declining indian market due to globalization (250 words or more but not less than 350)
Answers
the term 'globalization' means combination of economies and societies through cross country flows of information, ideas, technologies, goods, services, capital, finance and people. Globalization is described by theorists as the process through which societies and economies are integrated through cross border flows of ideas, communication, technology, capital, people, finance, goods, services and information.
Generally, globalization involves economies that are opening up to international competition and that do not distinguish against international capital. Consequently, globalization is often accompanied by a liberalization of the markets and the privatization of productive assets. But globalization also leads to unemployment, increasing casual employment and weakening labour movements. Theoretical literature denotes that Globalization has made countries to realize that they can share their cultural values and economic exchanges to promote business and gain competitive advantage. The fervour of globalization has even enforced Governments to be tuned to the merits of a Global economy. Management studies have defined the process of globalization. Fraser (2007) explained that Globalization is a word on every commentator's lips nowadays, but is very difficult to define satisfactorily, for it arises in so many different contexts like economic, sociological, political, cultural and environmental. Akteruzzaman.Md, 2006 stated that globalization is the interconnectedness of nations and regions in economic domain, in particular, trade financial flows and multinational corporations.
One of the major negative impacts of globalization on developing countries is poverty. Globalization has been said to increase poverty. globalization itself cannot be held responsible for most of the poverty in developing countries as other factors such as bad governance, poor economic policies, weak reforms, etc have also implicated. But globalization is a major factor. As claimed by Princová (2010), globalization leads to wealth redistribution – ‘global richness and local poverty’. It makes the rich countries, in this case, the industrialized nations, to become richer, and the poor nations, the developing countries, to become poorer . Before the advent of globalization in developing countries, the main source of occupation for the active members of the population, both men and women, was agriculture. But since the influx of foreign corporations occurred, there has been a sectoral shift in the labour force as more hands are being drafted towards assembly production and fewer hands left in the fields.
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