Globalization is a process by which capital, goods, services and sometimes labor cross national borders and acquire a transnational character. Globalization represents a historically unprecedented level of global interconnectedness. The power of national governments is both reconstituted and restructured by globalization processes. It is seen as the central driving force behind a number of the rapid changes (socioeconomic and political) that are reshaping the world order. As a result, globalization is conceived as a powerful transformative force responsible for a `massive shake-out' of nations, economies, international institutions and the whole world order. Thus, we can say that the higher the level of international cooperation/transactions, the higher will be economic growth, income level and living standards the globalization process would bring. The focus of this paper is to concentrate on globalization and its influence on the economy. The issues like globalization, East Asian experience, global trade, their influence on the Indian economy and why anti-globalists reject globalization, are discussed in this paper.
Globalization has enriched the world scientifically and culturally, and benefited many economically. Pervasive poverty dominated the world not many centuries ago, with only rare pockets of affluence. In overcoming that penury, modern technology and economic interrelations have been influential. The predicament of the poor cannot be reversed by withholding from them the great advantages of contemporary technology, the efficiency of international trade and exchange, and the social and economic merits of living in open, rather than closed societies. What is needed is a fairer distribution of the fruits of globalization.
Globalization is a term that (along with liberalization and privatization) covers all facets of lifepolitical, economic, social and cultural. A global or transnational economy is one which transcends the national borders unhindered by artificial restrictions like government restrictions on trade and factor movements. Globalization is a process of development of the world into a single integrated economic unit. This integration is boosted by technological progress, particularly in transport and communications. However, globalization also means the free exchange of thoughts and ideas, and greater mobility of people. This is not something that is imposed upon us, but the result of forces for change that are deeply rooted in human nature: The drive for freedom and a better life, for new discoveries, and for a broader horizon. In popular dialog, globalization often functions as little more than a synonym for one or more of the following phenomena:
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