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Chapter 2 Key Concepts and Issues Since 1991 Globalisation Political science Maharashtra Class 12

Jayesh Rajgor・2 minutes read

Globalization has reshaped the world, fostering technological advancements and international business relationships. Economic growth is facilitated by the free flow of finance capital investment and trade agreements like GATT, enabling global economic interactions.

Insights

  • Globalization, originating from a village, has transformed the world's economy and established a new global order, emphasizing borderless interactions and interconnectedness.
  • International trade agreements like GATT have been pivotal in eliminating trade barriers, enabling the flow of finance capital investment globally, fostering economic growth, and facilitating cross-border business relationships.

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Recent questions

  • What is globalization?

    Globalization refers to a borderless economy that has evolved from a small village, leading to significant changes in the world's direction and the establishment of a new world order. It emphasizes interconnectedness and technological advancements, enabling online admissions in educational institutions and fostering international business relationships.

  • How has globalization impacted businesses?

    Globalization has facilitated the free flow of finance capital investment, allowing for the growth of companies like Tata and Reliance investing abroad, while also attracting foreign companies to invest in countries like India. This interconnectedness has led to the expansion of international business relationships and the removal of trade barriers through agreements like the General Agreement on Tariffs and Trade (GATT) from 1948.

  • What are the benefits of international trade agreements?

    International trade agreements, such as the General Agreement on Tariffs and Trade (GATT), have played a crucial role in fostering economic relations between countries by removing trade barriers. These agreements promote global economic growth, encourage foreign investment, and facilitate the exchange of goods and services on an international scale.

  • How has globalization influenced education?

    Globalization has revolutionized the education sector by enabling online admissions in educational institutions. This technological advancement has made education more accessible to students worldwide, breaking down geographical barriers and providing opportunities for cross-cultural learning and collaboration.

  • Why is the free flow of finance capital important for economic systems?

    The free flow of finance capital is essential for economic systems as it allows companies to expand globally, like Tata and Reliance investing abroad, and attracts foreign companies to invest in countries like India. This flow of capital fosters economic growth, creates employment opportunities, and promotes innovation and development on a global scale.

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Summary

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"Globalization: Borderless Economy, New World Order"

  • Globalization is described as a borderless economy that originated from a village, leading to significant changes in the world's direction and the establishment of a new world order.
  • The interconnectedness brought about by globalization has resulted in technological advancements, such as online admissions in educational institutions, and has facilitated international business relationships.
  • The free flow of finance capital investment is crucial for economic systems, allowing for the growth of companies like Tata and Reliance investing abroad and foreign companies investing in India.
  • International trade agreements, like the General Agreement on Tariffs and Trade (GATT) from 1948, have played a vital role in removing trade barriers and fostering economic relations between countries.
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