Question

What are the principal elements of globalization?

Answer 1

Globalisation: It implies the process by whichnational and regional economies have become integrated through the global network of trade, communication, immigration and transportation.

Prinicipal elements of golabalization are:
1. Trade agreements: Regional, bilateral or multilateral economic arrangements designed to reduce or eliminate trade barriers.

2. Capital flow: Measurement of increase or decrease in nation's domestic or foreign assets.

3. Information transfer: Communication trends that helps to mitigate the assymetric functioning of markets and economies.

4.Migration patterns: Impact of labor market fluidity on production costs through emigration or immigration of potential workers.

5.Spread of technology: Rapid dispersion of means and methods of producing goods and services.