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Chapter: 10th Social Science : Economics : Chapter 2 : Globalization and Trade

Summary, Glossary

Social Science : Economics : Globalization and Trade : Summary, Glossary

Globalization and Trade - Economics


SUMMARY


• Globalization is the integration of country with the world economy.

 

• The three stages of Globalization : • Archiac Globalization • Proto Globalization • Modern Globalization.

 

• LPG – Liberalization, Privatization, and Globalization

 

• Multi National Company is a corporate organization which owns or control production of goods and services in at least one country to other than its home country.

 

• MNC otherwise called Transnational Company(TNC) and Multinational Enterprises(MNE).

 

• GATT was signed by 23 countries in 1947. India was one of the founder members of GATT.

 

Glossary

 

globalization: the process by which businesses or other organizations develop international influence or start operating on an international scale. உலகமயமாக்கல்

 

archaic: of an early period of art or culture, especially the 7th–6th centuries BC in Greece. தொன்மையான

 

evolution: the gradual development of something பரிணாம வளர்ச்சி

 

evolution: the gradual development of something பரிணாம வளர்ச்சி

 

mortgaged: expose to future risk or constraint for the sake of immediate advantage. அடமானம் வைக்கப்பட்ட

 

spurt: cause to gush out suddenly. திடீர்

 

detrimental: tending to cause harm சீரழிவான

 

thriving: prosperous and growing; flourishing. வெற்றிகரமான


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