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Features of Globalization
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Table of Contents
1. Meaning of Globalization
2. Features of Globalization
2.1. Free Trade
2.2. Liberalization
2.3. Economic globalization
2.4. Connectivity
2.5. Increased collaboration
2.6. Cultural globalization
2.7. Product Advantage

Meaning of Globalization
Globalization is a process whereby goods and services are sold
without any barrier around the globe. It is one where markets
are integrated with the global economy increasing the
interconnectedness and interdependence of national
economies on each other. Globalization leads to widespread of
product, information, technology, and jobs among several
nations fostering free trade. Today’s world is highly
interconnected because of globalization resulting in more trade
and cultural exchange. The production of products or services
has increased enormously due to established networks among
countries. Corporations running on a large scale are no longer
national firms but operate internationally with many
subsidiaries in different parts of the world.

Globalization is a multifaceted aspect in which multiple

strategies are collected for transforming world towards
development. Connections around the world is created in
pursuit of removing all barriers such as economic, social and
geographical. Globalization by doing so, unionize distinct
peoples, government and corporations universally. In addition to
providing economic benefits to countries, globalization also
avoids war and bring peace among nations via strengthening
their relations with one another. Countries get access to
cheaper materials from around the world and, share knowledge
and technology with one other.

Features of Globalization
Various features of globalization are as discussed in points
given below: –

Free Trade
Globalization creates free trade relations among countries
around the world. Countries buy and sell goods from each other
freely without any government interference. With the growth in
trade among nations, their economies also get flourished. It
eventually leads to overall growth in the gross national product
of the nation. Globalization also improves mutual relations and
cooperation among countries in addition to their growth and
development.

Liberalization
Liberalization refers to the freedom of corporations or business
people to establish business ventures, trade, or commerce in
their own country or anywhere abroad. Globalization gives
liberalization to industrialists allowing them to set up business
across several geographies. For example-Google, Samsung, Mi,
Apple, and Nestle are some of the reputed firms operating in
different parts of the world, which becomes possible due to
liberalization and globalization.

Liberalization and globalization are two inter-related terms

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where one cannot grow without the support of one another. A
more liberal a country is, better will be trading in that country.
Economic Globalization
Globalization is one that integrates the domestic economies
with the world economy. The economic interdependence on
different economies increases as a result of globalization.
Countries are more rapidly exchanging goods, services,
technology, and capital with other economies. Globalization
focuses on maintaining regulated taxes and tariffs for trader in
business. Economic globalization relates to production
globalization which means procuring materials from several
nations to benefit from cost differences. Technology
incorporation and competition also form the part of economic
globalization.

Connectivity
Providing worldwide connectivity to distinct countries and
places is one of the crucial features of globalization. It enables
peoples present in different parts of the world to remain
connected such that they can freely exchange ideas,
information, and culture. There are many prosperous agreement
and treaties which are decided by nations and is beneficial for
both participating parties. There is an establishment of a free
flow of literature, technology, and cultural knowledge on an
international level. The business of the country flourishes with
the increase in connectivity thereby adding to the national
revenue of nations.

Connectivity work as a key growth factor for industries as well

as business organizations. Higher the connectivity, more will be
the boost in industrial sector, creating large jobs for people.
Also, this will enhance the standard of living with the rise in
money flow.

Increased Collaboration
Globalization accelerates the process of collaboration among
entrepreneurs in order to achieve technological advancement,
rapid development, and modernization. With open doors and no 
bars on trade, corporations form a collaboration with each other
where they share knowledge and expertise. This raises the level
and quality of manufacturing operations contributing to the
overall development and modernization of economies around
the world.

Cultural Globalization
Cultural globalization involves the transmission of values, ideas,
and meaning around the globe which leads to strengthening the
present relations. When the culture is circulated across the
globe, the social behavior of peoples gets exchanged across
national as well as regional borders. People from varied
cultures and backgrounds came together because of cross-
cultural communications and relations, enabling them to
contribute towards cultural globalization. A cultural diffusion
where distinct religious styles, languages, ideas, and
technologies are diffused for spreading in many cultures is a
key component of cultural globalization.

Product Advantage
It is one of the key benefits provided by globalization to
business organizations operating around the world. Companies
are easily able to source cheap raw material due to open
trading. They set up their manufacturing plants in such
locations where they get cheap labor and land thereby bring
down the production cost for the company. The company
produces products at lower prices in one country and sells
them at good prices in other nations. Also, employment
opportunities get an increase in countries where the factories
are set up. This way the living standard of people working in
those factories gets improved.

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