Globalization refers to the increasing international trade and cultural exchange between countries due to falling trade barriers and economic interdependence. It has led to increased global trade, foreign direct investment, and the influence of multinational corporations and international organizations. While globalization has advantages like increased economic growth and cultural exchange, it also presents challenges in ensuring its benefits are shared globally and addressing fears over instability and a "race to the bottom" in labor standards.

1. GLOBALIZATION AND DEVELOPMENTSubmitted By:Subharaj ChakrabortyPGDM-IB/10-12/35Submitted to:Dr. Kavita Srivastava

2. GLOBALIZATIONGlobalizationis the term used to describe the changes in societies and the world economy which results in increased international trade and cultural exchange. It describes the increase of trade and investing due to the falling of barriers and the interdependence of countries. In economic contexts, it refers to the effects of trade, particularly trade liberalization or "free trade".

3. Development on the Basis of globalization:It leads to Increase in international trade at a faster rate than the growth in the world economy

4. Increase in international flow of capital including foreign direct investment

5. Erosion of national borders through international agreements leading to organizations like the WTO.

6. Increase in the share of the world economy controlled by multinational corporations

7. Increased role of international organizations such as WTO, IMF that deal with international transactions

8. Increase of economic practices like outsourcing by multinational corporations