Globalisation refers to the integration of markets in the global economy. Markets where globalisation is particularly common include financial markets, such as capital markets, money and credit markets, and insurance markets, commodity markets, such as markets for oil, coffee, tin, and gold, and product markets, such as markets for motor vehicles and consumer electronics Globalization is not new.But recently it has been moving at a faster pace. Today it is easier for companies to work in other countries. The Internet gives them the chance of reaching more customers around the world. Likewise Teleworkers work for firms that may be far away and thus that is why Governments are in favour of globalization since this will definitely boost up the economic growth of a country.
After globalization the standard of living has increased .Quality products from other countries are now available at local prices, and have increased the buying power of people.Businesses have expanded for a lot of organizations. It has helped people into opening regional centers in different parts of the globe, thereby generating income everywhere.One of the most positive consequences of globalization is that it has reduced inflation by a huge margin. Since the competition is truly global, it is impossible for a local market force to hike prices beyond the actual price. With regards to telecommunication, the world has come closer, and it is shown by the fact that the number of telephone lines across the world has tripled over the last twenty years.Similarly Trade and commerce across countries has increased in volumes, and has helped in accelerating the progress of a country. Despite all the relevant benefits that globalization can provide to an economy, other people are not so sure that there are only advantages. The bad side of globalization predominantly revolves around the fact that the preferences differ from nation to nation, and coming to a consensus on any issue becomes more...
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