Globalization

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What is globalization?

 It is the increasing interconnectedness of the world,s economies, cultures, and populations.it is brought by several factors like technological advancement, reduction of trade barriers, and rise of multinational organizations. Economic integration: flourished trade:globalization flourished trade in the 21st century by reducing trade barriers like tariffs, and quotas. According to research of Preston International Economic Institute global trade reached a record of 28.1 trillion in 2022.  It increased investment flow in the underdeveloped world, according to the report of UNCTAD global direct investment reached 1.6 trillion.

Globalization brought many changes in the world which we discuss in the below points.

Economic integration: 

  1. Globalization flourished trade:   globalization flourished trade in the 21st century by reducing trade barriers like tariffs, and quotas. According to research of Preston International Economic Institute global trade reached a record of 28.1 trillion in 2022.  
  2.    It increased investment flow in the underdeveloped world, according to the report of UNCTAD global direct investment reached 1.6 trillion  in 2022
  3.  communication revolution:  information and communication technologies have dramatically shrunk the world enabling real-time communication and knowledge sharing. According to the report of ITU. Over 5 billion people are now online, showcasing the transformative power of digital connectivity. 
  4. Innovation diffusion: technological advancement readily traverses borders, accelerating innovation and development. According to the research of the journal Economic Growth and Development globalization facilitates knowledge spillovers  and technological transfer, fostering innovation across the national

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