Which of the following statements are associated with the word Globalization?
(A) The practice of protectionism and mercantilism
(B) The creation of a global village
(C) An Indian company buying a major rival company based in Europe, despite protests by some of the current owners
(D) Many retail shopkeepers fear that they would lose their livelihoods if some major international companies open retail chain in their country
(E) Lockdown of international borders during the spread of Covid - 19 pandemic
Choose the correct answer from the options given below:
Answer & explanation
Correct answer: option 2
The correct answer is Option (2) → (B), (C) and (D)
(A) The practice of protectionism and mercantilism Incorrect. Protectionism means not allowing others to export to us so that our own producers can learn to make things; it restricts the flows across borders on which globalisation rests, so it is the opposite of globalisation.
(B) The creation of a global village Correct. Globalisation is about flows of ideas, capital, commodities and people across the world, which bring distant places together; a ‘global village’ is a picture of this worldwide interconnectedness.
(C) An Indian company buying a major rival company based in Europe, despite protests by some of the current owners Correct. It is one of the real-life examples of globalisation: capital moving across borders.
(D) Many retail shopkeepers fear that they would lose their livelihoods if some major international companies open retail chain in their country Correct. This too is an example of globalisation, the entry of international companies into a country’s market.
(E) Lockdown of international borders during the spread of Covid - 19 pandemic Incorrect. A lockdown shuts the movement of people and goods across borders, the reverse of the flows that make up globalisation.
NCERT (2026-27): “The Concept of Globalisation … If we look for examples of the use of the term ‘globalisation’ in real life, we will realise that it is used in various contexts. Let us look at some examples, different from the ones that we have looked above: Some farmers committed suicide because their crops failed. They had bought very expensive seeds supplied by a multinational company (MNC). An Indian company bought a major rival company based in Europe, despite protests by some of the current owners. Many retail shopkeepers fear that they would lose their livelihoods if some major international companies open retail chains in the country. The Concept of Globalisation … Globalisation as a concept fundamentally deals with flows. These flows could be of various kinds — ideas moving from one part of the world to another, capital shunted between two or more places, commodities being traded across borders, and people moving in search of better livelihoods to different parts of the world. The crucial element is the ‘worldwide interconnectedness’ that is created and sustained as a consequence of these constant flows. India and Globalisation … After independence, because of this experience with the British, we decided to make things ourselves rather than relying on others. We also decided not to allow others to export to us so that our own producers could learn to make things. This ‘protectionism’ generated its own problems. While some advances were made in certain arenas, critical sectors such as health, housing and primary education did not receive the attention they deserved.…” |