Understanding Globalization: Key Features and Implications
Globalization encompasses liberalization, free trade, globalization of economic activity, privatization, increased collaborations, and economic reforms. It promotes socio-economic integration through the free flow of goods, services, and knowledge across borders, fostering development and modernization on a global scale.
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Presented by Bhargab Das Assistant Professor, Department of Economics, Dr. B.K.B. College
In simple words, Globalization means securing of socio-economic integration and development of all the people of the world through a free flow of goods, services, information, knowledge and people across the borders of all states. The basic features of Globalization are mentioned below: 1 1. . Liberalization entrepreneurs to establish any industry or trade or business venture, within their own countries or abroad. Liberalization: : It stands for the freedom of the
2. 2. Free trade: Free trade: It stands for free flow of trade relations among all the nations. It stands for keeping business and trade away protective rules and regulations. from excessive and rigid regulatory and
3. 3. Globalization of Economic Activity: Globalization of Economic Activity: Economic activities are to be governed both by the domestic markets and also the world market. It stands for the process of integrating the domestic economies with the world economy.
4. 4. Liberalization of Import Liberalization of Import- -Export System: Export System: It stands for liberalization of the import-export activity involving a free flow of goods and services across borders.
5. 5. Privatization: Privatization: Globalization stands for keeping the state away from ownership of means of production and distribution and letting the free flow of industrial, trade and economic activity among the people and their corporations.
6. 6. Increased Collaborations: Increased Collaborations: Encouraging the process of collaborations among the entrepreneurs with a view to secure rapid modernization, development and technological advancement, is a feature of Globalization.
7. Economic Reforms: 7. Economic Reforms: Encouraging fiscal and financial reforms with a view to give strength to free trade, free enterprise and market forces of the world. Globalization democratization economy and infrastructure through global investments. stands for the integration world s and of culture,
