Question

Explain the four flows related to globalisation.

Answer 1

1. Economic consequences
   1. Global trade in commodities has increased as a result.
   2. There are now less limitations on imports issued by other nations.
2. Cultural consequences
   1. Cultural homogenization is the emergence of a homogeneous culture.
   2. Western culture being imposed on the rest of the globe is known as global culture.
3. Political consequences
   1. The market will take the place of the welfare state as the primary factor in determining social and economic objectives.
   2. Governments ability to make decisions on their own is diminished as a result of the entry and growing influence of MNCs worldwide.
4. Others
   1. Protests against economic liberalization are led by the left.
   2. Voices against globalization were also expressed by Indian social forums.