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  • The interconnectedness across countries on many dimensions, such as cultural, political, social and economical, is globalisation.
  • Globalisation has been facilitated by the, rapid improvement in technology, liberalisation of trade and investment policies and international organisations such as the WTO (World Trade Organisation).
  • A MNC is a company that owns or controls production in more than one nation. MNCs set up offices and factories for production in regions where they can get cheap labour and other resources.
  • MNCs not only sell their finished products globally, the goods and services are produced globally.
  • For a long time foreign trade has been the main channel connecting countries.
  • The Factors that enabled Globalisation are, Technology and Liberalisation of foreign trade and investment policy.
  • World Trade Organisation (WTO) is an international body, which aims at liberalising international trade and it was started at the initiative of the developed countries.
  • At the international level, WTO has put pressure on developing countries to liberalise trade and investment.
  • Globalisation in India has led to greater competition among producers, increase in the number of MNC’s, etc.
  • Globalisation has also brought negative impact like stiff competition and uncertain employment.
  • While globalisation has benefited well-off consumers and also producers with skill, education and wealth, many small producers and workers have suffered as a result of the rising competition.
  • Fair globalisation would create opportunities for all, and also ensure that the benefits of globalisation are shared equally.

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