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Globalization
- 1. GLOBALIZATION BY K A R T H I K
- 2. GLOBALIZATION MEANING - GLOBALISATION MEANS INTEGRATING THE INDIAN ECONOMY WITH THE WORLD ECONOMY - IT IS THE OUTCOME OF POLICIES OF LIBERALISATION AND PRIVATISATION - IT ATTEMPTS TO ESTABLISH LINKS IN SUCH A WAY THAT THE HAPPENING IN INDIA CAN BE INFLUENCED BY EVENTS IN OTHER COUNTRIES - IT IS THE OUTCOME OF THE POLICIES THAT AIM TO TRANSFORM THE WORLD TOWARDS GREATER INTERDEPENDENCE AND INTEGRATION AIM - CREATE A BORDERLESS WORLD
- 3. LIBERALIZATION - REMOVAL OF BARRIES AND RESTRICTIONS SET BY THE GOVERNMENT ON FOREIGN TRADE - GOVERNMENTS USE TRADE BARRIERS TO INCREASE OR DECREASE (REGULATE) FOREIGN TRADE TO PROTECT THE DOMESTIC INDUSTRY FROM FOREIGN COMPETITION. EXAMPLE TAX ON IMPORT, RESTRICTIONS ON FDI - AROUND 1991 GOVERNMENT OF INDIA ADOPTED THE POLICY OF LIBERILISATION
- 4. GLOBALIZATION REMOVAL OF INEFFICIENCY: industries become careless in the absence of globalization INCREASED COMPETITION : encourages foreign competition which will lead to reduction in prices and improvement in quality of goods INCREASING PRODUCTIVITY : globalization in underdeveloped countries will improve allocation of resources BANKING : banking institutions will improve upon opening up these sectors to the foreign banks
- 6. DEBATE ON GLOBALIZATION ARGUMENTS ON GLOBALISATION FAVOUR AGANIST - INCREASED DEGREE OF COMPETITION EVENTUALLY BENEFITING THE CONSUMERS WITH MORE CHOICES AND BETTER PRICE - ACCESS TO ADVANCED TECHNOLOGY - CREATE EMPLOYMENT OPPORTUNITIES - IT WILL INCREASE THE INFLOW OF CAPITAL AND FOREIGN CURRENCY - BENEFITS ARISE MORE TO DEVELOPED AND LESS TO DEVELOPING COUNTRIES - CREATES ECONOMIC DISPARITIES AMONG NATION AND PEOPLE - COMPROMISE WITH WELFARE OF PEOPLE RESIDING IN DEVELOPING COUNTRIES
- 7. Multinational corporations (MNC) A company which sells its products outside its mother country is called multinational company .eg- apple,google,samsung,etc.
- 8. World trade organization (WTO) World trade organization was setup to allow trade among many different countries OR LIBERALISE INTERNATIONAL TRADE
- 9. QUESTIONS ---------- MEANS INTEGRAING THE INDIAN ECONOMY WITH WORLD ECONOMY - LIBERALISATION - PRIVATISATION - GLOBALIZATION - NONE OF THE ABOVE GLOBALISATION IS THE OUTCOME OF ----------- AND ------------ - LIBERALISATION - PRIVATISATION - GLOBALISATION - BOTH (A) AND (B) GLOBALISATION AIMS TO CREATE ----------- - LIMITED - RESTRICTED - BORDERLESS - NONE OF THE ABOVE
Editor's Notes
- Favour: Against: Globalization is helping more to developed economies because many of the MNC’s has not setup manufacturing plants in India Increased trade and travel have facilitated the spread of human, animal and plant diseases like HIV, SARS and Bird flu The increasing interdependency of countries in globalized world makes them more vulnerable to economic problems like Asian financial crisis in the late 1990’s Globalisation leads to brain drain of skilled worked to developed countries to benefit from higher wages and better lifestyle prospects
- WTO is an international organization that is facilitating globalization Objectives of WTO To develop multilateral trade system among the member countries To increase the standard of living of the member countries by expanding production and trade in good and services To help the developing nations to increase their share in the growth of international trade To promote linkage between trade policies, Functions of WTO: It will facilitate the implementation, administration and operation of the world trade agreements It will function as a forum of discussion among member countries It shall provide the training and technical assistance to developing countries WTO will try to handle any dispute or controversy arises among member countries over that those trade related issue WTO and India India, being a founder member of the WTO, has been following the WTO decisions. We can point out some undesirable impacts of the WTO regime on Indian economy. These are noted below: 1. Under the WTO regime, Indian industries are seriously affected. For example, the government of India allowed the import of second hand cars into India. This policy has seriously hit Indian automobile industry. Recently Chinese goods are flooding the Indian markets, thus adversely affecting quite a large range of consumer goods industries. 2. Small Scale Industries (SSIs) are loosing their markets to cheap imported products. A large number of SSIs units are becoming sick or have closed down. In soft drinks the entry of powerful Coca Cola and Pepsi have eliminated practically all small units engaged in the manufacture of aerated water. ABHIJIT DAS. S. Chand's ICSE Economic Application Book I For Class IX (p. 163). S Chand & Co Ltd. Kindle Edition.