How Is Globalization Underdeveloped
Globalization of an Underdeveloped Nation
Western Governors University
Abstract
What does globalization mean? There are so many ways that it is defined. It can be defined as International integration. An opening up of international trade, development of advanced communication, internationalization of financial markets, and an overall increased mobility of persons, goods, capital, data and ideas. (Chaterjee) Globalization not only changes the economical environment of a country it directly impacts its culture and way of living. The impact of globalization on culture is often disregarded, especially when economic progress is evident. How does one answer the question, “Is it a good thing or a bad …show more content…
Though the circumstances of South Korea and India were different it was their response to difficulties the common ground lies in their use of globalization to change their countries forever.
In the 1990’s India developed a serious economical crisis in their country and were about to default on their international loans. The solution was to develop a multitude of domestic and external policies to push for a more open and market oriented economy. Measures included, tossing out the industrial licensing regime, reduction in the number of areas reserved for the public sector, amendment of the monopolies and the restrictive trade practices act, start of the privatisation program, reduction in tariff rates and change over to market determined exchange …show more content…
From 2006 through 2010 along the GDP went from 590 billion to 1.36 trillion. (Chaterjee) If all you look at is the economic growth you could say that India is a perfect example of how globalization can positively affect a nation. There is, of course, more than just the financial aspect to look at. In India during the late 70’s the poverty rate was 51%, by the year 2000 it had dropped to 26%, and current estimates are approximately 21%. If you are just looking at the numbers it would be easy to say, “Wow globalization benefits the majority of the population financially and the poverty rate has decreased by at least fifty percent”. However, when we look closer we find that, it may not be the case. Poverty levels are based on consumptive expenditure. Consumptive expenditure is calculated based on a person, of average height and weight with moderate activity and their ability to purchase goods to consume an average number of calories per day. In the 50’s the number of calories used for that calculation was 2750 per
Western Governors University
Abstract
What does globalization mean? There are so many ways that it is defined. It can be defined as International integration. An opening up of international trade, development of advanced communication, internationalization of financial markets, and an overall increased mobility of persons, goods, capital, data and ideas. (Chaterjee) Globalization not only changes the economical environment of a country it directly impacts its culture and way of living. The impact of globalization on culture is often disregarded, especially when economic progress is evident. How does one answer the question, “Is it a good thing or a bad …show more content…
Though the circumstances of South Korea and India were different it was their response to difficulties the common ground lies in their use of globalization to change their countries forever.
In the 1990’s India developed a serious economical crisis in their country and were about to default on their international loans. The solution was to develop a multitude of domestic and external policies to push for a more open and market oriented economy. Measures included, tossing out the industrial licensing regime, reduction in the number of areas reserved for the public sector, amendment of the monopolies and the restrictive trade practices act, start of the privatisation program, reduction in tariff rates and change over to market determined exchange …show more content…
From 2006 through 2010 along the GDP went from 590 billion to 1.36 trillion. (Chaterjee) If all you look at is the economic growth you could say that India is a perfect example of how globalization can positively affect a nation. There is, of course, more than just the financial aspect to look at. In India during the late 70’s the poverty rate was 51%, by the year 2000 it had dropped to 26%, and current estimates are approximately 21%. If you are just looking at the numbers it would be easy to say, “Wow globalization benefits the majority of the population financially and the poverty rate has decreased by at least fifty percent”. However, when we look closer we find that, it may not be the case. Poverty levels are based on consumptive expenditure. Consumptive expenditure is calculated based on a person, of average height and weight with moderate activity and their ability to purchase goods to consume an average number of calories per day. In the 50’s the number of calories used for that calculation was 2750 per