Question

350-400 ( words) markets have crossed national borders to an increasing extent. As a result, firms and workers from different countries are increasingly interconnected. Globalization has occurred for a number of reasons. List three reasons and briefly describe their effect contributing toward globalization.

Answer 1

Globalization is a process of worldwide adjustment of political, economic, social, scientific and cultural life, which successfully attempts to integrate people from different parts of the world at the physical and psychological level. The concept of globalization emerged rapidly in the last decade of the twentieth century, which is now a topic of discussion even in the early twenty-first century.

The mobility of labor, raw materials, manufactured goods, technology etc. has increased with the availability of cheap and fast means of transport. With the new system of communication of the stock exchanges, the transfer of trade and finance has also led to greater transparency and speedy functioning of the entire miniature aperture terminal through "scripless" and "floorless", under which any city in the world sits Customers can deal with stock exchanges in any city of the world.

Globalization, which is an exciting term, shows the desire that various nation-states should be integrated under the framework of the World Trade Organization. Globalization is considered an important element in the package of economic reform. But the question arises as to what is included in the stream of globalization.  
According to economists, the four parts of globalization are
(1) reducing trade-barriers so that goods can be freely exchanged in different countries,
(2) creating a situation in which the free flow of capital in different states  
(3) to create such an environment that there can be a smooth flow of technology, and
(4) to last, but no less important from the point of view of developing countries In which there can be a smooth flow of labor in different countries of the world.  
the ultimate goal of the proponents of globalization is to envision the entire world as a "universal village".

Reasons For globalization :-

(1) Historical Reasons :-

We have to understand globalization in historical perspective. In the later twentieth century, many such changes and globalization arose. Many economic, social and political changes took place in this era, which changed the nature of the global economy. England, which is considered to be the superpower of the world between World War I and World War II, is waging war in Europe today to protect its existence. Communism, which challenged capitalism after the bolshevik Revolution, is now moribund and the country which is considered to be the second superpower in the world and the Soviet Union has been confined to the pages of history. Today stands as the great power of the world. But he may also face the challenge of monster China. Japan is an economically strong Asian state, which cannot be ignored. While developed countries have their own vision, developing countries like India have a different view towards globalization and liberalization. It is no longer easy for poor nations to uphold the protectionist policy considered necessary for economic development, border powers are being reduced and licenses etc. are being removed to a much larger extent.

( 2 ) Technological Development

Due to scientific research and development today, practically different parts of the world have come so close to each other that from the technical point of view the world has started being called a global village. There has been a revolution in the field of communication through satellite and computer. Through e-mail, STD, ISD, Internet can be contacted in any part of the world within seconds, currently all major newspapers and magazines of the world, United Nations Organization And its other associate organizations, legislatures of many countries, major books and encyclopaedias etc. are available on the internet.Twenty years ago, the developed countries had a monopoly on the use of state-of-the-art technology. But today Developing countries also were able to use it between high technology high productivity - high cost complex and close relationship.

Improved capital mobility and the rise of multinationals: There has been a general reduction in capital barriers over the last few decades, making capital flows between different economies easier. This has increased the ability of firms to obtain finance.
Also Multinational corporations operating in different geographies have disseminated best practices. MNC source resources from around the world sell their products in global markets leading to more local interaction.