Globalisation is about the flows of ideas, capital, commodities, and people. It refers to the process by which businesses or other organizations develop international influence or start operating on an international scale. Here's how each statement relates to globalization:
(A) The practice of protectionism and mercantilism - These are actually approaches that are contrary to the principles of globalization. Protectionism refers to economic policies governments use to limit imports to protect domestic industries.
(B) The creation of a global village - This phrase captures the essence of globalization, as it refers to a world connected by electronic communications technology, making it easy to communicate and interact across long distances as if the world were a single village.
(C) An Indian company buying a major rival company based in Europe - This is an example of globalization, where companies engage in cross-border mergers and acquisitions.
(D) Many retail shopkeepers fear that they would lose their livelihoods if some major international companies open retail chain in their country - This concern is a direct consequence of globalization, where local businesses may face stiff competition from multinational corporations.
(E) Lockdown of international borders during the spread of Covid - 19 pandemic - This action represents a retreat from globalization, as it involves the closure of borders and restriction of movement and trade, which are antithetical to the concept of globalization.
Given these explanations, the statements that are most closely associated with the concept of globalization are: (2) (B), (C), and (D) |
