ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Globalization refers to the spread of the flow of financial products, goods, technology, information, and jobs across national borders and cultures. In economic terms, it describes an interdependence of nations around the globe fostered through free trade.

Detailed explanation-2: -Globalization is the connection of different parts of the world. Globalization results in the expansion of international cultural, economic, and political activities. As people, ideas, knowledge, and goods move more easily around the globe, the experiences of people around the world become more similar.

Detailed explanation-3: -International trade is also a central driving force behind globalisation, a process of integration among countries and people. According to economic theory, as technological development drives down transaction costs (communication, transport), cross-border trade and investment will increase.

Detailed explanation-4: -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.

Detailed explanation-5: -Globalization encourages companies to internationalize and to substantially increase the volume and types of cross-border transactions in goods, services and capital. Also, the globalization leads to rapid dissemination and diffusion of products, technology and knowledge in the world, regardless of the origin.