Globalisation has narrowed poverty between rich and poor globally, from country to country, for example GDP per capita of China and India have risen much faste.
Globalisation is the interconnection between counties through the expansion of foreign trade and foreign investment. It is the process of integrating the home country with foreign countries through the movement of goods, services, investment, technology and people.
Globalisation has resulted in the integration of the markets in different countries. It will give a lot of opportunities and openings for the domestic producers and consumers to reach out beyond the domestic market. Producers can sell their commodities to buyers from around the world. Consumers also have the choice to select commodities produced beyond the domestic markets. The prices tend to be equal in both the markets gradually. Thus, it widens the markets for both produces and consumers and helps in connecting the markets worldwide.
Globalisation has resulted in greater competition among the producers. Producers in the home countries compete with the foreign producers and products thus improving the quality of the goods and services produced. This greater competition has resulted in the improved standards of the products produced at a lower price. This increased quality of products at lower prices has raised their standard of living significantly. The increased competition between the producers has serious implications only to the richer sections of people in the urban areas. This increased quality of products at lower prices has raised their standard of living significantly.