List the major drivers of globalization. Give three examples of each.
Explain at least four effects of globalization.
Major drivers of globalization:
Technology & Communication: Technology and communication is the foremost driver of globalization in today's world. Improved means of communications like internet, fax and mobile phones have made the world a smaller place to live in. Transcontinental flights, shipping lines and improved rail and road network across borders have made the world so smaller that people hop from one country to another easily. With the use of internet and e commerce, documents are now being shared and distributed across borders within split seconds. The mobile phone keeps you connected all the time. With the development of airlines, you can cross entire continents in single day. All these factors have opened up humungous markets for every product and service.
Trade barriers( Political and Economic changes): Most of the countries in the world have started reducing trade barriers for other countries and are shifting from closed end economy to open end economy. Countries are now more dependent on each other than before. Instead of producing everything, they are ...
Technology and communication is the foremost driver of globalization in today's world.