Is Globalization Really Necessary?

Is Globalization Really Necessary?

WHAT IS GLOBALIZATION?

Globalization is a process of interaction & integration among the People,Companies and govt. of different nations, a process driven by international trade &investment and aided by information technology.

What is India, s biggest problem today that hamper its economic growth? One of main reason is poverty.

Now why is it necessary? Because India is basically a agricultural based country where most of the people living below under poverty line. As we know globalization is a process which basically starts in early 1991. With the process of globalization, we can see rapid progress in industrialization occurs because of FDI. Many private companies are eager to invest in our country. Due to industrialization, GDP rate of India increases to 7. 5-8% from. 5 % in 1991. So, due to industrialization, lot of job opportunities increases. So the problem of poverty can only be solved due to globalization. Silk root is an example of globalization and now countries like China,Japan,India looking to work on same link to connect Asia ,Africa and Europe. So that the can sell their products.

Advantages

1.   We can share technology and invention.

2.   We can sell our product worldwide.

3.   We can share medical knowledge & invention.

4.   We can exchange resources such as Petrol, coal, etc.

5.   West countries learn from east for ex. Yoga, Martial art etc.

6.   East countries learn from west about liberal thoughts dignity of labour etc.

7.   We can exchange books.

8.   The main advantage of MNCs is reducing unemployment.

9.   India is developing country MNCs helping India to became developed.

10.   Few MNCs are including in social activities

11.  MNCs are producing new product least effective.

Negative effects of Globalization

1.The growth of international trade is exacerbating income inequalities, both between and within industrialized and less industrialized nations.

2.     Global commerce is increasingly dominated by transnational corporations which seek to maximize profits without regard for the development needs of individual countries or the local populations.

3.     Protectionist policies in industrialized countries prevent many producers in the Third World from accessing export markets.

4.     The volume and volatility of capital flows increases the risks of banking and currency crises, especially in countries with weak financial institutions.

5.     Competition among developing countries to attract foreign investment leads to a "race to the bottom" in which countries dangerously lower environmental standards.

6.     Cultural uniqueness is lost in favour of homogenization and a "universal culture" that draws heavily from American culture.