ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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-2: -In addition, the United Nations identified three mega-trends related to globalization: shifts in production and labor markets, rapid advances in technology, and climate change.

Detailed explanation-3: -Globalization is a by-product of Economic Interdependence. It triggers the spread of technology, products, labor, processes, and jobs all around the world. The cross-border flow of goods, products, and jobs creates international opportunities.

Detailed explanation-4: -It is the increasing economic integration and interdependence of national, regional, and local economies across the world through an intensification of cross-border movement of goods, services, technologies and capital.

Detailed explanation-5: -Four powerful forces are transforming the global economy-accelerating technological change, urbanization in the developing world, aging, and a new kind of globalization.