Globalization means that countries are becoming more connected to the global economy.
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Globalisation simply means integrating the economy of the country with the world economy.
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In the words of Rubens Ricupero (Secretary General of the United Nations Conference on Trade and Development).
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(1) International Trade (2) International Investment (3) International Finance
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The share of intra-firm trade has increased from 20 percent to 33 percent in world trade. The share of world trade in the world’s gross domestic product has risen from 12 percent to 18 percent.
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The International finance sector has developed very rapidly. The finance sector dominates the trade and investment sectors.
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(1) Policies of Liberalisation (2) Technical Revolution (3) New Forms of Industrial Organisation (4) Experience of Developing Countries (5) Emergence of the United States as a Super Power
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(1) Flow of Foreign Capital (2) Entry of Multinational Corporations (3) Increase in Efficiency (4) Increase in Knowledge 5) Availability of Modern Technology and Marketing
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(1) Cut-throat Foreign Competition (2) Causes of Economic Inequality (3) Increase in Debt Burden (4) Adverse Effect on Balance of Payments (5) Increase in Consumerism
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The government of India, in 1991 sought financial assistance from the International Monetary Fund and World Bank.
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