They have big market and make huge investment in foreign countries. A decline in demand in one country affects the overall performance of these companies. Due to Globalization, there has been an increase in cross-border Merger and acquisitions. India has emerged as a major player of service and Information Technology IT industry.
Many BPO services are provided from remote places. Their services are hired by companies around the world. Due to Globalization, the world is getting smaller every day.
As a result of globalization, we see cultural exchange among communities. People get the opportunity to exchange ideas and adopt better means of living. For example, the western culture is adopting traditional meditation practices of the east.
The eastern people are following the fashion trend of the west. In a global environment, the cultures merge and assimilate together. Many philanthropic and social organisation are promoting the concept of universal brotherhood. They work for the betterment of entire humanity. Globalisation has been creating an improved condition of trade for agricultural commodities and textiles, especially cotton textiles produced in India. It is observed that during the year period, i. Although India could realise some increase in its export growth rate from globalisation but the share of India in world merchandise exports could increase only marginally from 0.
However, the performance of India in respect of service sector exports was comparatively better during the same period. However, major position of the increase in services exports was realised from software exports. Thus the share of software exports out of total services exports of India increased from But if we compare the export performance of India with that of China, South Korea and even Mexico, the achievement attained by India cannot be considered significant.
Similarly, South Korea and Mexico had also shown significant improvement in its share of World exports from 1. But the export performance of the country would have been improved further if the globalizers did not followed the policy of protection on some cheap pretext like declaring Indian skirts as inflammable by USA, banning of azo dyes, imposition of anti-dumping duties etc.
Thus such act of protectionism has been hitting our textile industry considerably. Moreover, linking of labour standards with trade by the developed countries like USA on the pretext of use of child labour has also compounded the problem of exports in India. But multinational companies MNCs , especially from USA, having been in advantageous position in telecommunications, insurance sector etc. Globalizers were of the view that Indian exports would increase at faster rate than that of imports. Unfortunately, things are not moving in that direction.
Indian exports which was 7. But the volume of imports in India as percentage of GDP rose from 8. This shows how the access to foreign markets by Indians is growing slowly as compared to the entry of foreigners in our domestic market.
But the same deficit declined to 2. But in , the same trade deficit increased considerably to 5. This simply shows that the access of Indian markets by the foreign producers has been increasing. In-spite of high expectation that globalisation would facilitate attaining of higher GDP growth rate through export-led growth but that expectation has failed to materialize.
Although in the initial years of globalisation, the GDP growth rates gradually rose from 5. Thus the sluggish GDP growth rates experienced by Indian economy has reflected the failure of the policy of globalisation introduced in the country in raising its GDP growth rates and also raised its dependency burden on world economy. However, the GDP growth rates in India started to show an increasing trend in recent years, i. The advocates of globalisation has been claiming that globalisation would pave the way for greater inflow of foreign investment.
But things are not moving in a right direction. Foreign investment usually enters in two forms—Foreign direct investment and Foreign Portfolio investment.
However, the FDI enhances the productive capacity and investment of the country but the portfolio investment encourages speculation activities. During the period to , the share of FDI was During the subsequent period, i. Again during the period to the share of FDI has again declined to During the next 6 — year period, i. Moreover, from the year-wise data of foreign investment as shown in table no. It is observed from Table Thus the flow of FPI shows an erratic behaviour.
Thus in recent years, the proportion of FPI in total foreign investment is still very high. Thus the expectation of the country in respect of entry of foreign investment as a result of globalisation has not been fulfilled. Moreover, there is a peculiar tendency where there remains a wide gap between the level of foreign investment approved and its actual inflow.
Reduction of poverty is one of the important objectives of development. But in modern times the pace of poverty reduction is gradually slowing down. The main findings of this model is that the rate of poverty reduction in the s is slightly less than that of s. The reason behind this slow pace of poverty reduction is the pattern of growth that has been achieved following the policy liberalisation, privatisation and globalisation.
Such a growth pattern has affected geographical distribution. The globalisation has helped the industrially advanced states much more than the less industrialised states and also neglected agricultural sector leading to a skewed pattern of distribution in this post-reform period.
Thus the paradox of attaining higher growth rate of GDP and lower rate of poverty reduction is mostly resulted from unequal distribution of income between the richer section and the marginalized section of the population.
Besides, this slow decline in poverty reduction is mostly resulted from the geographical pattern of growth promoted by the policies of liberalisation, privatisation and globalisation. As a result of globalisation industrialised states are getting more benefit as compared to that of less industrialised and agriculturally based states leading to a geographical skewed pattern of growth attained during this post-globalisation period.
Thus globalisation has been resulting in widening inequality, growing concentration of wealth and slowing down rate of poverty reduction in the country. Globalisation has resulted in a fall in the employment growth rates. The annual growth rate of employment which was 2.
As a result, the unemployment growth rates increased from 5. This was despite the fall in the growth rate of labour force from 2. Such a situation is mostly resulted from the deceleration in employment growth rates in agriculture and community and personal services. This paper examines economic globalization from the three sociological perspectives; structural functionalism, social conflict, and symbolic interaction and goes ahead to illustrate how United States of America U.
As illustrated in the paper, structural functionalism emphasizes of the association of the surrounding and the people helping us to appreciate the hidden abnormalities of social characters to enhance society development. Structural functionalism, social conflict, and symbolic interactions are sociological perspectives that dictate economic globalization as they can destroy or enhance it.
Social phenomenon of globalization cuts across cultural practices and technology to influence economy. In addition, it will include the expanse in technology that involves computer technology and new communication modes beyond national jurisdictions where people become free to transverse countries and even acquire foreign citizenships Boulle 8.
Structural functionalism involves interdependence between human and environments dictating international relations. Considering that structural functionalism has emphasis on how people and environments depend on each other, which is determined by how human practices and culture affect the surrounding and its response to these actions, structural functionalism looks in to how a certain event in the society ends up affecting others as some are less acknowledged.
In addition, the fluctuations of fuel prices in producing countries ends up affecting the economies of dependant countries hence social aspects of these countries Mooney et al.
From the above, understanding of structural functionalism helps acknowledge concealed abnormalities of social characters that are not intended and not widely acknowledged. For instance, considering that construction of a water reservoir has benefits like provision of irrigation water and electricity, they have negative repercussions of destroying human and animal habitants and same can apply to global economy if underestimated factors in regulations are overlooked, affecting majority who seemingly looked secure.
Thus, main idea is vision of society as stable and well organized despite it being a complex system with its different forms working together to enhance stability. Social conflict perspective helps to understand differences in economic practices to accommodate change.
Globalization has to its identity social, economic, and political reforms,.however the globalization that we are about to discuss is the term that combines the past socio-economic and political reforms and cross with them to the world where their are no boundaries, restrictions, and immobilization what Mittelman describes as. cross-border flows of capital, knowledge, and consumer goods.
Effects Of Economic Globalization essays From the day when I first learned the term globalization it has been a topic that has captured my interests. This country gains while the other looses, these people thrive while others are less fortunate, technology moves in and forces human labor out, and.
Economic globalization is the process of increasing the financial integration amongst countries. Consequently, economic globalization leads to the development of a . In this essay, globalization will be defined and what I believe to be at its core and what the major results of globalization are. At the political and economic level, globalization is the process of denationalization of markets, politics and legal systems.
May 09, · Economic globalization has voluminous positive influences on international security as well. The most important effect of economic globalization is that it curbs the authority of state. It also reduces states’ dependence on military based security and . Economic Globalization and Organization Development Essay. Globalization of the economy refers to the integration of the world economies whereby economies in the world are become more interdependence. This economic development is being achieved through cross-border movement of capital, services, goods, and technology.