Reaping the Benefits Recent decades have seen rapid growth of the world economy.
In this essay we will discuss about Globalisation. After reading this essay you will learn about: Meaning of Globalisation 2. Characteristics of Globalisation 3. Globalisation of Indian Economy 6. By the term globalisation we mean opening up of the economy for world market by attaining international competitiveness.
Thus the globalisation of the economy simply indicates interaction of the country relating to production, trading and financial transactions with the developed industrialized countries of the world.
Accordingly, the term, globalisation has four parameters: Thus taking the entire world as global village, all the four components are equally important for attaining a smooth path for globalisation.
In this way, the imperialist nations gained much at the cost of the colonial countries who had to suffer from the scar of stagnation and poverty. However, the advocates of globalisation, especially from the developed countries purposely limit the definition of globalisation to only three components, i.
They do not want to include the free flow labour within the parameter of globalisation set by them. Too few share in its benefits. Too many have no voice in its design and no influence on its course. Now it is to be seen how far the developing countries would gain by adopting the path of globalisation in future.
In the mean time, various countries of the world have adopted the policy of globalisation. Following the same path India had also adopted the same policy since and started the process of dismantling trade barriers along with abolishing quantitative restrictions QRs phase-wise.
Accordingly, the Government of India has been reducing the peak rate of customs duty in its subsequent budgets and removed QRs on the remaining items in the EXIM Policy All these have resulted in open access to new markets and new technology for the country.
Main features of globalisation are as follows: Another characteristic of globalisation is the control of economic activities by domestic market and international market. It also established coordination among the national economy and world economy.
One of the important characteristics of globalisation is free trade between counties. It also means absence of excessive governmental control over trade.HOPE FOR THE WORLD’S POOREST.
Globalization offers hope to the world’s poorest. Just as more open trade tends to promote economic growth, growth in turn leads to poverty reduction. A World Bank study found that periods of sustained economic growth are almost always accompanied by .
The tremendous growth of international trade over the past several decades has been both a primary cause and effect of globalization. The volume of world trade increased twenty-seven fold from $ billion in to $8 trillion in (WTO, ). The movement to lower trade barriers and open world trade has undoubtedly increased world growth in goods and services; it has increased incomes and raised standards of living globally, which doesn't mean, unfortunately, for each individual.
international trade, familiarize you with some of the technical terms, and offer some insight into a few of the controversies surrounding international trade policy both in the United States and abroad.
1 World Trade Organization.
(). 2 World Trade Organization. (). Globalization has impacted nearly every aspect of modern life and continues to be a growing force in the global economy. While there are a few drawbacks to globalization, most economists agree that it's a force that's both unstoppable and net beneficial to the world economy.
Since , when the General Agreement on Tariffs and Trade (GATT) was created, the world trading system has benefited from eight rounds of multilateral trade liberalization, as well as from unilateral and regional liberalization.