...Introduction Globalization can be defined in many ways. Globalization is when people come together to find a solution for better financial and business activities. The rapid changes happening in a country due to trade foreign or non- foreign can also be referred to as globalization. This word has been there since the 19th century. Globalization has enabled creation of new opportunities for the developing countries. It has also brought about problems like the unequal growing rate all over the world in the market and environmental development. Most developing countries are out of the globalization process. If we look at India as a country, the globalization process was prevented due to many factors. India was known to have the world’s largest economy. This means that globalization was not new to them and Indian products were being exported to other countries outside India. Impact of globalization in India In the 19th century India had already opened up to economy. But it experienced a downfall in their economy so badly almost turning to loans to save them. New policies were created to enable a more open market economy. Certain things in the early nineties were introduced due to globalization. They included introduction of privatization program, number of public sectors that were reserved reduced, practice of restrictive trades was altered and exchange rates were determined by falling in the rate of tariffs. Regular liberation has been experienced over the years. Many new sectors...
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...Impact of globalization in IndiaMultilateral agreements in trade, taking on such new agendas as environmental and social conditions. New multilateral agreements for services ,Intellectual properties, communications, and more binding on national governments than any previous agreements. Market economic policies spreading around the world, with greater privatization and liberalization than in earlier decades. Growing global markets in services. People can now execute trade services globally -- from medical advice to software writing to data processing , that could never really be traded before. Open Market policy -advantages Growing Indian Economy GDP – USD 1.36 trillion GDP growth rate – 9% Services contribution – 60-65% Balance of Trade – Negative balance should increase with surging imports versus exports Investment goal – USD 370 billion GDP – USD 1.16 trillion GDP growth rate – 9.5% Services contribution – 60% Balance of Trade – Negative balance should increase with surging imports versus exports Investment goal – USD 305 billion GDP – USD 590 billion GDP growth rate – 9% Services contribution – 54% Balance of Trade – USD (-)46.2 billion Investment goal – USD 250 billion 2010 2008 2006 105 105 135 145 167 103 125 204 231 287 682 191 237 398 453 0 200 400 600 800 1.000 1.200 1999-00 2002-03 2005-06 2006-07 2010* USD Billion Agriculture Industry Services Growing GDP Source: India Brand Equity...
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...Aspects of globalization Globalization basically means the arising cultural and economic process between different parts of the world. The big question about globalization is how big of an impact it has on the third world countries. If you look at the western companies and the workers conditions, you get to see the hidden face of globalization. Has globalization had a good or bad impact on the third world countries, and is globalization even a good thing? Western companies and workers in the Third World The world is becoming increasingly globalized. As Western companies and consumers push for lower prices, working conditions in manufacturing countries are affected. Some of the largest companies in the world, such as Walmart, have some of their products come from third world countries, such as India. Some of the products that Walmart provides are made by human beings, under the worst conditions you can possibly imagine. As an example, young people and women are making some of those products every single day. The workers have to walk to work, which takes at least an hour, because they can’t afford to get there by another other means. They work in buildings where it’s over 90 degrees Fahrenheit, which makes it almost unbearable to work. At the same time they are rushed by their superiors, who by the way are mostly men, to work even faster. If the women fail during work, they are beaten or punished in other ways, and as a site note, they get fired around the age of 35, since the...
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...Impact of Economic Globalization on India Sabrina Mallavarapu University of Maryland, College Park Impact of Economic Globalization on India Many people fail to realize that it was only 69 years ago that India gained independence from British rule. India is generally thought of as very poor country but it is because it is still a new country. India has undergone major socio-economic changes since its independence from Great Britain. While India did not fair well under Great Britain’s rule, India benefitted from Britain in terms of creating an infrastructure and industry that is still in use today. While India still has many problems, India has benefitted from economic globalization because it has resulted in major economic growth that led to it having the fastest growing GDP of any nation. With the power of the East India Trading Company, the British already had control of several ports, as the company had been a major presence in India since the 1600s, even with the Mughal Empire ruling India. The British had immense power in India’s economy, creating settlements known as Madras, Bombay, and Calcutta, which are now major modern cities in India. Britain’s military power led to its ability to have a monopoly on trade, but also later establish their rule in India. In the early 1700s, South Asia saw the decline of the Mughal Empire as it weakened from repeated wars, rebellions, and invasions (Embree, 2006). India was fighting the remnants of the Mughal Empire when the...
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...Globalization and the Caste System in India Mimi Winters Abstract India has experienced significant economic growth as a direct result of globalization even during the current global economic crisis. Yet many argue that this success does not reach all levels of Indian society. Indeed, some argue that globalization has actually had a negative impact on the lowest members of Indian society, the Dalits. This paper explores both sides of the argument by briefly explaining India’s 3,000-year-old caste system and its influence or lack of influence on the reduction of poverty among the Dalits. Globalization and the Caste System in India India is becoming one of the most significant players in the world economy today. Its rapid economic growth can be contributed to its increasing role in the global community. “Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997” (Central Intelligence Agency, 2012, para. 3). India’s GDP was estimated at $4.463 trillion with a real growth rate of 7.8% and $3,700 per capita in 2011 (2012, para. 14). A majority of this success can be directly contributed to globalization. Although growth is expected to slow due to the global economic crisis, India is still experiencing...
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...Cultures Impacted by Globalization Western Governors University Table of Contents 1. Two Non-western culture impacted by globalization ....................................................1 2. Before and after globalization ........................................................................................1 3. Case study analysis ........................................................................................................2 4. Reference Page ..............................................................................................................3 Non-Western Cultures Impacted by Globalization Globalization in a defined state is the connection of people in different parts of the world; it results in the broadening of cultures, economic growth and political advancements (Dunn, 1989,1993). It can and does lead to a greater independence and mutual awareness among all the people of our world. This paper will focus on two non-Western cultures that have been impacted by Western globalization. The Globalization in China and India China has been impacted by Western globalization in regards to their economy. China has been transformed from a culture that relied on their own self-sufficient economy and refused the thought of Western globalization to becoming more open and acceptable to trade and foreign investments. Women in India have been impacted by Western globalization in the way they...
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...Globalization Western Governors University Globalization refers to the development of an integrated world economy, exchange of cultural views, thoughts, and products (Wikipedia, 2013). Pologeorgis (2012) states that, essentially globalization began with the exploration and settlement of new lands. Communication and transportation advances have aided in this process. Two non-Western countries that have been impacted by globalization are India and China. India opened its doors to globalization during the nineteen nineties following an economic crisis in which the country almost defaulted on loans (Balakrishnan, n.d.). Before globalization India purposely isolated itself from world markets and was in a state of economic stagnation (Nayar, 2007). This stagnation left the country in profound poverty with no industrial growth. The people of India faced other challenges as well such as illiteracy, government corruption, and malnutrition (Wikipedia, 2013). In the years since globalization industrial growth has occurred at a rate of about 6.5 percent that has thwarted any reoccurrence of economic decline and a poverty rate at 26 percent that had previously been 55 percent (Nayar, 2007). China too, has benefited from globalization. In 1978, Deng Xiaoping established leadership of China. Unlike Mao Zedong, Xiaoping embraced globalization and demanded economic change that he believed would ensure the safety of communist rule (Yahuda, 2003). Like India...
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...GLT1 Task 1 Analyze the effects of globalization on native-no Western cultural practices Issues in Behavioral Science Jamie B BSN 06/18/2014 Western Governor’s University In this essay, I will discuss the matter of Globalization of two nations, South Korea and India. Globalization can be defined as, in simple terms, as the process of making something, anything available worldwide. It is a collaboration between countries, exchanging goods, services, workers, ideas, and even culture, which allow a multitude of opportunities to anyone to enjoy, from anywhere in the world (dictionary.com, n.d.). Globalization can been seen different depending on where you are from. It can cause issues for more traditional societies such as losing ancient customs and values. Although there are many, South Korea and India are examples of two non-western cultures that have been impacted by globalization in which I will look at each country before globalization and the effects of globalization it has now. A1. Circumstances before and after event Before globalization, South Korea was considered a very isolated society (Ruediger, 2006), with deep cultural ideas, and one of the poorest countries in the world with most of its culture being based on farming rice. It was said that rice farming was more than just farming in was a way of life for the South Korean people. The majority of the population of South Korea was committed to growing rice, with rice being to major farming product. ...
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...Globalization is the buzzword in the contemporary world. Broadly speaking, the term ‘globalization’ means integration of economies and societies through cross country flows of information, ideas, technologies, goods, services, capital, finance and people. Cross border integration can have several dimensions – cultural, social, political and economic. In fact, cultural and social integration even more than economic integration. The focus of this paper is to study the impact of globalization on economic, social and cultural fabric of India. Globalization has made countries to realize that nations can no longer be cocooned in their own cultural or economic nests but invariably be part of the larger picture which takes into account the competencies, interests and the dependencies of economies world -wide. The zeal of globalization has even forced Governments to be tuned to the merits of a Global economy. In Economics we have views on pro-globalization by Jagdish Bhagwati etc. who build on the economic notion that free trade helps everybody and lift the poor out of poverty, while we have the anti-globalization views by the likes of Vandana Shiva, Arundhati Roy, etc.,who see globalization as a way for multinational corporationss and multilateral institutions (World Bank, IMF) to change the rules all over the world to ensure better markets for the rich countries. India opened up its economy in the early nineties following a major crisis of foreign exchange crunch that dragged the economy...
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...Introduction: India and Vietnam are both Asian countries who are quite similar in a number of aspects, and as such it is important to examine and analyze how globalization and other factors have had an impact on them from a social, political, and economic perspective. During the late part of the 20th century, the International Monetary Fund and other organizations collaborated with countries that were struggling economically and offered financial assistance and the creation and implementation of policies. Globalization has had a significant impact on countries around the world; both positive and negative outcomes have resulted from various factors pertaining to globalization. Revolutions such as the Arab Spring uprisings have been influenced by aspects of globalization, such as the changing political sphere and the unstable economic market. Furthermore, the revolutions are more successful in contemporary times as opposed to fifty or one hundred years ago because globalization has provided the world with many comforts, such as the convenience individuals possess in the usage of technology—namely social networking websites. Therefore, it is important to analyze and examine the social, political, and economic changes that have been brought about by globalization, the changing global-politics, as well as social and economic issues that may have caused by or formed after military conflict. India and Vietnam are two countries that are quite similar in terms of GPD per capita rates...
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...Globalization Tonya Waters Issues in Behavioral Science David Ouellette May 18, 2014 Globalization is the process of erasing national boundaries for economic purposes in order to create one global economy. This process is driven by free trade and the mobility of capital in order to trade goods, human labor, natural resources and investments. Globalization increases competition, creates jobs and increases economic growth. There is much debate however regarding the implications of globalization. While some welcome the integration as an opportunity to grow economically, others view globalization as the disintegration of their culture and values. India and Cambodia are examples of cultures affected both positively and negatively by globalization. Cambodia has been experiencing rapid economic growth, largely supported by increased tourism and the exportation of farm products. Globalization has brought improved healthcare, education, nutrition and raised the standard of living for the Cambodian people. Life expectancy has increased and infant mortality has declined substantially. However, Cambodia’s strong economic growth is not without cost. The jungles of Cambodia are being destroyed for the purposes of planting industrial size agriculture crops. "The government of Cambodia has full control over what companies are permitted access to various land and fishing concessions in Cambodia. Many of the concessions are given without regard to how they will impact people's...
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...International Research Journal of Business and Management – IRJBM ISSN 2322-083X Indian Technology and Globalization: A New Wrapper on Old Context Soma Bandyopadhyay Department of Computer Science and Engineering MCKV Institute of Engineering Howrah, India Basab Bandyopadhyay Department of Civil Engineering Professional Engineering Services Pvt. Ltd. Kolkata, India Abstract The objective of this paper is to explain the meaning of Globalization and to explore the impact of globalization in Indian context. Our study has two major goals: To analyse the globalization process before and after independence and to describe the main features of the Indian software industry, especially its competence and weakness. The study also reveals the trade and investment policies of the Government of India and its effects on Foreign Direct Investment. We have also done comparative study between Indian and Chinese economy, their strength and challenges. Keywords—Globalization; FDI; India; IT; China; Economic Policy; Industry; Technology. Introduction Globalization is a natural phenomenon of today’s world economies. However in the Indian perspective the globalization of its economy in general and science and technology in particular has taken varied course on its way to modern times. The key feature of this paper is to trace its path through the different periods, with special emphasis on the evolution of science and technology during this course. Different government policies adopted...
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...GLOBALISATION AND ITS IMPACT ON CULTURE Globalization can be defined as the removing of borders and barriers to facilitate easy exchange of ideas, resources and knowledge between countries. Communication is the essence of Globalization. Without communication, globalization is not possible. Globalization was introduced to India in 1991,when Manmohan Singh signed the New Economic Policy , when the Indian government introduced a set of reforms for the ailing Indian economy to prevent it from going to further crisis. These reforms were the Liberalization, Privatization and Globalization reforms. Since 1991, we have seen major changes in India. Globalization has opened India to the world and has brought in the much needed exposure. Globalization has had impacts in the economic, social, cultural and political ways of India. The most significant remains the impact of globalization on the economic sector. India has seen tremendous growth since 1991. India is one of the fastest growing countries in the world and that is all due to the reforms undertaken in 1991. The role of Multi -National Corporations (MNC’s) is very significant in the Indian scenario. The MNC’s were brought in by Globalization. Indian shores were attacked by the Chinese ships , and their products dominated the markets at first. But now , after Globalization , it’s a flat world , where in raw material , labour is picked up where it is cheap and all functions like marketing , manufacturing...
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...Globalization has many different definitions. One important fact, no matter how you look at globalization, is that a place has been affected one way or another by someone or something else. According to the text Anthropology: The Human Challenge, globalization is movement of “natural resources, trade goods, human labor, financial capital, information, and infectious diseases” from one are to another (Haviland, 2008). In this essay, globalization will look at westernized countries and their affect on non-westernized countries. One example of globalization is the oil industry in Nigeria. In 1956, western company Shell-BP discovered oil in the Niger Delta. This discovery led to a rapid boom of oil production and revenue, with money supplying both the western oil companies as well as Nigerian Government (Nicely, 2014). Before discovery of oil, Nigeria was an agriculture country, whose main source of income came from farm and crops grown in tropical to semitropical climates (Nigeria, 2015). Now, after years of oil production, Nigeria’s agriculture is no longer at the forefront, with oil production now the largest source of revenue (Economy, 2008). With this increased oil production, other issues have risen. Pollution, health problems, and political unrest are just some of the issues to have taken over Nigeria after oil was discovered (Nicely, 2014). Another example of globalization of western culture to the east is call centers immerging in India. Western businesses such as credit...
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...It is indeed our pleasure to submit the report titled ‘Impact of Globalization on Developing Countries Income Distribution’to you for your kind appraisal.During information collection, we got support by many other sources and we also got huge amount of support from you when we prepared the report. The experiences we have gathered will be very helpful in our professional life. We believe, this report will be quite interesting and fulfill your expectation. We have tried to give our best efforts to prepare a comprehensive report. We will be grateful if you accept our report and your kind consideration will be highly appreciated. Sincerely Yours, Group Members of "Group No: 03" Acknowledgement This report would not have been possible without the dedication and contribution of all the researchers of our group members. In IUB we studied the subject “International Business” as a part of our course. We went through the textbook, according to the syllabus. Hence, we are grateful to our course instructor Mr.Mehadi Mansur for describing the topics clearly and repeatedly in the class. A clear concept is the first step to be involved in making any kind of report and practical analysis. While preparing this report it was very helpful for us to work with the topic. Moreover, without Sir,Mehadi Mansur assistance and guideline completing the report was not possible whatsoever. Introduction Globalization means the worldwide...
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