CHAPTER 7
Globalisation
CHAPTER AT A GLANCE
Globalisation
- Globalisation is about the flow of people, ideas, capital and commodities. This flow has been facilitated largely by technological advances. Globalisation is not purely an economic phenomenon; it is a multi-dimensional phenomenon. It is about worldwide interconnectedness. Globalisation can have three consequences: political, economic and cultural.
Political Consequences
- Globalisation brings with it an erosion of state capacity. Though the state continues to be the supreme, it must withdraw from many welfare functions and allow the market forces to take care of them.
Economic Consequences
- Economic globalisation usually leads to greater economic flows among different countries. Not ...
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