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Old Thursday, January 26, 2023
hammadtahir hammadtahir is offline
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Post 2020 Comprehension

Read the following passage carefully and answer the questions given at the end.
Globalization is viewed by its proponents as a process of cementing economic, cultural and political bonds between peoples of different countries of the world. One may regard it as a process by which they are welded into a single world society, to be termed as global society. It means internationalization of production and labour leading to integration of economies of developing and developed countries into global economy. To quote Rosaberth M.Kanter, “The world is becoming a global shopping mall in which ideas and products are available everywhere at the same time.” Globalization is a natural outcome of computer networking and electronic mass communication. Information technology has made it possible for nations of the world to contact one another beyond their national borders. Besides, globalization is also promoted through the growth and proliferation of multinational companies and corporations that operate as transporter networks. Anyhow the flow of capital technology and labour across the borders of countries has accentuated the process of globalization. Deregulation, liberalism and privatization being assiduously pursued in the developing countries are some other manifestations of globalization. These countries are opening their economies to follow these trends. The size of the public sector is shrinking for the private sector to assume an increasingly important role in the economic development of the Third World countries. The downsizing of the public sector is in line with the spirit of market economy. This is suggested as a measure to cover up their fiscal deficit.

1. Define globalization.
Globalization is a process of cementing economic, cultural and political bonds between peoples of different countries of the world forming a single world society. In other words, it is internationalization of production and labour leading to integration of economies of developing and developed countries into global economy.

2. What is electronic mass communication?
Electronic mass communication refers to the use of technology, such as computers and the internet, to communicate and exchange information between different nations and cultures.

3. What does the term Third World denote?
The term Third World denotes the developing countries who are pursuing the trend of globalization through privatization and liberalism to assume an increasingly important role for their economic development.

4. What is privatization?
Privatization refers to the transfer of ownership and control of a state-owned enterprise or asset from the government to the private sector.

5. Explain ‘liberalism’ in the above context.
Liberalism in the context of the passage refers to the economic policy of deregulation, which involves removing or reducing government regulations and restrictions in order to promote free market competition and private enterprise. It also refers to the downsizing of the public sector and the increasing role of the private sector in the economic development of Third World countries.
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