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What is Globalization
Globalization is the process of international integration of products, technologies, human resources, capital, information and cultures. It is characterized by increasing social and economic openness and growing interdependence between the countries of the world. As globalization progresses, economic, social and political systems of different countries more freely interact with one another and adapt to promote further interaction.
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Levels of Globalization
World level globalization Country level globalization Industry level globalization Firm level globalization
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COUNTRY LEVEL-CONTI.
Emigrant and immigrant population. International tourism traffic. Share of foreign remittances in national income. Sensitivity to changes in economic and social conditions in other regions of the world.
Characteristics of globalization
Rapid growth in international financial actions Fast growth in trade The emergence of global markets The diffusion of technologies, ideas and communication system
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Advantages of Globalization
Competitive and learning effects Technological gains Larger markets Outsourcing and sub-contracting advantages Greater specialization Price stabilization International investment inflow International economic cooperation.
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Disadvantages of globalization
Spread of economic evils Jobless growth Loss of economic sovereignty External technological dependence Drain of basic raw materials Problem of shift from national priorities High burden of dividend outflow.
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