ASSIGNMENT
Drivers of Globalization in India (September 22, 2017)
Submitted To- Submitted By-
Prof. Anish Bania Iranpreet Kaur
INTRODUCTION
In today’s era where the economies of the world are becoming a globalized village, there were many factors that lead to actual visualization of this world. These are termed as the drivers of the globalization.
INDIA – AN OVERVIEW
Indian economy was a closed economy until 1991as mentioned by Ahluwalia (2002); it focused on import substitution, strict licensing legislations, resistance to change. Consequently, the economy boosted after the adoption of globalization. Following are the drivers of globalization in India: 1. Falling barriers to trade and investment
a) With an advent of the New Economic Policy (NEP) reforms, Chand (n.d) states that FERA (Foreign Exchange Regulation Act, 1973 was abandoned and FEMA (Foreign Exchange Regulation Act) was enacted. Due to this there were huge number of Multinational Companies (MNC’s) entering the Indian market. Industries of high technology and high investment priority were provided automatic permission of Foreign Direct Investment (FDI) up to 51% of
|Related Issue 2: To what extent should contemporary society respond to the legacies of |
The ongoing globalization in my opinion, the United States Department of State is aimed at bringing in cultural uniformity throughout the world without leaving any range for diversity. It wants to inflict American language, civilization, and way of life in every direction. Our government activity illustrates the ascent of political globalization dedicated to solving global social problems, which would be difficult to do while we utilize our own culture as a banner of judgment. We can see modernization in the United States from the result of technology and development, which is the primary cause of social change.
With the progression of globalization, commodities can be transferred to all over the world. That people from different countries can purchase the same products is no longer a dream, that also lead to the similarity between countries. Personally, I strongly believe that the development brings more negative influence to local communities than the positive ones.
You made a good answer for the second question, and I would like to add some information base on your answer. I have to point out globalization is one of the key factor in public health change.
The reductions of international trade and investment barriers made globalization of markets and globalization of production a theoretical possibility; technological change made it a visible reality (Hill, Cronk, Wickramasekera, 2014). Over the years, there has been major technological development. There are three major technological advancements, include microprocessors and telecommunications, the internet and the World Wide Web and transportation technology (Hill, Cronk, Wickramasekera, 2014). The microprocessor and telecommunication revolution is the one that cause the most significant effect which they allow users to communicate to each other through simple processes; these include satellite and wireless communication. Developments in communications and microprocessors have reduced the cost of global communication and hence the cost of coordinating and managing a multinational corporations. The second advancement is the internet and the World Wide Web. In 1990, there were fewer than one million users of the internet, but in 1995, there were 50 million users and more than 2.4 billion users in 2011 (Hill, Cronk, Wickramasekera, 2014). The internet and the World Wide Web could be considered as an equalizer which it reduces the differences of location, scale and time zones. Therefore, it makes the demanders and suppliers to identify each other easily and provides the opportunities of
Trade- Trade is an exchange of goods to get products that we cannot make ourselves and which are either cheaper or found in better shape somewhere else in the world.It also connects countries which makes global partnership.Trade can impact identity in many ways because without it we wouldn't be able to have all of the things/products we use/depend on everyday.Even if it's from food to technology we rely on it.so trade is important in life and identity.
The rise of globalization following WWII generated three important factors that define today’s world. McNeill and McNeill agree with Pollard, Rosenberg, and Tignor that multiple economic changes, such as the creation of financial institutions like the International Monetary Fund (IMF) contributed to the globalization of the world economy. Carter and Warren further this argument by claiming that globalization has caused shifts in the modern economy, namely the rise of Asian economic powers. However, all three historians agree that the rise of globalization goes hand in hand with the rise of inequality in today’s world. Gaps in power, wealth, and access to information have only widened due to the trend of globalization. The final key factor defining our world today are the ongoing processes affecting development countries. McNeill and McNeill argue similarly to Carter and Warren that the end of imperialism generated new nations who quickly realized the free market was a pathway to stability. However, Pollard et al. and McNeill and McNeill place importance on financial institutions like the IMF forcing developing nations to reform their economies to be subservient to the world’s economy. Together, these historians argue that the trend of globalization following WWII caused factors like the modern global economy, the rise in inequality, and the development of new, decolonized nations to be key determiners in the world today.
There has been many problems within the U.S, from terrorism to violence, even drugs from other countries. Consequently, America will not take action. According to the government, they are trying their hardest to prevent these unfortunate events, but in reality all they do is buy more weapons to continue with their unnecessary actions. What should America do? In order to mitigate international terrorism, America should not meddle in the affairs of other countries, instead they should concentrate on educating the youth to prevent the from drugs and violence.
Globalization is the result of... the integration among other countries involving the exchanges of goods, services, technology, information, culture and people as well. Globalization really began to take off as the demand for other countries products, goods and services to be traded with other regions around the world for their products and services rose significantly. In my opinion, the supply and demand principle has been a great influence in the result of globalization. The reason for that is because as more people/businesses wanted to exchange these things, it created stronger connections between them as well as increasing there exposure internationally. As a result, it creates an increase of networking, marketing of these goods/services in other places and expanding there ventures in other countries. This is the business perspective on globalization, however the other part is the globalization in itself that I would like to discuss briefly. The historical result of globalization is the movement of people across different parts of the world. From there travels they have been exposed to different cultures, customs and even products that they have taken with them to new places and areas of the world. This combination of borrowing from other cultures, adapting to new ways of doing things such as hunting, jewelry making or even the construction of shelter from influences of another society/culture has created globalization.
Across the world, globalization is one of the most significant aspects that has occurred over the last fifty years. It allows a country to integrate economically with other countries through a global network comprised of people, trade, and transportation. With the global landscape only becoming more intertwined, globalization and its inherent pros and cons seem to be here to stay. In many areas, global powers tend to lack in rectifying the negative aspects and only focus on the positive side. America, for example, is a leader in the globalization efforts, even though it has greatly effected job opportunities at home, widening income gaps, and an increased standard of living due to fluctuating world markets.
Globalization has failed in its promise of making the playing fields even between countries. Globalization has failed because in certain countries the life expectancy rates are decreasing. Many people have seen their jobs being demolished due to outsourcing. Globalization has affected people's lives since they lost their jobs. They are feeling powerless, because when they lost their jobs they won’t be able to pay their bills. When you can’t pay your bills, late fees will be added to the amount of money you owe. Due to this you can lose your home, this affects life expectancy rates because if you lose your home, you won’t be able to live on the street for a long time. This situation will most likely occur in developing nations than developed nations because developed nations have a higher advantage. Globalization was created to improve people’s lives, but it did the opposite. Globalization is now destroying people’s lives and decreasing life expectancy rates.
Quoted by the Financial Times as the “integration of economies, industries, markets, cultures and policy-making around the world”, globalisation has thrived in recent years owing to developments in communication, transportation and trade, accompanied by the enhancement and increased use of information technology. Whilst at first glance this could be regarded as beneficial, it has nonetheless provoked a number of high profile and often violent protests of late. Notably the biggest anti-globalisation demonstration ever experienced was in Seattle in 1999 involving 40,000 activists (BBC News). Globalisation has a multitude of different facets, ranging from the worlds of research and health, to media and technology. This essay however, will look at the economic aspects associated with globalization and will seek to explore some of the reasons behind these protests. Contrastingly, it will also look at the benefits of this increase in interconnectivity examining how a rise in business wealth will allow others to share the benefits.
The reshaping of countries in the latter half of the twentieth century due to nationalist endeavours has resulted in a commonality across a wider spectrum. The wider spectrum is a globalised community that is able to interact and therefore increase the ‘market’ (if you like) of foreign fighters. Urri defines globalisation as the ‘increased density of international and global interactions, compared with such interactions at the local or national level’. The CIAs forecast in 2000 predicted some of the major affects of globalisation that is present today predicting ‘Globalisation's evolution will be rocky, marked by chronic financial volatility a widening economic divide where regions, countries, and groups feeling left behind face deepening economic stagnation, political instability, and cultural alienation. This will foster political, ethnic, ideological, and religious extremism, along with the violence that often accompanies it.’ As Cronin argues the trend of globalisation is seen as westernisation, secularism, democratisation, consumerism, and the growth of market capitalism, threatens what is perceived as the fundamental elements of certain societies, not to mention the uneven distributions of wealth as a result. The gap between social groups is prime territory for foreign fighters to step into to promote the common feelings and experience of the ill effects of globalisation. The frustrations of globalisation are gathered through global interactions and are able to gain momentum in what Malet describes as transnational communities. As Malet points out citing Tarrow, transnational social movements have grown in the latter half of the twenty-first century from one hundred in the 1950s to one thousand in 2003. This confirms that people now see themselves more as a part of a transnational community rather than a local one. Transnational communities are formed by frustrated individuals and groups who see themselves marginalised due to the macro changes initiated by increased global interactions. Access to global markets and communications have further perpetuated the sustainability of transitional organisations, strengthening these communities. Global interaction have enabled individuals and organisations to
Economic globalization has become the most important feature and a general trend of present world economic development. Globalization is a phenomenon and also a process of development of mankind and human society (Hamilton, 2008). It is the essential feature of the modern age. Globalization is the cross-border flows of capital and goods, including capital, labour, technology and natural resources (Bożyk, Misala & Puławski, 2002). Economic globalization is a historical process, and the germination of it could date back to the 16th century. After the industrial revolution, capitalist commodity economy, modern industry and transportation have been developing rapidly. The world market was fast expanded and the foreign trade was
FDI has been a growing factor that has strengthened the economy of India, but on the other hand it is also being blamed for ousting domestic inflows. FDI is also claimed to have lowered few regulatory standards in terms of investment patterns: