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Globalization, Economy Traditional, UPSC Video Lecture | Indian Economy for UPSC CSE
FAQs on Globalization, Economy Traditional, UPSC Video Lecture - Indian Economy for UPSC CSE
| 1. What is globalization and how does it impact traditional economies? |  |
Ans.Globalization refers to the process of increased interconnectedness and interdependence among countries, primarily through trade, investment, and cultural exchange. It impacts traditional economies by introducing new markets, technologies, and ideas, which can enhance economic growth but may also threaten local industries and cultural practices.
| 2. What are the advantages and disadvantages of globalization for developing countries? | |
Ans.Advantages of globalization for developing countries include access to larger markets, foreign investment, and the transfer of technology and skills. Disadvantages may include increased competition that can harm local businesses, exploitation of labor, and cultural homogenization.
| 3. How can traditional economies adapt to the challenges posed by globalization? | |
Ans.Traditional economies can adapt to globalization by diversifying their economic activities, investing in education and skill development, promoting local products, and leveraging technology to enhance productivity while maintaining their cultural identity.
| 4. What role does government policy play in managing the effects of globalization on traditional economies? | |
Ans.Government policy plays a crucial role by implementing regulations that protect local industries, providing support for small businesses, fostering education and training programs, and negotiating trade agreements that benefit the local economy while ensuring sustainable development.
| 5. How does globalization influence cultural aspects of traditional economies? | |
Ans.Globalization influences cultural aspects of traditional economies by facilitating cultural exchange and interaction, which can lead to the preservation of certain traditions or, conversely, to the dilution of local cultures due to the dominance of global cultural trends.
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