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The chapter discusses the phenomenon of globalization, focusing on the role of multinational corporations (MNCs) in integrating markets and production across countries. Through examples mainly from the Indian context, it highlights how globalization has transformed consumer choices and economic practices due to advancements in technology, liberalization of trade policies, and international pressures. The chapter also examines the uneven impact of globalization on different socio-economic groups and the need for fair globalization that benefits all.
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Term: Globalization
Definition: The process of rapid integration or interconnection between countries through foreign trade and investment.
Term: Multinational Corporations (MNCs)
Definition: Companies that own or control production in more than one nation, often seeking low-cost production locations.
Term: Liberalization
Definition: The removal of barriers to trade and investment, allowing businesses to operate more freely in the global market.
Term: Foreign Investment
Definition: Investment made by an entity in one country in business interests in another country.
Term: Foreign Trade
Definition: The exchange of goods and services between countries, creating opportunities for producers to reach international markets.