Write an
argumentative essay on the topic 'Globalisation: A Boon or a Bane'.
please answer for class 7
Answers
Answer:
What is Globalization? At an economic level Globalization is the process denationalization of markets. In much simpler words it integration of an economy to the world economy. Globalization theoretically is an economic phenomenon, but it has its impact can be felt on all fields of human life. Also Globalisation has helped developed countries by bringing in opportunities for economic development. Globalization also has helped developing countries in gaining greater access to developed country’s technology and their markets. But globalisation has its own negative impacts and challenges. Growing inequality in within and across nations, environmental problems and volatility in financial market are some of the negative impacts of globalisation.
What is it that differentiates between a developed country and a developing country? Terms like rich and poor, high income and low income, industrial and agricultural etc. are also being used. The attributes that differentiate a developed country from a developing country are infrastructural development, national income, quality of life, education and health. Many of the developing nations have a very huge national income but when it comes to Per capita income they are among the lowest. Because per capita income not only depends upon the national income but also the total population of the country. Unfortunately the main characteristic of any developing nation is that they have massive population. So countries are differentiated on the basis of their per capita income because it is more feasible and easy. At the top most level are the high income countries, with per capita incomes ranging from $10,000 to $30,000. These countries have well developed infrastructure, a large urban population, an educated labour force. These countries are mature and are growing at a very slow pace. Included in this category are: United States, Canada, France, Germany, United Kingdom and other members of European Union and others in the Pacific, Japan, Australia, and New Zealand. These advanced countries work together in the Organisation for Economic Cooperation and Development (OECD).
In the middle there is a wide range of developing countries in terms of the World Bank’s Terminology, “Lower middle and Upper middle income” countries. Countries having per capita income ranging from $10,000 to $1000 per year. Some of these countries are making huge development and slowly approaching maturity. Most of the Asian countries fall under this category including Korea, India, Indonesia and also some Latin American countries like Brazil, Argentina, Mexico etc. Most of the countries which fall under this category lack enough infrastructural facilities and education. Many of these countries are on the path of industrialization and most of them are labour intensive industries. On the other hand many of them still have large number of population living the rural areas where it is underdeveloped.
around US$100 million in 1991 to USD around 5536 million in 2004-5.
Foreign Trade (Export – Import): There was increase was substantial increase in the amount of imports made by India; i.e. from USD $79 in 2003 to USD$107. Not only imports exports also increased by around 24% as compared to previous years. Oil imports rose by 19 percent with the import bill being US $ 29.08 billion against USD 20.59 billion in the corresponding period last year. Non-oil imports during 2004-05 are estimated at USD 77.036 billion, which is 33.62 percent higher than previous year’s imports of US $ 57.651 billion in 2003-04.
Thus we can find out that the economic reforms in the Indian economy initiated since July 1991 has brought about significant changes in Indian economy like greater investment, higher growth rate, increase in foreign exchange reserve and technological development. This has helped the Indian economy to grow at a much faster pace.
A Comparison with Other Developing Countries
When it comes to global trade – There has been increase in merchandise export made by India; i.e. from .05% to .07% over the past 20 years. At the same period China’s share has tripled to almost 4%.
Conclusively, may it be developed or a developing country, Globalization can work for all. But it is not an easy task. The negative impact of globalization can be minimized by constant adjustment and control measures. Globalization is considered to be a great opportunity to prosper and develop in the internationalised world economy. Problems like inequality in income, uneven development, and outsourcing can all be controlled by proper policy actions