5. Globalization
Globalization refers to the increasing interconnection and integration of countries through the exchange of goods, services, and information, creating a global village. The chapter discusses the meaning, characteristics, and factors promoting globalization, along with its impacts, challenges, and India's role within the global economy. It also suggests pathways for sustainable globalization to ensure inclusive growth and protect local economies.
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What we have learnt
- Globalization enhances international trade and investment among nations.
- It can lead to both positive outcomes, such as job creation in new sectors, and negative consequences, like job insecurity in traditional sectors.
- Sustainable globalization requires balancing global integration with local economic protections and environmental considerations.
Key Concepts
- -- Globalization
- The process of increased interaction and integration among countries through trade, culture, and technology.
- -- MNCs (Multinational Companies)
- Companies that operate in multiple countries and contribute to the globalization of economies.
- -- FDI (Foreign Direct Investment)
- Investments made by a company or individual in one country in business interests in another country.
- -- Sustainable Globalization
- An approach that seeks to promote global economic growth while ensuring that local industries and environments are protected.
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