Economics
Globalisation will continue in the future. Can you imagine what the world would be like twenty years from now? Give reasons for your answer.
Answer
If globalisation continues in the future with same rate, world may be changed as follows:
- Rapid advancements in technology, particularly in fields like artificial intelligence, robotics, biotechnology, and renewable energy, will likely reshape industries and economies globally.
- Globalisation will likely deepen interconnectedness among countries through trade, investment, and information flows.
- Addressing climate change and environmental sustainability will be critical. Efforts towards renewable energy adoption, sustainable practices in industries, and global cooperation on environmental policies may become more prevalent.
- Emerging economies, particularly in Asia and Africa, could continue to rise, influencing global trade patterns and geopolitical relations.
- Advances in healthcare, genetics, and biotechnology could lead to breakthroughs in treating diseases and enhancing human capabilities.
Related Questions
How has liberalisation of trade and investment policies helped the globalisation process?
How does foreign trade lead to integration of markets across countries? Explain with an example other than those given here.
Supposing you find two people arguing: One is saying globalisation has hurt our country’s development. The other is telling, globalisation is helping India develop. How would you respond to these arguments?
Fill in the blanks.
Indian buyers have a greater choice of goods than they did two decades back. This is closely associated with the process of …………… . Markets in India are selling goods produced in many other countries. This means there is increasing …………… with other countries. Moreover, the rising number of brands that we see in the markets might be produced by MNCs in India. MNCs are investing in India because …………… . While consumers have more choices in the market, the effect of rising …………… and …………… has meant greater …………… among the producers.