Question
Download Solution PDFIn Economic terms, Globalization is the process of rapid ______ between countries.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is Integration.
Key Points
- Globalization is the process by which ideas, goods, and services spread throughout the world.
- Globalization is often used in an economic context to describe an integrated economy marked by free trade, the free flow of capital, and corporate use of foreign labor markets to maximize returns and benefit the common good.
- The three types of globalization
- Economic globalization
- Political globalization
- Cultural globalization
Additional Information
- Advantages of Globalization
- Greater access to global markets
- Advanced technology
- India’s share in global trade (merchandise and services) was 2.1% (481.74 USD billion out of a total 23,044 USD billion) for exports and 2.6% (600.62 USD billion out of total 23,112 USD billion) for imports in 2017.
Last updated on Jul 8, 2025
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