How Globalization Affects Economy And Culture And Policy

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Despite number of analytical work, publication on globalization the subject remain unspecifiable or rather should say ill-defined regarding concept, history, and economic, cultural and political involvement (Scholte 2005). Yet theorists, researchers try to describe the term or the phenomena as simply as possible. There are two ways the word “globalization” can be used again adding more to the confusion. It can be used in a positive way describing a process into the global economy and another in a systematic way prescribing a know-how of progress founded on rapid integration with the global economy. Trade, investment and finance at the international level are the three economic expositions of the phenomenon. It is about development of economic activities not within but beyond national borders. It can simply be described as a process which has association with growing free economy, interdependency based on economy and thickening economic integration in the world economy. (Nayyar 2006).

Globalization is the interaction of world economies to become one big economy, for the sole purpose of enhancing free trade, growth and efficiency and employment. It emphasizes the neo-liberal economic policies – commonly referred to as the ‘Washington Consensus’ – of free trade, financial and capital market liberalization, deregulation and privatization (Juhasz, pg 408). The supporters of globalization argue that it is essential to an individual’s advancement and economic progress, and constantly reiterate that an integrated market economy will bring prosperity worldwide. Whereas, critics of globalization believe that without a proper framework and policies, the consequence of globalization will have a great impact on world politics,

A closer look at the changes in the patterns of development in the contemporary globalized world denotes that globalization is a reality. Globalization is mainly rooted in the theoretical concepts of liberalism and neo-liberalism, which opine that the only means through which global development can be attained is through the promotion of a laissez faire state across the globe. In this way, it becomes easy to spur development due to the opening up of states for trade and other exchanges in the political, social, and cultural realms of development. (Bertucci and Alberti, 2003, p. 17-31.) However, concerns are continuously raised about globalization, especially when it comes to the role of states in promoting development and protecting

Globalization is the process of international integration arising from the interchange of world views, products, ideas and other aspects of culture. To better understand globalization and how it can impact someone in different ways, I interviewed two people. The first person I interviewed is Jane Beamon. Jane is the General Manager of Off-Highway Business for Cummins Emission Solutions. Cummins Inc is a global power leader that designs, manufactures, distributes and services diesel and natural gas engines and engine-related component products, including filtration, after treatment, turbochargers, fuel systems, controls systems, air handling systems and electric power generation systems (2017). Cummins is also a leader when it comes to globalization and how it can play a role in the success of a company. When asked how globalization has impacted her community, Jane was very supportive of globalization. “What makes America great is the merging of different cultures and the many benefits that are a direct result of that merging." When asked to clarify, Jane stated:" the rise and popularity of cultural festivals and events yearly is confirmation that Indianapolis has embraced other cultures." When it comes to businesses that are present here, Indianapolis is a melting pot of franchises as well as locally owned ventures. Take Ikea for instance; most people are not aware that it originated in Sweden advised Jane. When it comes to affordable shopping and convenience, globalization

In the wake of globalization, governments around the globe are faced with the challenges of not only being at par with the global competitors but also facilitating the trickle-down of the benefits of such to its citizenry. In developing countries particularly, the catch up with global-ization has been further cajoled by a much failed progress in achieving nationally set out goals mainly through centralized processes, forcing policy makers to critically evaluate the tradi-tional top-down approach as panacea for development and thus an overpass to globalization (Smoke, 2000).

In an age in which people, business, and organizations can communicate even while residing on different sides of the world, globalization has played a major role in the progress of today’s global society. As globalization continues to extend its reach to different parts of the world in different ways, it is clear that it has left a positive mark on the world both culturally and economically while improving international relationships.

The important texts in every different time period arose from different composer’s ways of thinking and pose a lasting significance on society. These themes arise uniquely in an array of texts including Shamus Heaney’s poems Digging, Punishment and Funeral Rites , Sofia Coppola’s film Lost in translation, Eat Pray love written by Elizabeth Gilbert and in the 2011 Television series Off The Map directed by Jenna Bans. The values explored in these texts are fundamentally linked to the religious, philosophical, scientific and cultural paradigms of the twenty and twenty first century , are a reflection of society and literature in that time period. These texts have formed new ideologies and different ways of thinking in society and have

Some scholars who study globalization and its challenges advocate that state’s developmental functions can’t limit so much the state’s proper responsibility. Developing states have complex structures, which concentrate on the central state or probe state-society relations. Their scrutiny of relations within states provides much room for perfection, and they have only begun to value the potential of local governments to promote economic development. The aim of this paper is to explain how globalization has consequences for intergovernmental relations. China and India are analyzed as examples of how globalization affects economy, culture, and policy.

Globalization is commonly examined by simply dissecting its political and economic consequences. As a result, the effects on culture are often overlooked. According to U.S. Census projections, by 2043 non-Hispanic whites will become a minority consisting of 47 percent of the U.S. population (Barreto, et al 1). Examining the world as a whole, a 2015 study by the United Nations Department of Economic and Social Affairs/Population Division found that between 1950-2000, an average of 2.8 million people per year migrated to North America and Europe. From 2000-2015, that rate accelerated to 4.1 million per year. What is more, this study projects that from 2015-2050, 91 million people are expected to migrate to high-income countries and produce an 82 percent increase in population in destination countries. Clearly, the prospect of steady migration and the continuing effects of globalization are expected to produce more multicultural societies. Unfortunately for many, “foreign” has become synonymous with danger (Rothkopf). The debate between cultural unity and cultural plurality dates back to the Greeks where they questioned universal human goodness and the differences between societies. More than two millennia later, the issue of a common versus diverse human culture remains contentious. This paper argues that a diverse human culture is more desirable than a universal culture because states and societies benefit from promoting and protecting diversity.

As with the growing interdependence of an economy on the others is the growing norm of the world’s society. Why the countries are dependent on one another? Can’t they survive isolated from the rest of the world? The answer is laid upon the term Globalization. The globalization is not a new concept; it even existed even thousands of years ago. However, it became much popular in the nineteenth century most prevalently after the world war when the economies around the world tend to grow and develop outside its geographical region.

Economic globalization has become the most important feature and a general trend of present world economic development. Globalization is a phenomenon and also a process of development of mankind and human society (Hamilton, 2008). It is the essential feature of the modern age. Globalization is the cross-border flows of capital and goods, including capital, labour, technology and natural resources (Bożyk, Misala & Puławski, 2002). Economic globalization is a historical process, and the germination of it could date back to the 16th century. After the industrial revolution, capitalist commodity economy, modern industry and transportation have been developing rapidly. The world market was fast expanded and the foreign trade was

Firstly, present economic globalization has opened the door of opportunities for most of the countries. Though developed countries are making most profit from this opportunity but developing and even least developing countries are also exploiting the mutual benefit. Due to open competition local productions in less developed and developing countries are achieving better performance and standard. Economic globalization is also creating employment opportunities in those countries. On the other hand states are losing their monopoly on tax collection due to mismatch of economic and political jurisdiction, and internet-based trade. Thus, on one hand economy has become priority for states, and on the other hand states losing part of its control on economy. Therefore, economic globalization is exerting its authority on political and state power.

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.

Globalization in India began essentially in the year 1991 when the deficit in the balance of payments prompted India, under Prime Minister, P. V. Narasimha Rao and his Finance Minister, Manmohan Singh (currently the Prime Minister of India) to undertake a series of structural economic reforms as a part of the bailout deal with the International Monetary Fund. Since 1991, the context of administration has again been changing under the impact of the New Economic Policy. Concepts like 'globalisation', 'liberalisation', and 'privatisation' have gained wide cur¬rency that are indicative of more openness of government to international competition, deregulation and dismantling of a series of government controls, and downsizing of government by handing over selected activities to the private sector, and by encouraging the non-government organisations to work more and more in the social development sector, particularly in such