Which of the following was the most important political change that hastened globalisation?
1.The collapse of the erstwhile socialist world.
2. Growth of international and regional mechanisms for political collaboration.

Only 1

The correct answer is Option 1: Only 1

The collapse of the socialist world: This is considered a major factor that hastened globalization. The fall of the Soviet Union and other socialist countries in Eastern Europe led to a significant shift towards market economies and greater integration with the global market. These countries previously had relatively closed economies focused on central planning. Their integration into the global market opened new trade opportunities and investment flows.

"It was a major political change, namely, the collapse of the erstwhile socialist world that hastened globalisation. It also gave a specific economic and political approach to the economic policies that underpin globalisation.