What are the economic implications of globalisation? How has globalisation impacted on India with regard to this particular dimension?
Answers
While globalization has radically increased incomes and economic growth in developing countries and lowered consumer prices in developed countries, it also changes the power balance between developing and developed countries and affects the culture of each affected country.
How has globalisation impacted on India with regard to this particular dimension ? Economic implications of globalisation are: ... As a result of liberalisation and globalisation, India has de-regulated various sectors including trade and foreign investment.
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Answer:
The economy is one of the most important parts of globalization. The flow of capital, commodities, and structures are the basis of economic globalization. It involves flowing economy from one part of the world to another. Some of these are voluntarily taken, while some are forced upon by global organizations like the IMF (International Monetary Fund) and WTO (World Trade Organisation). Some of the implications of globalization are-
• The world has become one big market. Countries can freely trade with each other. There are very fewer restrictions on trade between countries, which makes the business convenient and smooth. Money can be invested by the developed countries in developing countries to help their economy mutually.
• Some individuals are concerned about decreasing role of the state, and it's power dilution with an increased inflow of various multinational corporations in their respective countries. They take the stand that will likely benefit only a very small portion of the population and neglect the people dependent upon the state for basic services like health, education, sanitation, etc.
• There is a call for ‘social safety nets’ for the protection of weaker sections of society who are not benefited by this economic globalization. The critics fear that forced economic globalization will result in the impoverishment of the weak. They also refer to it as ‘recolonization of the world.’
• However, advocates of globalization propagate the thought that globalization will result in larger economic growth and is going to benefit the majority population of the world when the economy is deregulated.
• Globalization has also led to the interconnectedness of government businesses and ordinary people all over the world.