Meaning of Globalization.

1.	Meaning of Globalization.
Answer» When any country permits foreign companies to do business in their domestic economy and allows domestic companies to do business globally, it is known as globalization. In previous time every country used to form a policy to protect its trade and industry from foreign competition; In the beginning the companies of developed countries started doing business in other countries and developed countries granted permission to other countries’ companies to do business in their country. Hence, globalization started. To develop business and industry of the entire world, formation of World Trade Organization was formed. As a part of policy of globalization India has accepted GATT -General Agreement for Trade and Tariff. The entire world turned to a global village.

Answer»

When any country permits foreign companies to do business in their domestic economy and allows domestic companies to do business globally, it is known as globalization.

In previous time every country used to form a policy to protect its trade and industry from foreign competition; In the beginning the companies of developed countries started doing business in other countries and developed countries granted permission to other countries’ companies to do business in their country. Hence, globalization started.

To develop business and industry of the entire world, formation of World Trade Organization was formed. As a part of policy of globalization India has accepted GATT -General Agreement for Trade and Tariff. The entire world turned to a global village.

Discussion

No Comment Found

Related InterviewSolutions

Which factors are included in internal environment?
Write a word or a term or a phrase which can substitute each of the following statement:The environment of business which consist of the methods and techniques adopted for production.
In which environment are the methods and techniques of production included?
……………….. environment consist of the methods and techniques adopted for production. (a) Legal (b) Political (c) Technological
The policies decided by shareholders, managers, labour unions and the employees are known as ……………….. (a) Internal environment factors (b) External environment factors (c) International factors
Find the odd word out:1. Legislature, Government Shareholders.2. Social, Employees, Legal.
What are the Positive Effects of Privatization.
Which of the following was not a reason of privatization?(A) Bureaucracy(B) Absence of accountability(C) Growing influence of labour unions(D) Dearth of capital
Enlist reasons for inefficient public sector units.
Enlist positive and negative effects of privatization.