Positive Impact Of Globalization

Real GDP- The real GDP can also be known as the “constant dollar GDP” and/or the “constant-price”. This is where they calculate the original GDP and adjust according to current inflation.

-GDP per capita is dividing the GDP by the population and getting an estimate of how much money the average person makes annually in the country.

While discussing the topics of trade, development and political economy, globalization is often discussed. In general, globalization means a process in which world economies become highly integrated, leading to a global economy and highly global economic policymaking, through international agencies such as the World Trade Organization (Todaro & Smith, 2006).

What we a lot can see being affected by globalization is the increase in foreign investments which helps a lot of industries in developing countries grow rapidly due to the influx of foreign investments. Moving to new markets will force the expanding companies to figure out and strategize at higher levels to gain market share on a global scale. Strategic alliances and multinational enterprises along with multinational corporations and joint ventures were easier to achieve because of

Globalization progressed and many advantages like economic growth, education and opportunities of employment were made.

India followed Import Substitution Industrialization policy up to 1991. The major highlights of this policy included significant restrictions on imports (ensured by high tariffs and import control), limited incentives to private sector, a large public sector (with focus on heavy industries) and an overvalued exchange rate. Furthermore, there were restrictions on consumer goods too. Quantitative restrictions such as import licensing and exchange control existed too. All of these policy measures were part and parcel of what is known as “barriers to an economy.” The quantitative restrictions prevented the opening up of the Indian economy. Thus, integration of India with the ‘global village’ was to wait till 1991.

Globalization what is it? What are the advantages of it? How does it affect our everyday lives and the world around us? The term globalization can be defined as the act of a business in which it can bring different people, ideas from different places in the world in the hope of opening the range of the business on a wider global scale. This process is very profitable and widely advised to all businesses around the globe to expand. Globalization has brought people from different parts of the world together, has the potential to make people rich and is eligible to establish developing nations.

According to the U.S. State Department (2012), “India's population is estimated at more than 1.1 billion and is growing at 1.3% annually. India has the world's 12th-largest economy with the third-largest in Asia behind Japan and China”. The improvement in India’s economy was influenced in part by encouragement from the World Trade Organization, which aided in negotiating a decrease in import taxes; allowing India to function from a healthier position economically. This move momentously changed India’s ability to offer goods and services. (U.S. Department of State)

18. Gross Domestic Product: the total value of goods produced and services provided in a country during one year.

The implications of globalization for a national economy are many. Globalization has intensified interdependence and competition between economies in the world market. These economic reforms have yielded the following significant benefits; Globalization in India had a favorable impact on the overall growth rate of the economy. This is major improvement give that India’s growth rate in the 1970 s was very low at 3% and GDP growth in countries like Brazil, Indonesia, Korea, and Mexico was more than twice that of India. Though India average annual growth rate almost doubled in the eighties to 5.9%, it was still lower than the growth rate in china, Korea and Indonesia. The pickup in GDP growth has helped improve

Economic globalization refers to the “increasing interdependence of world economies” (Shangquan, 2000), as a result of free movement of goods, services, technology, capital, and information between countries and across borders. It is one of the three main areas of globalization; economic globalization moves at an increasingly fast pace as movement across borders progresses. While economic globalization has had many benefits and positive effects on both developed and under developed countries, it has also created, and contributed to, many global issues, such as the widening of inequalities between rich and poor countries (Shin, 2009). It encompasses networks between countries built on trade and movement of goods and services, and has been

(Subhalakshmi, June 6, 2017) Although, these companies do such things they and globalization also bring some good into India.

Globalization, a multifaceted phenomenon, refers to the growing connectedness of people, goods, and information globally. One aspect of globalization, economic globalization can be defined as the integration process of national economies into the international economy. Thus, resulting in the interdependence of countries and global implications, which can arguably be beneficial or detrimental. Though economic growth and dissemination technology has, without a doubt, enhanced human life such as development of communications technology and dissemination of information, it also has exacerbated inequality in living and health conditions of the poorest of the poor. This paper will aim to highlight the detrimental effects on the health of the environment and society through the lens of the poor, who are the most affected. Thus, to reap the benefits of globalization equally, it poses the need for a national agenda to govern and adapt to these rapid changes which are to be integrated with the major influences of poverty, inequity, and climate change, amongst others.

Globalization is defined as the worldwide interdependence of resource flows, product markets and business competition that characterize our new economy. It is hardly unnoticeable how countries, organizations, people, resources, money, services and information are all interrelated globally. Thanks to the improvements in communication and transportation technologies, such interrelation is more and more achieved. There are many positive effects of globalization such as the rise of some developing nations through increased employment and technological advances. However, one can never underestimate the negative effects, such as the declining national sovereignty and shift of domestic jobs overseas where labor is much cheaper.

Globalization has had an astonishing impact on the modern world. It has allowed nations to connect with other nations through mediums such as the internet, fax machines, music and television. Globalization has also encouraged companies to take advantage of the knowledge and talents of people all over the world. Outsourcing has created thousands of job opportunities for developing nations. The flow of income into developing countries has allowed people to increase their standard of living (Friedman, 126-150).