Globalization And Its Impact On Socio Economy

We live in a time of worldwide change. What happens in one part of the world impacts people on the other side of the world. People around the world are influenced by common developments.

Globalization has been an integral part of India’s progress. It has opened up new avenues for growth.

India was the world’s largest country in the beginning and was accounted for about 32.9% of world GDP and about 17% of bout world population. The goods produced in India exported to different destinations across the world; the concept of globalization is new to India. In 1991, in economic reforms, India became fastest growing major economies and considered as newly industrialized country. It faces the challenges like poverty, corruption, malnutrition and insufficient healthcare. In 1991, balance of payment disaster forced India to liberalize its economy and it moved towards free market system.

In year 1991 Indian economy faced economic crisis due to serious Balance of Payments problems and the rupee devaluated and India at that time had reserve for imports of only three weeks. So the Indian government had taken a step towards globalization for wellness of Indian economy.

To consider all the aspects of a global network for the Little Country Store, you need to understand what globalization represents. Globalization is the interconnected movement of information, commerce, trade, people and services among nations on the global scale. Specifically, globalization in terms of information systems is global-scale movement of communication, information and technology world-wide among various cultures. It is connecting individuals from various and diverse backgrounds, languages, and ways-of-life to work and come together through aspects of technology to communicate information and share ideas and resources for the betterment of all.

Globalization has caused the world to change. Globalization is the process by which the world is interconnected through technology and powerful infrastructure for the purpose of communicating and managing resources. Countries around the world have gotten closer over past few decades due to growing integration between economies. It brings the countries closer to each other and make them more interrelated through providing unrestrained trade and financial exchange. Opening up the economy to globalization can have both favourable and unfavourable impact on the country’s economic growth, environment, human capital, cultural dominance etc. The expansion of markets has created an industry that exploits millions of individuals labour in the

India is a case of a nation that, financially, has profited from globalization — it has seen quick GDP development and has a developing working class with a rising way of life.

Economic globalization is one of the most powerful forces to have shaped the postwar world. (Frieden, Lake and Broz 63) Free trade is the hallmark of a globalized system; reduced costs in transport and the elimination of trade barriers have led to a surge of international trade between developed countries and lesser-developed countries. The benefits of free trade extend internationally. Free trade promotes economic development in lesser-developed countries and increases imports to developed nations. But does this system of global trade benefit only manufactures and businesses or does it open up the market to everyone by creating new global business opportunities for the developing world.

In this report I am going to characterize the importance of Globalisation and evaluate the effect of globalization in transit the business work.

When we think of a country’s economy the first thing that comes to mind is how successful a country is, and how successful a country is determines its status as a global power. One of the tools used to measure a country’s economy is call Gross Domestic Product (GDP). GDP can be defined as the value all the goods and services produced within a country within a given period of times, such as a financial quarter or a year. Over the years we have seen an increase in globalization, which is the integration between companies and governments of different countries, which has lead to an increased international trade. As a result of globalization countries can produce more because they are more markets for their products, which in returns adds to GDP. One of the engines of globalization is the transportation and logistics industry, and this industry is considered an engine because without the industry globalization would not be possible. Today with globalization companies can set up factories in low income countries across the world like China and India, and sell the their finish product in the united states making huge profits. Maximizing the profits of companies depends on good transportation and logistics management, because when these products are finish they have to be transported to the United States. Goods can be transported in many different modes of transportation, the most popular mode for international trade are ships, because they are more economical, but airplanes,

Globalization is the process in which economic, political, social, and cultural differences are lessened by the exchange of goods and ideas across national boundaries. Greater interactions among countries eliminate the barriers created by distance. The speed and scope of globalization led to differing opinions about the positive or negative impacts on society. Proponents of globalization argue that free trade and free movement of labor allows more variety of consumer goods, allocation of skilled workers, and a continuous flow of new ideas to any market around the world. While opponents of globalization claim that the creation of an international free market has a huge pressure on the individuals of the developed nations who are at risk out job outsourcing. Overall, economic globalization has had a positive effect on free trade and economic prosperity for developed countries, which can be deemed greater than the negative effect on some developing nations by expanding their domestic income inequality disparity.

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

Economic Globalization has been sweeping across the nation since the end of WWII. Slowly but surely all the nations across the world have been impacted by Economic Globalization. India for example has been one of the countries that has been recently hit by the storm and India’s economy can be seen to still be shooting up. In my paper I will be discussing the Economic Globalization of India, the roots of the globalization to occur, the effects it had and the negative effects it had. Effects such as foreign trade, economic growth and GDP. From the mid 90’s to current times India is seeing the effects of globalization, bringing India into one of the top countries in the world in terms of GDP being ranked at 10th in the world.

In today’s world, with a few notable exceptions, nearly everyone in every region of the world has access to the same products, information and services. A long-distance relationship is no longer so distant, since each party involved in the relationship can communicate through Skype, Facebook or through any of the vast amount of social media available. A person in Easter Island, one of the most remote inhabited islands in the world, can go to the other side of the world and travel to Canada. An economic crisis in Argentina could affect the economic landscape in Brazil. A person in Chile or Peru can buy an Abercrombie and Fitch t-shirt because this transnational corporation decided to expand its market to developing countries, or as you might prefer, to emerging economies in South America. Although many of these examples might be trivial, these are the consequences of globalization.

In July 1991 the new model of economic reforms in India know as Globalization, Liberalization and Privatization started to create an economy that was the fastest building economy. This reform was successful in terms of building the economy but as India has a diverse society the rapid growth bought inequalities in the society. As a consequence people became opposed to the idea of globalization, liberalization and privatization.