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Under globalisation, localities being connected with the world by breaking national boundaries; forging of links between one society and another and between one country and another through international transmission of knowledge, technology, ideas, information, literature and culture.Globalisation makes way for establishing ‘borderless globe’, the ideal of which was articulated by Kemichi Ohmae.In view of the current global recession and financial crisis, there is a paramount importance of global integration.
(ii) Globalisation paves the way for removing inefficiency in production system.
Prolonged protective scenario in the absence of globalisation makes the production system careless about cost effectiveness which can be attained by following the policy of globalisation.
(v) Globalisation makes domestic industries of developing countries to become conscious about price reduction and quality improvement to their products so as to face foreign competition.
(vi) Globalisation discourages uneconomic import substitution and favour cheaper imports of capital goods which reduces capital-output ratio in manufacturing industries.
Thus taking the entire world as global village, all the four components are equally important for attaining a smooth path for globalisation.
Accordingly, the term, globalisation has four parameters: (a) Permitting free flow of goods by removing or reducing trade barriers between the countries, (b) Creating environment for flow of capital between the countries, (c) Allowing free flow in technology transfer and (d) Creating environment for free movement of labour between the countries of the world.
It results breaking of national barriers and creation of inter-connectedness.
Globalisation is a composite process through which integration of nation-states across the world can be made by common economic, commercial, political, cultural and technological ties.
They do not want to include the free flow labour within the parameter of globalisation set by them. Too many have no voice in its design and no influence on its course.” “We wish to make globalisation a means to expand human well being and freedom, and to bring democracy and development to local communities where people live.” But the advocates of the policy of globalisation argue that globalisation would help the underdeveloped, and developing countries to improve their competitive strength and attain higher growth rates.
However, the advocates of globalisation, especially from the developed countries purposely limit the definition of globalisation to only three components, i.e., unrestricted trade flows, capital flows and technology flows.