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In this way, the imperialist nations gained much at the cost of the colonial countries who had to suffer from the scar of stagnation and poverty. The concept of Globalisation by integrating nation states within the theme work of World Trade Organisation (WTO) is an alternative version of the ‘Theory of Comparative Cost Advantage’ propagated by the classical economists for assuming unrestricted flow of goods between the countries for mutual benefit, especially from Great Britain to other less developed countries or to their colonies.
One of the important characteristics of globalisation is free trade between counties.
It also means absence of excessive governmental control over trade.
(iii) Globalisation attracts entry of foreign capital along with foreign updated technology which improves the quality of production.
(iv) Globalisation usually restructures production and trade pattern favouring labour-intensive goods and labour intensive techniques as well as expansion of trade in services.
It results breaking of national barriers and creation of inter-connectedness.
Globalisation is a composite process through which integration of nation-states across the world can be made by common economic, commercial, political, cultural and technological ties.
Under globalisation, localities being connected with the world by breaking national boundaries; forging of links between one society and another and between one country and another through international transmission of knowledge, technology, ideas, information, literature and culture.
Globalisation makes way for establishing ‘borderless globe’, the ideal of which was articulated by Kemichi Ohmae.
Cost effectiveness and price reduction of manufactured commodities will improve the terms of trade in favour of agriculture.
(vii) Globalisation facilitates consumer goods industries to expand faster to meet growing demand for these consumer goods which would result faster expansion of employment opportunities over a period of time.