According to the WTO, "the movement of goods and services, capital and labor force, unrestricted movement across the boundaries of the country" is called the speed of the economy all over the world -

Question

Question

This question was previously asked in

RPF SI (2018) Official Paper (Held On : 11 Jan 2019 Shift 2)

Answer 1

Key Points

Globalization refers to the process of interaction and integration among people, companies, and governments worldwide.
It involves the free movement of goods, services, capital, and labor across international borders.
Economic globalization is facilitated by improvements in transportation and telecommunications infrastructure, including the rise of the internet.
It aims to increase global wealth, although it also poses challenges and controversies regarding its effects on individual economies and labor markets.

Additional Information

Option	Details
Modernization	Refers to the transition from traditional to modern societies, emphasizing technological, political, and cultural change.
Personalization	Focuses on tailoring products, services, and content to individual preferences and needs.
Liberalization	Refers to the relaxation of government restrictions, usually in areas like trade and investment.