Question

Discuss any four ways in which globalization has transformed the manner in which business is conducted. 

Answer 1

Globalization means integrating the economy of a country with the economics of other countries. It is possible through free flow of trade, capital and movement of persons across borders. Globalization has transformed the manner in which business is conducted. Let us have a look on these ways:

• Due to globalization, it has been possible to invest in newer technologies and production methods which have raised the production standards. Foreign trade has increased in the country.
• Exchange of technology between countries has been possible.
• Collaborations with foreign companies has been possible.
• Due to improved products, it has become possible to compete and survive in international competition.
• Due to globalization, many of the Indian companies have emerged as multinationals such as Tata Motors and Asian Paints.