What are the benefits of globalisation?
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Globalisation results in the following benefits for the economy:
- It helps the economy to adopt new and flexible methods of production.
- It results in raising the productivity of the industrial sector by reducing capital output ratio, increasing exports, raising the efficiency of the workforce, modernising the technology used and increasing capital flow in the country.
- It helps in restructuring the production units of the country towards the production of those goods which the country can produce effectively and efficiently with the use of the domestically available factors of production.
- It helps to increase the flow of foreign capital into the country.
- It helps to improve the quality of goods produced in the economy.
- It helps to address the problem of unemployment.
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