Question

Mention four positive effects of globalization.

Hint:

Think “4Ts” for positives: \textbf{Trade, Technology, Talent (skills/jobs), and Variety (Things) for consumers}.

Answer 1

Step 1: Meaning.
Globalization is the growing integration of national economies via trade, capital, technology, information, and people.
Step 2: Effect 1 — Higher growth via trade & investment.
Openness expands export markets, attracts FDI, and raises GDP; new industries and supply chains emerge.
Step 3: Effect 2 — Technology transfer & innovation.
FDI/joint ventures bring new technologies, processes, and management practices, boosting productivity and quality.
Step 4: Effect 3 — Employment & skill development.
New sectors (IT-ITeS, modern manufacturing, logistics) create jobs; firms invest in training, raising workers’ skills.
Step 5: Effect 4 — Consumer benefits.
Greater variety, better quality, and often lower prices due to competition and global standards.
(Plus) Social spillovers.
Faster flow of ideas, education opportunities, and global best practices in governance & sustainability.
Step 6: Conclusion.
Overall, globalization can accelerate development when supported by sound domestic policies and safety nets.