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Main reasons that have caused globalisation What are the reasons for Globalization of business? (ii) Export and import of techniques of production.
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#DESCRIBE THE IMPACTS OF GLOBALIZATION ON THE BUSINESS WORLD FREE#
Globalisation means integrating the economy of a country with the economies of other countries under conditions of free flow of trade, capital and movement of persons across borders. What is Globalisation explain in your own words? Principally, it’s an economic concept – the integration of markets, trade and investments with few barriers to slow the flow of products and services between nations. In simple terms, globalization is the process by which people and goods move easily across borders. It’s widely believed that increased globalization leads to greater economic growth for all parties. What are the main advantages of Globalisation? … The small scale sector forms a dominant part of Indian industry and contributing to a significant proportion of production, exports and employment. Globalization has led to an ‘Unequal Competition’- a competition between ‘giant MNC’s and dwarf Indian enterprises’. How does globalization harm small scale industries? 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.
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This means that items can be shipped between countries and economies at a reduced cost and in a very short time. One way to reduce poverty in these groups is for wealthy nations to accept more imports from developing countries.What are the reasons for Globalization of business?Ī paving stone to globalization is the efficient connectivity of businesses and consumers worldwide by communications (internet) and shipping routes (cargo flights). A representative from Cuba said one result of globalization was that 20 percent of the world population consumed 80 percent of global production, leaving 80 percent of the population in increased poverty. An increase in poverty has a widespread cultural impact. Some United Nations members claim that globalization increases poverty particularly among young people, the old, women, indigenous peoples and migrants. Since the world´s dominant economies speak English, other languages have become less important. Certainly, English is widely used as a second or third language, which helps the globalization of business trade however, if business communities see more benefits in speaking Spanish or Chinese, they learn those instead. English as become the dominant language, across the world. Critics of globalization claim it marginalizes some languages and may even cause some languages to die out. Language is a key expression of cultural diversity. Similarly, Western nations are less likely to celebrate other cultural values and this further minimizes the importance of other cultures. The domination of news media and Internet services by Western companies helps maintain this influence over local views. Critics of globalization call this "cultural imperialism" because the West promotes its culture as having more worth, or being more correct, than other regions' cultural values. Another criticism is that Western nations, particularly the United States, impose cultural values on others through media and popular culture.