BANKING AFFAIRS

Detailed explanation-1: -Some argue that globalization as a phenomenon began with the earliest human migratory routes, or with Genghis Khan’s invasions, or travel across the Silk Road. 2 Conquering empires throughout history resulted in the sharing of ideas, mixing of cultures and people, and trade across those conquered lands.

Detailed explanation-2: -Global economy can be defined as the sum of activities that take place both within a country and between different countries. Each country is a separate unit, with its own industrial production, labor market, financial market, resources and environment.

Detailed explanation-3: -Economic globalization refers to the increasing interdependence of world economies as a result of the growing scale of cross-border trade of commodities and services, flow of international capital and wide and rapid spread of technologies.

Detailed explanation-4: -In general, globalization decreases the cost of manufacturing. This means that companies can offer goods at a lower price to consumers. The average cost of goods is a key aspect that contributes to increases in the standard of living. Consumers also have access to a wider variety of goods.