Globalization: Theory and Practice

2013

World economy specially in reference to developing and under developed economies globalization has emerged as a boom. India after adoption of LPG agenda, has witnessed the emergence of enormous opportunities resulting from the reforms initiated in different sectors and increased support of ICT in the initiatives undertaken. Present paper has made an attempt to discuss the various areas of the economy where the benefits of globalization are not yet achieved. The study is also aimed find the challenge ahead for the policy makers in the India. The study found that enormous opportunities have emerged during last two decades, resulting from reforms in various sectors of economy supported by increasing use of information and communication technology. After Liberalization, Privatization and Globalization policy adopted by Government of India in early nineties, Indian economy has witnessed tremendous reforms. This coupled with revolution in communication technology made it possible for Indi...

From being an economic strategy to being the buzz word of the time, Globalization has grown and emerged in a speed almost as that of a social trend. But as ironic as it may sound, the term is more often than not associated with a diverse array of things making it an extremely contested concept, and essentially so. Academicians perceive globalization in various different ways depicting it as an ideology, a condition, a system of processes, a policy, a market strategy, a predicament and even an age or an era. With such diverse lenses breeds diverse nomenclature and hence, those referring to it as a social condition term it as 'globality', characterized by the existence of global economic, political, cultural and environmental interconnections and flows that make many of the existing territorial boundaries seem futile. Sticking strictly with the etymology of globalization brings forth the idea of it being a set of social processes that are thought to transform the prevailing societal condition into one of globality. Globalization, then, almost explicitly suggests some sort of dynamism best captured by the notion of development or unfolding along discernible patterns. Yet another term is 'Globalism' opted by those who view the concept as that of an ideology of globalization going by the age-old tradition of employing-ism suffix to signify the theories, values and assumptions working behind driving the process. Hence, scholars exploring the dynamics of globalization have rightly come up with characterizing it as a complex, multidimensional and multifaceted concept which, at any cost, cannot be boiled down to a single-simple phenomenon or theme. As Andrew Heywood rightly puts it-"the problem with globalization is that it is not so much an 'it' as a 'them': it is not a single process but a complex of processes, sometimes overlapping and interlocking but also, at times, contradictory and oppositional ones." Perhaps the best way one can try unraveling the complexity, then, is to look at how these scholars have defined globalization in their own ways and consequently work out some attributes that appear persistently even when viewed through varied lenses. "Globalization can thus be defined as the intensification of worldwide social relations which link distant localities in such a way that local happenings are shaped by events occurring many miles away and vice versa." ~ Anthony Giddens, "The concept of globalization reflects the sense of an immense enlargement of world communication, as well as of the horizon of a world market, both of which seem far more tangible and immediate than in earlier stages of modernity." ~ Fredric Jameson

2008

Although in its simplistic sense globalization refers to the widening, deepening and speeding up of global interconnectedness, such a definition begs further elaboration. ... Globalization can be located on a continuum with the local, national and regional. At one end of the continuum lie social and economic relations and networks which are organized on a local and/or national basis; at the other end lie social and economic relations and networks which crystallize on the wider scale of regional and global interactions. Globalization can be taken to refer to those spatio-temporal processes of change which underpin a transformation in the organization of human affairs by linking together and expanding human activity across regions and continents. Without reference to such expansive spatial connections, there can be no clear or coherent formulation of this term. ... A satisfactory definition of globalization must capture each of these elements: extensity (stretching), intensity, veloci...

2016

Globalization means different things to different people, but a key economic dimension of it is undoubtedly the opening up of economies to international competition, allowing goods, ideas, capital and some people to move more freely between countries. Many countries around the world have embraced these aspects of globalization, because governments have become convinced that a more dynamic economic performance awaits countries that more closely integrate with the global economy. And yet, because it brings with it more rapid domestic economic change, globalization can be disruptive and can generate losers as well as winners.

World Policy Journal, 2004

Globalization is a complex and dynamic phenomenon. What make this phenomenon more complex are the contradictory justifications on the origin of globalization, conflicting ways of defining the phenomenon and differing viewpoints on globalization dimensions. This paper tries to provide definitions of globalization which support its historical development perspective. History has provided some details about ground breaking events in different eras of globalization. Various dimensions of globalization are also available in this study. Brief description of each dimension is given for understanding globalization from different aspects. Last and most important part of this paper is comprised of current events, statistics, reports and trend analysis which help in predicting globalization’s future. Future is forecasted based on available facts and figures. Conclusively, the result of all discussion on future of globalization is that it will survive and gradually grow with respect to all aspects. Stage is set for enhanced globalization. Although it has pros and cons, it is on our part to support, facilitate and encourage positive impacts of globalization, while searching ways to minimize or discourage its drawbacks.

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The human society around the world, over a period of time, has established greater contact, but its pace has increased rapidly since the mid 1890's. The concept of globalization for the first time was introduced by Father of Economics, Adam Smith in his book 'An Inquiry into the Nature and Causes of the Wealth of Nations' (1776). Globalization is basically a socioeconomic term where people think locally and act globally. The phenomenon of globalization has many aspects and implications. It is referred to as a strategy of economic development where border of the countries does not matter for movement of commodities, services, capital, finance, labour, technology, ideas and information. This strategy generates a process of increasing economic integration and growing interdependence between countries of the world economy. The process of globalization in India started at large scale in July 1991 when government of India introducing great economic reforms. The objective of this paper is to analyze the process and effects of globalization on India economy by reviewing all polices of Government of India since independence. The whole study is based on the secondary data taken from Department of Industrial Policy, GOI, RBI, World Bank Repots, IMF etc. that leads to increase the process of globalization in India.