Question

What are the positive aspects of Globalisation?

Answer 1

Globalisation refers to the rapid spread of goods and services, technology and information, ideas and culture, trade and interactions across the world. It is the connection of different parts of the world resulting in the expansion of international cultural, informational, economic and political activities. In the early 1990s, the term globalisation was used to include economic, political, socio-cultural, technological and ideological changes that occurred in the world in the post-cold war era. The world has become more interconnected due to advances in technology and communication. Events in one part of the world have an impact on other parts of the world. Changes have taken place economically and culturally.

The Positive aspects of globalisation are:

1. It creates more employment opportunities.
2. It encourages free trade.
3. It leads to a better choice of goods and services to the consumer.
4. It leads to wider investments in developing countries.
5. It enhances the efficiency of the tertiary sector i.e., banking and finance.
6. It increases the purchasing power of citizens and enhances their standard of living.
7. It increases labour productivity and reduces the capital-output ratio.
8. It helps to increase efficiency in the production system.