Under globalisation, localities being connected with the world by breaking national boundaries; forging of links between one society and another and between one country and another through international transmission of knowledge, technology, ideas, information, literature and culture.Globalisation makes way for establishing ‘borderless globe’, the ideal of which was articulated by Kemichi Ohmae.(iii) Globalisation attracts entry of foreign capital along with foreign updated technology which improves the quality of production.Tags: Dissertation Sur La Mondialisation Et Ses LimitesNews Paper EssaysDefinition Of Problem Solving In PsychologyCompleted Research PaperCompare Contrast Essay Forrest GumpImmigration Argument EssayCollege Application Essay IdeasDefinition Essay Thesis Statement ExamplesAbuse Essay SpouseEssay Abstract Maker
It also leads to creation of a new world order with no national boundaries. Economically, it simply means opening up of national market, free trade and commerce among nations, free flow of labour, capital and technology, and integration of national economies with the world economy.
Politically, it means limited powers and functions of state, more rights and freedoms granted to the individual and empowerment of the private sector culturally it means exchange of cultural values between societies and between nations; and ideologically, it means the promotion and spread of liberalism and capitalism.
Another characteristic of globalisation is the control of economic activities by domestic market and international market.
It also established coordination among the national economy and world economy.
Following the same path India had also adopted the same policy since 1991 and started the process of dismantling trade barriers along with abolishing quantitative restrictions (QRs) phase-wise.
Accordingly, the Government of India has been reducing the peak rate of customs duty in its subsequent budgets and removed QRs on the remaining 715 items in the EXIM Policy 2001-2002.According to Stieglitz, Nobel Prize Winner for Economics (2001) and former Chief Economists of the World Bank, “Globalisation is the closer integration of the countries and peoples of the world which has been brought about by the enormous reduction of costs of transportation and communications, and the breaking down of artificial barriers to the flow of goods and services, capital, knowledge, and (to a lesser extent) people across borders.” Stieglitz is a powerful critique of globalisation and thus clearly pointed out the non-inclusion of fourth parameter of globalisation, i.e., free flow of labour in the present format of globalisation advocated by developed countries. Now it is to be seen how far the developing countries would gain by adopting the path of globalisation in future.The World Commission on the Social Dimension of Globalisation (WCSDG) set up by ILO has also made some important observations on globalisation. In the mean time, various countries of the world have adopted the policy of globalisation.(ii) Globalisation paves the way for removing inefficiency in production system.Prolonged protective scenario in the absence of globalisation makes the production system careless about cost effectiveness which can be attained by following the policy of globalisation.It is the developing countries which needs to be adapted with the changing situations and to accept those new ideas for attaining higher level of socio-economic development.The above characteristics of globalisation simply suggests that there is a great need for global integration under the present global economic scenario.Globalisation originates from developed countries and MNCs based in those countries.Technologies, capital, products and services are allowed to enter from developed countries to developing countries. Thus the globalisation of the economy simply indicates interaction of the country relating to production, trading and financial transactions with the developed industrialized countries of the world. By the term globalisation we mean opening up of the economy for world market by attaining international competitiveness.