Globalisation is the interconnection between counties through the expansion of foreign trade and foreign investment. It is the process of integrating the home country with the foreign countries through the movement of goods, services, investment, technology and people.
Globalisation has resulted in greater competition among the producers. Producers in the home countries compete with the foreign produces and products thus improving the quality of the goods and services produced. This has serious implications especially to the richer sections of people in the urban areas. This greater competition has resulted in the improved standards of the products produced at lower price. This increased quality of products at lower prices has raised their standard of living significantly.
MNCs are also investing immensely in sectors like automobiles, communications and others industries. This has improved the choices of buyers, thus increasing the welfare of the richer sections of the society in urban areas.
