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ECONOMIC LIBERALIZATION AND GLOBALIZATION. — Social Science STD 10 — Question

Gujarat BoardEnglish MediumSTD 10Social ScienceECONOMIC LIBERALIZATION AND GLOBALIZATION.3 Marks
Question
Explain the benefits and disadvantages of Globalization?
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Answer

Globalization is the process of connecting one country's economy with the world economy.
  • Advantages:
  • Foreign Direct Investment (FDI) is encouraged.
  • Goods not produced in a country are made available.
  • Developing countries have been able to withstand international competition.
  • Disadvantages:
  • Problems of poverty and unemployment have not been solved.
  • Exports of developing countries have not increased as required.
  • Large scale industries have benefited and not the small scale one.

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