IV. Give Short Answers
1. What is globalization?
• Globalization is the integration of country with the world economy. Basically, globalization signifies a process of internationalization plus liberalization:
2. Write the types of globalization.
• Archaic Globalization
• Proto Globalization
• Modern Globalization
3. Write short note on Multinational corporation.
• Multinational Corporation is a Corporate organization which owns or controls production of goods or services in at least one country other than its home country.
• It is also called Transnational Corporation or Multinational Enterprise.
Ex.: Bajaj, TVS, State Bank of India, Amul and Infosys
4. What are the reforms made to adopt globalization?
• Abolition of Industrial licensing, except for a few industries.
• Reduction in the number of industries reserved for public sector.
• Fixation of a realistic exchange rate of rupee to exchange exports of Indian goods.
• Foreign exchanges regulations were suitably amended.
5. What is Fair trade ?
Fair trade is a way of doing business that ultimately aims to keep small farmers an active part of the world market place. It aims to empower consumers to make purchases that support their values.
6. Write any two principles of Fair Trade Practices.
• Creating opportunities for economically disadvantaged producers.
• Transparency and accountability
• Respect for the environment.
7. Write short note on TRIPs and TRIMs.
• Intellectual Property Rights may be defined as Information with a common Value.
• Under TRIPs Patent shall be available for any invention whether product or process in all fields of industrial technologies.
• TRIPs agreement covers seven areas of intellectuals property rights.
• The Uruguay Round Agreement on TRIMs refers to certain conditions or restrictions imposed by a government in respect of foreign investment in the country. It is to give adequate provisions for the home industries to develop.
8. Write any two positive impact of Globalization.
• A better economy introduces rapid development of the capital market.
• Standard of living has increased.
• Globalization rapidly increases better trade so that more people are employed.