What are the factors that have enabled globalisation?
the factors that have enabled globalisation are as given below:
- Technology: in the past 50 years, several improvements in technology have taken place. For example, in transportation technology, containers are used for the transportation of goods. This has led to huge reduction in cost and increase in speed in reaching the markets.
- Information Technology: Telecommunication facilities - telegraph, mobile phones, fax - are used to contact one another around the world and to comunicate from remote areas. Internet enables us to send instant electronic mail and talk across the world at negligible costs. Now a news magazine published for London readers can be designed and printed in Delhi.
- Liberalisation of foreign trade and foreign investment policy: removing barriers or restrictions set by the govt. is liberalisation. Under liberalisation goods can be exported and imported easily. Foreign companies are allowed t set up factories and offices in other countries. thus liberalisation has enabled MNCs to increase their investments in other countries like India. As a result of greater foreign investment and greater foreign trade, there is greater integration of production and markets across countries. Globalisation is this process of rapid integration or interconnection between countries.
Hope this helps!