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Understanding Globalisation: Key Concepts

Globalisation is the process of international integration through the exchange of goods, ideas, and people, making the world more connected. Key features include free trade, capital flow, labor migration, technology transfer, and cultural exchange, driven by advancements in transportation, communication, and the role of multinational corporations. While it offers benefits like improved technology and job opportunities, it also poses challenges such as competition for small industries and economic inequality.

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5 views2 pages

Understanding Globalisation: Key Concepts

Globalisation is the process of international integration through the exchange of goods, ideas, and people, making the world more connected. Key features include free trade, capital flow, labor migration, technology transfer, and cultural exchange, driven by advancements in transportation, communication, and the role of multinational corporations. While it offers benefits like improved technology and job opportunities, it also poses challenges such as competition for small industries and economic inequality.

Uploaded by

vaibhavsaini5826
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© All Rights Reserved
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Here’s a clear and simple explanation of Globalisation

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Globalisation – Overview

Meaning

Globalisation means the process of international integration through the exchange of goods,
ideas, technology, information, and people across countries.
It makes the world more connected and interdependent.

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Main Features

1. Free Trade: Goods and services move freely between countries.

2. Flow of Capital: Money can be invested in any country.

3. Flow of Labour: People migrate to work in other countries.

4. Technology Transfer: New technologies spread quickly across borders.

5. Cultural Exchange: People share food, fashion, music, and traditions worldwide.

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Causes of Globalisation

1. Improvement in Transportation – Faster ships, airplanes, etc.

2. Advancement in Communication – Internet, mobile phones, etc.

3. Liberalisation of Trade Policies – Removal of trade barriers by governments.

4. Role of Multinational Corporations (MNCs) – Companies producing and selling in many


countries.

5. WTO Support – World Trade Organization encourages global trade.


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Effects of Globalisation

Positive Effects

Access to better technology and goods.

More job opportunities in developing countries.

Increase in foreign investment.

Improved communication and transport.

Exchange of cultures and ideas.

Negative Effects

Small industries may suffer due to competition.

Economic inequality between rich and poor countries.

Cultural loss due to western influence.

Environmental damage due to industrial growth.

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India and Globalisation

Started after 1991, when India adopted Liberalisation, Privatisation, and Globalisation (LPG)
policies.

Many foreign companies invested in India (e.g., Coca-Cola, Hyundai, etc.).

Growth in IT, telecom, and manufacturing sectors.

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