(i) What is economic globalisation?

Question

Read the following passage carefully and Answer the questions:

Advocates of economic globalisation argue that it generates greater economic growth and well-being for larger sections of the population when there is deregulation. Greater trade among countries allows each economy to do what it does best. This would benefit the whole world. They also argue that economic globalisation is inevitable and it is not wise to resist the march of history. More moderate supporters of globalisation say that globalisation provides a challenge that can be accepting it uncritically. What, however, cannot be denied is the increased momentum towards inter-dependence and integration between governments, businesses, and ordinary people in different parts of the world as a result of globalisation.

(i) What is economic globalisation?

(ii) How does economic globalisation benefit the whole world?

(iii) How does the moderate supporters of globalisation view it?

Answer 1

(i) Economic globalisation generates great or economic growth and well being for larger section of population when there is deregulation. 

(ii) Economic globalisation gives opportunities to countries to do best in their economy. 

(iii) Moderate supporters of globalisation view it as a challenge to be responded intelligently without accepting it uncritically.