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Globalisation
- Globalisation is the process by which the world is becoming
increasingly interconnected as a result of massively increased
trade and cultural exchange. Globalisation has increased the
production of goods and services. The biggest companies are
no longer national firms but multinational corporations with
subsidiaries in many countries.
- Advantages
- •Resources of different countries are used for producing goods and
services they are able to do most efficiently. •Consumers to get
much wider variety of products to choose from. •Consumers get the
product they want at more competitive prices. •Companies are able
to procure input goods and services required at most competitive
prices. •Companies get get access to much wider markets •It
promotes understanding and goodwill among different countries.
•Businesses and investors get much wider opportunities for
investment. •Adverse impact of fluctuations in agricultural
productions in one area can be reduced by pooling of production of
different areas.
- •Resources of different countries are used for producing goods and
services they are able to do most efficiently. •Consumers to get
much wider variety of products to choose from. •Consumers get the
product they want at more competitive prices. •Companies are able
to procure input goods and services required at most competitive
prices. •Companies get get access to much wider markets •It
promotes understanding and goodwill among different countries.
•Businesses and investors get much wider opportunities for
investment. •Adverse impact of fluctuations in agricultural
productions in one area can be reduced by pooling of production of
different areas.
- disadvantages
- •Developed countries can stifle development of undeveloped and
under-developed countries. •Economic depression in one country
can trigger adverse reaction across the globe. •It can increase
spread of communicable diseases. •Companies face much greater
competition. This can put smaller companies, at a disadvantage as
they do not have resources to compete at global scale.
- •Developed countries can stifle development of undeveloped and
under-developed countries. •Economic depression in one country
can trigger adverse reaction across the globe. •It can increase
spread of communicable diseases. •Companies face much greater
competition. This can put smaller companies, at a disadvantage as
they do not have resources to compete at global scale.
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