What is meant by the term ‘globalisation’? Describe the three of movements or flows within international economics exchange.

Globalisation means integrating the economy of a country with the economies of other countries under conditions of free flow of trade and capital.

The three of movements or flows with in international economic exchange-

a) Flow of trade- In the nineteenth century flow of trade was referred largely to trade in goods i.e. cloth or wheat.

b) Flow of labour- People migrate from one place to another in search of employment.

c) Movement of capital- It was for short-term or long-term investment over long distances.