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Question
Some of the important changes that occurred in the economic sphere in the age of globalisation are:
- Free flow of finance capital
- Creation of GATT
- Rise of Transnational Companies
- Focus on intellectual Property rights
Options
Only (i), (ii) and (iii) are correct.
Only (i), (ii) and (iv) are correct.
Only (i), (iii) and (iv) are correct.
All are correct.
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Solution
Only (i), (iii) and (iv) are correct.
Explanation:
Globalisation has caused major economic shifts. Finance capital (i) flows freely across borders, allowing global trade and investment. Transnational firms (iii) have spread technology, jobs, and culture worldwide. Intellectual property rights (iv) have been prioritized to safeguard discoveries and creative works, encouraging global research and development. GATT (General Agreement on Tariffs and Trade) (ii) was created in 1947 and superseded by the WTO (World Trade Organisation) in 1995 as part of globalization reforms.
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