The process of rapid integration or interconnection between countries through movement of goods and services, investments and technology between countries is called as ____________
a. Privatization
b. Globalization
c. Liberalization
d. Competition
Answer:
Answer by Student
The correct answer is (b) Globalization.
Detailed Explanation by Teachoo
Let’s check all the options
- Option (a) Privatization. This is the process of transferring ownership or control of public assets or services to private entities. Privatization can be seen as a result of a dimension of globalization, but not as a synonym for it. Privatization can affect the movement of goods and services, investments, and technology between countries, but it does not necessarily imply integration or interconnection . Thus, this option is incorrect .❌
- Option (b) Globalization. This is the process of rapid integration or interconnection between countries through the movement of goods and services, investments, and technology between countries. Globalization can also involve other aspects, such as culture, politics, environment, and people. Globalization is a complex and multidimensional phenomenon that has been occurring for centuries but has accelerated in the last decades due to technological advances and economic liberalization. Thus, this option is correct .✅
- Option (c) Liberalization. T his is the process of reducing or removing barriers or restrictions on trade, investment, and technology between countries. Liberalization can be seen as a cause or a dimension of globalization, but not as a synonym for it. Liberalization can facilitate the movement of goods and services, investments, and technology between countries, but it does not necessarily imply integration or interconnection. Thus, this option is incorrect .❌
- Option (d) Competition. This is the process of rivalry or contest between entities for resources, markets, or customers. Competition can be seen as an effect or a dimension of globalization, but not as a synonym for it. Competition can influence the movement of goods and services, investments and technology between countries, but it does not necessarily imply integration or interconnection. Thus, this option is incorrect .❌
Thus, option (b) is correct because it includes the only option that matches the definition of the process of rapid integration or interconnection between countries through the movement of goods and services, investments, and technology between countries.
