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Page 1 CPT SectionC General Economics Chapter 7 Unit 3 Dr C.Anirvinna Page 2 CPT SectionC General Economics Chapter 7 Unit 3 Dr C.Anirvinna Meaning of Globalisation A case for and against Globalisation Measures towards Globalisation Effect of globalisation on Indian economy Page 3 CPT SectionC General Economics Chapter 7 Unit 3 Dr C.Anirvinna Meaning of Globalisation A case for and against Globalisation Measures towards Globalisation Effect of globalisation on Indian economy It increases the interaction among national economic system It is a process which draws countries out of their insulation and makes them join rest of the world It means integrating the domestic economy with the world economy Page 4 CPT SectionC General Economics Chapter 7 Unit 3 Dr C.Anirvinna Meaning of Globalisation A case for and against Globalisation Measures towards Globalisation Effect of globalisation on Indian economy It increases the interaction among national economic system It is a process which draws countries out of their insulation and makes them join rest of the world It means integrating the domestic economy with the world economy National Economic System Integrated Financial Markets Economies of Trade Higher Factor Mobility Free Flow of Technology Spread of Knowledge Page 5 CPT SectionC General Economics Chapter 7 Unit 3 Dr C.Anirvinna Meaning of Globalisation A case for and against Globalisation Measures towards Globalisation Effect of globalisation on Indian economy It increases the interaction among national economic system It is a process which draws countries out of their insulation and makes them join rest of the world It means integrating the domestic economy with the world economy National Economic System Integrated Financial Markets Economies of Trade Higher Factor Mobility Free Flow of Technology Spread of Knowledge World Bank defines globalization as • “Freedom and ability of individuals and firms to initiate voluntary economic transactions with residents of other countries”Read More
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FAQs on PPT - Globalization - Business Economics for CA Foundation
| 1. What is globalization and why is it important? |  |
Ans. Globalization refers to the interconnectedness and integration of economies, societies, and cultures worldwide. It involves the exchange of goods, services, information, and ideas across national borders. Globalization is important as it facilitates economic growth, increases job opportunities, promotes cultural diversity, and fosters international cooperation and understanding.
| 2. How does globalization affect international trade? | |
Ans. Globalization has a significant impact on international trade. It has led to the liberalization of trade barriers, such as tariffs and quotas, resulting in increased cross-border trade. Globalization has also facilitated the rise of multinational corporations, enabling them to expand their operations globally. Additionally, globalization has enhanced transportation and communication networks, making it easier and faster to conduct international trade.
| 3. What are the advantages and disadvantages of globalization? | |
Ans. Globalization offers several advantages, including access to a wider range of products and services, increased economic growth and job opportunities, technological advancements, and cultural exchange. However, it also has disadvantages, such as the widening wealth gap between developed and developing countries, loss of domestic industries to foreign competition, environmental degradation, and cultural homogenization.
| 4. How does globalization impact developing countries? | |
Ans. Globalization affects developing countries in various ways. On one hand, it can provide access to foreign markets, attract foreign direct investment, and promote economic growth. On the other hand, it can lead to the exploitation of cheap labor, unequal distribution of benefits, and vulnerability to economic shocks. Developing countries need to carefully manage globalization to maximize its benefits and mitigate its negative impacts.
| 5. Does globalization lead to cultural assimilation? | |
Ans. Globalization can contribute to cultural assimilation to some extent. The widespread exchange of ideas, technologies, and cultural products can lead to the adoption of foreign practices and values. However, globalization also promotes cultural diversity as people become more aware of different cultures and traditions. It is important to strike a balance between embracing globalization and preserving cultural identity.
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