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‐ Globalization is the process of interaction and integration among people, companies, and governments
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worldwide. Globalization has accelerated since the century due to advances transportation and
communication technology. This increase in global interaction has caused a growth in international trade and
the exchange of ideas, beliefs, and culture. globalization is primarily an economic process of interaction and
integration that is associated with social and cultural aspects. International diplomacy are also large parts of the
history of globalization, and of modern globalization.
4. Types of Globalization
Financial globalization
Economic globalization
Cultural globalization
Political globalization
Technological globalization
Geographic globalization
Sociological globalization
Ecological globalization
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Wider Markets:
A wide market is a market with considerable profit margins
or a wide spread. In the world of investments, a wide market is one
where there is a relatively large spread between bid and offer prices on
some investment products.
6. Greater specialisation
In a globalized economy, countries specialize in the
products and services they have a competitive
advantage in. This generally means what they can
produce and provide most efficiently, with the least
amount of resources, at a lower cost than competing
nations.
7. Rapid industrialization is important for creating employment opportunities,
promotion of education, training and research. It improves labour productivity
and balanced regional development. Industrial growth brings a rapid increase in
the national income of the country.
Rapid industrialisation
8. Price stabilisation
Price stability is the condition in which the domestic currency retains its purchasing
power by maintaining low and stable inflation as measured by the Consumer Price Index
over the medium term (from 3 to 5 years). Price stability does not imply that prices do
not change; it means that prices grow at a moderate pace.
9. Competitive gains
To gain and maintain a competitive
advantage, an organization must be
able to demonstrate a greater
comparative or differential value
than its competitors and convey
that information to its desired
target market.
10. Higher production
Globalisation is the process by which business organisations develop international
influence and work hand in hand to operate on international scale. This resulted in
interchanging of products, ideas, views and aspects of culture between different
countries.
