socio cultural economic impact
Social, Cultural and Economic Impact of Globalization in India
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By premsingh
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Fatehpur Sikri
Socialization of people for improving business and financial activities across the globe can be referred as globalization. It is not a new phenomena as people kept searching new places and avenues to increase their business activities as evident by explorations of Vasco degama, Columbus and East India Company. Bitter experiences from East India Companies & British rule makes Indian little bit cautious for adventures of globalization. This has been the root cause for delay in liberalization in India. In literary terms, globalization has been defined in several ways as evident from definitions reproduced below. In the initial sense of the term, globalization refers to the spread of new forms of non-territorial social activity (Ruggie, 1993; Scholte, 2000). To make term more clear,Globalization has been defined as the process of rapid integration of countries and happening through greater foreign trade and foreign investment. In essence, it refers to increased possibilities for action between and among people in situations irrespective of geographical considerations as per the definition of social theorists. Developed countries have been trying to pursue developing countries to liberalize the trade and allow more flexibilities in business policies to provide equal opportunities to multinational firms in their domestic market. International Monetary Fund (IMF) and World Bank helped them in this endeavour. Liberalization began to hold its foot on barren lands of developing countries like India by means of reduction in excise duties on electronic goods in a fixed time frame. Indian government did the same and liberalized the trade and investment due to the pressure from World Trade Organization. Import duties were cut down phase-wise to allow MNC 's operate in India on equality basis. As a result
79
rate or flag this page
By premsingh
glimpses
Click thumbnail to view full-size
Fatehpur Sikri
Socialization of people for improving business and financial activities across the globe can be referred as globalization. It is not a new phenomena as people kept searching new places and avenues to increase their business activities as evident by explorations of Vasco degama, Columbus and East India Company. Bitter experiences from East India Companies & British rule makes Indian little bit cautious for adventures of globalization. This has been the root cause for delay in liberalization in India. In literary terms, globalization has been defined in several ways as evident from definitions reproduced below. In the initial sense of the term, globalization refers to the spread of new forms of non-territorial social activity (Ruggie, 1993; Scholte, 2000). To make term more clear,Globalization has been defined as the process of rapid integration of countries and happening through greater foreign trade and foreign investment. In essence, it refers to increased possibilities for action between and among people in situations irrespective of geographical considerations as per the definition of social theorists. Developed countries have been trying to pursue developing countries to liberalize the trade and allow more flexibilities in business policies to provide equal opportunities to multinational firms in their domestic market. International Monetary Fund (IMF) and World Bank helped them in this endeavour. Liberalization began to hold its foot on barren lands of developing countries like India by means of reduction in excise duties on electronic goods in a fixed time frame. Indian government did the same and liberalized the trade and investment due to the pressure from World Trade Organization. Import duties were cut down phase-wise to allow MNC 's operate in India on equality basis. As a result
References: 1. Ruggie, John Gerard (1993), “Territoriality and Beyond: Problematizing Modernity in International Relations,” International Organization 47; 139-74. 2.Scholte, Jan Aart (2000), Globalization: A Critical Introduction (New York: St. Martin 's). 3. Stanford Encyclopedia.2002. Globalizationhttp: at http://plato.stanford.edu/entries/globalization/ Acknowledgement: Most of the figures (Statistics) presented in this article have been gathered from the 10th ANNIVERSARY SPECIAL ISSUE of OUTLOOK Money published on July 30, 2008.