What is globalization? Highlight any three causes of globalization.
Solution
Globalisation means linking the economy of the country with the economics of other countries by trade and free mobility of capital and labour. In the process of globalisation, countries become interdependent and the distance between people shortens.
Causes of globalisation:
i. Improved transport has made global travel easier. For example, there has been a rapid growth in air travel, enabling greater movement of people and goods across the globe.
ii. Improved technology which makes it easier to communicate and shareinformation around the world. Example: The Internet
iii. Growth of multinational companies with a global presence in many different economies.
iv. Reduced tariff barriers for global trade have been made possible by the WTO.
