Question

33. What are the advantages and disadvantages of globalization? (5-7 lines)

Answer 1

Răspuns:The following are some of the important advantages of globalisation for a developing country like India: (i) Globalisation helps to boost the long run average growth rate of the economy of the country through: (a) Improvement in the allocative efficiency of resources; (b) Increase in labour productivity.

Disadvantages of globalization include exploitation of developing countries, cultural homogenization, and adverse effects on local economies and the environment.