Describe the salient features of Globalization.

1. Liberalisation: It stands for the freedom of the entrepreneurs to establish any industry or trade or business venture, within their own countries or abroad. 2. Free trade: It stands for free flow of trade relations among all the nations. Each state grants MFN (most favoured nation) status to other states and keeps its business and trade away from excessive and hard regulatory and protective regimes. 3. Globalisation of Economic Activity: Economic activities are be governed both by the domestic market and also the world market. It stands for the process of integrating the domestic economies with world economy. 4. Liberalisation of Import-Export System: It stands for liberating the import-export activity and securing a free flow of goods and services across borders. 5. Privatisation: Keeping the state away from ownership of means of production and distribution and letting the free flow of industrial, trade and economic activity across borders. 6. Increased Collaborations: Encouraging the process of collaborations among the entrepreneurs with a view to secure rapid modernisation, development and technological advancement. 7. Economic Reforms: Encouraging fiscal and financial reforms with a view to give strength to free world trade, free enterprise, and market forces. 8. Several dimensions of Globalisation: Increased and Active Social, Economic and Cultural Linkages among the people. Globalisation has social, economic, political cultural and technological dimensions. It involves all round inter-linkages among all the people of the world. Free flow of knowledge, technology goods services and people across all societies is it key feature. It attempts at making geographical borders soft permitting all the people to develop their relations and links.