Globalisation and Its Impact

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PCMA Journal of Business SAMPLE ARTICLE Globalization and Its Impact on Small Scale Industries in India Vol. 1, No. 2 (June, 2009) pp. 135-146 ISSN 0974-9977 Sonia, Research Fellow, Department of Commerce, Punjabi University, Patiala(Punjab). Dr. Rajeev Kansal, Reader, Department of Commerce, Punjabi University, Patiala(Punjab). ABSTRACT Globalization refers to the process of integration of the world into one huge market. It provides several things to several people with removal of all trade barriers among countries. Globalization happens through three channels: trade in goods & services, movement of capital and flow of finance. Globalization in India is generally taken to mean ‘integrating’ the economy of the country with the world…show more content…
This is all the more crucial because even if we leave out the unambiguous supporters of globalization in its present form- those who hold that it is purely beneficial, and the benefits will ‘trickle down’ automatically to the poor- there are still widely differing conceptions of this process. Those who either oppose globalization, or are anxious about its potentially detrimental effects on employment and poverty, encompass a wide political spectrum. The extreme right oppose it from the standpoint of economic and cultural nationalism, and liberals might deplore the loss of national sovereignty because it reduces the effectiveness of state intervention to regulate capital and labour, alleviate poverty and so forth. . 136 Article in association with Publishing India Group PCMA Journal of Business Globalization is the process of integrating various economies of the world without creating any hindrances in the free flow of goods and services, technology, capital and even labour or human capital. The term globalization has, therefore, four parameters: 1. Reduction of trade barriers to permit free flow of goods and services among nation-states; 2. Creation of environment in which free flow of capital can take place among nation-stated; 3. Creation of environment, permitting free flow of technology; and 4. Last, but not the least, from the point of view of

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