Globalization And Its Impact On Socio Economy - 1701 Words

Globalization and its Impact on Socio-Economy in India Dr. Mahendra Singh Associate Professor Department of Sociology Madhav University, Pindwara (Rajasthan) Abstract: Globalization was adopted by Indian Government during 1990-91 when Indian Economy was in a very bad shape. It was, however, adopted not as a solution to deteriorating Indian economy but to enable itself to get further foreign exchange loans from World Bank as its foreign exchange reserves were reduced to mere 3 weeks outflow. To rectify its ailing financial health, Government simultaneously decided to amend its economic policies and go for privatization liberalization of its economy. These decisions had immediate positive effect. However, globalization has proved to be a double edged weapon. It did help government temporarily meet its emergent need of foreign exchange but it has, as a by-product, caused some permanent damage to Indian Economic system and Indian social structure. Key Words: Privatization, Liberalization, current account deficits, disinvestment, western culture. INTRODUCTION For thousands of years, different countries have been doing trade with one another . But the process has got a tremendous boost in last about two decades due to high handed policies of International Monetary Fund, world bank and world trade organization who have been working on the agenda of developed countries like USA. They practically forced underdeveloped countries to adopt full throttle globalization by openingShow MoreRelatedLife And Debt And My Readings935 Words   |  4 Pagesfilm Life and Debt and my readings, I have come to the opinion that economic globalization works in favor of powerful and wealthy countries while undermining the interests of poorer, less developed countries to cultivate their own economy and establish a substantial quality of life for their civilians. In the film Life and Debt, this situation is exemplified through Jamaica’s decades-long grapple with economic globalization in their involvement with the IMF, World Bank, and various trade agreemen tsRead MoreGlobalization And The Speed Of Globalization1726 Words   |  7 Pagesthe speed of globalization in current years. Its scope has too widened past the realm of economies to involve the domains of cultural, political and social practices and norms. This powerful shove has been connected with far-reaching cost for economic well-being, political processes and social structures in countries across the world. The diverse parts of the entire world have actually become so co-dependent in so many respects that it is not possible any longer to comprehend their socio-economic troublesRead MoreGlobalization And Its Impact On Pakistan s Economy978 Words   |  4 Pages SYNOPSIS Topic: Globalization and its impact on Pakistan’s economy Submitted to: Miss Ayesha Submitted by: Syeda Fatima Nadir Semester: 6 Major: Economics Introduction: Globalisation is the processRead MoreAnalysis Of The Book Stiglitz A Recipient Of The Nobel Prize Economics, And Andrew Charlton930 Words   |  4 Pagestheoretical applications, the book elaborates on the proposal, which is fair trade, and how it can initiate development in a country. Besides providing a holistic and substantive perspective on fair trade, the book also expounds on the effects of globalization on world trade and the development of third world countries. 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The world will never be same again after its appearance. So what is globalization and how iPhone is related to this phenomenon? Globalization is a process of world’s both transitional and transcultural integration (Al-Rodhan). Globalization implies the formation of a single (universal) global economic, cultural, legal and information space. In other words, the globalization movementRead MoreReflect of Globalization on International Business1485 Words   |  6 PagesGlobalization refers to the increasing unification of the worlds economic order through reduction of such barriers to international trade as tariffs, export fees, and import quotas. The goal is to increase material wealth, goods, and services through an international division of labor by efficiencies catalyzed by international relations, specialization and competition. It describes the process by which regional economies, societies, and cultures have become integrated through communication, transportationRead MoreNegatives Of Globalization1236 Words   |  5 PagesGlobalization is a complex term which is deeply controversial due to the soc io-economic integration of the world into one global economy. It is the process that includes integration and interaction among the people, companies, money, and government of different nations. This process also includes the impact of economic development, cultural enhancement, changes in the environment, financial institution, technological transformation and human society all over the world. There are many factorsRead MoreGlobalization and Lower Living Standards for Americans Essay example1364 Words   |  6 PagesKofi Annan, a UN diplomat, once said,â€Å"...that arguing against globalization is like arguing against the laws of gravity.† He is undoubtedly correct in this assessment. 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