders.

When did globalisation start?

“First globalization” is a phrase used by economists to describe the world’s first major period of globalization of trade and finance, which took place between 1870 and 1914. The “second globalization” began in 1944 and ended in 1971. This led to the third era of globalization, which began in 1989 and continues today.

Is globalisation good for India?

After 2003, the cumulative impact of years of reform and globalization helped Indian GDP to average more than 7 percent annually, making India a “miracle” economy. Per capita income rose from $304 in 1991 to an estimated $2,600 in 2023.

The Concept of Globalisation is a subpart of the Class 12 Political Science chapter 7 which is entitled Globalisation. Globalization is a term mainly used to describe how trade and technology made the world more connected in the context of the world’s economics, cultures, and populations. In simple words, Globalisation is a concept that fundamentally deals with flows. These flows can be based on different ideas like moving from one corner to another of the world, the trading process of different commodities, and much more. Globalization helps people or resources to come together and cooperate in different aspects. 

In this article, we are going to discuss “The Concept of Globalisation” in detail from Class 12 Political Science Chapter 7 i.e. Globalisation.