Question

Write short note.

Characteristics of globalisation

Answer 1

The characteristics of globalisation are as follows:

1. Liberal principle: The principle of ‘laissez faire’ is an integral aspect of globalisation. In economic context, it refers to opening up of the economy to private players. This is called the process of liberalisation. It brought together people from all walks of life.
2. Private enterprise: Privatisation is an allied process that accompanies globalisation. It is a process where services which were previously subject to government control, were opened up for private service providers in fields like healthcare, insurance, education etc.
3. Profit motive: With globalisation, there has been a sharp increase in competition in every field. There are more opportunities and options available to aspiring individuals. It has encouraged many service providers to indulge in profiteering.
4. Marketisation: Globalisation led to increase in production. This in turn has led to large-scale marketisation Large-scale markets have provided people with options to choose from. It has indeed resulted in increased consumerism and made us more materialistic.
5. Interdependence: Global economy has made all people and nations interdependent. We have numerous examples of parts of a product being manufactured in one country and assembled in faraway places. 
6. Knowledge distribution: Globalisation is characterised by sharing of resources. It includes sharing of technological knowhow. It also includes outsourcing whereby people having the required skills and training get opportunities across borders to perform specialised tasks, without moving out from their location.