Question

What are some of the processes included under the label ‘globalisation’?

Answer 1

In the era of globalisation, the world is becoming increasingly interconnected. Their interconnections are not only economic but also cultural and political.

The process of globalisation involves a number of trends, especially the increase in international movement of commodities, money, information, people and development in technology.

The main feature of globalisation is the increasing extension and integration of markets around the globe. It means that changes in a market in one part of the globe may have a profound impact somewhere else far away.

For example :- India’s booming software industry may face a slump if the U.S. economy does badly as happened after the 9/11 attacks on the World Trade Centre in New York, leading to a loss of business and jobs there.