What is Globalisation:
Globalisation is the concept of securing real social, economic, political and cultural transformation of the world into a real global community. Globalisation involves a conscious and active process of expanding business and trade across the borders of all the states.
It stands for expanding cross-border facilities and linkages leading to an integration of economic interests and lives of the people living in all parts of the world.
In simple words, “Globalisation means securing of socio-economic integration and development of all the people of the world through a free flow of goods, services, information, knowledge and people across the borders of all states”.
Features Of Globalisation:
It stands for the freedom of the entrepreneurs to establish any industry or trade or business venture, within their own countries or abroad.
2. Free trade:
It stands for free flow of trade relations among all the nations. It stands for keeping business and trade away from excessive and rigid regulatory and protective rules and regulations.
3. Globalisation of Economic Activity:
Economic activities are be governed both by the domestic markets and also the world market. It stands for the process of integrating the domestic economies with the world economy.
4. Liberalisation of Import-Export System:
It stands for liberalization of the import-export activity involving a free flow of goods and services across borders.
Globalisation stands for keeping the state away from ownership of means of production and distribution and letting the free flow of industrial, trade and economic activity among the people and their corporations.
6. Increased Collaborations:
Encouraging the process of collaborations among the entrepreneurs with a view to secure rapid modernisation, development and technological advancement, is a feature of Globalisation.
7. Economic Reforms:
Encouraging fiscal and financial reforms with a view to give strength to free trade, free enterprise and market forces of the world. Globalisation stands for integration and democratisation of the world’s culture, economy and infrastructure through global investments.