<–2/”>a >Definition of Globalization/”>Globalization-3/”>Globalization :- Its a process(not an outcome) characterized by increasing global Interconnections by gradual removal of barriers to trade and Investment between nation and higher economic efficiency through competitiveness.
Various economic, political, social and cultural effects of globalization are as follows:-
[su_heading size=”21″]Economic:-[/su_heading]
- Breaking down of national economic barriers
- International spread of Trade, Financial and productive activities
- Growing power of transnational cooperation and International financial Institutions(WTO, IMF)Through the process of:-
1- Liberalization-2/”>Liberalization– relaxation of restrictions, reduction in role of state in economic activities,decline in role of govt in key industries, social and infrastructural sector.
2- Privatization– Public offering of Shares and private sale of shares, entry of private sector in public sector and sale of govt enterprises.
3- FDI
4- International regulatory bodies(WTO,IMF)
5- MNC’s
6- Infrastructural development
7- Expansion of Communication-technology/”>Information and communication technology and birth of information age.
8- Outsourcing of Services– ie BPO and Call Centres.
9- Trade related Intellectual Property Rights(TRIPS)- product based patent rather than process based.
[su_heading size=”21″]Social effects:-[/su_heading]
- Withdrawal of National govt from social sectors ie declining share of govt in public spending, reducing social benefits for worker(social dumping,pension cuts,subsidies reduction)
- Labor reforms and deteriorating Labor welfare:-
- Labour Market deregulation:-
- Minimum wage fixing
- EMPLOYMENT security
- Modifying tax regulation
- Relaxed standards of security
- Increased Mechanization demands skilled labour and thus loss of job for unskilled labour
- Loss of jobs for traditional workers for example bihar silk workers due to imported Chinese- Korean silk
- Labour Market deregulation:-
- Feminism of Labour ie increased Women participation specially in soft industries
- Trickle down theory of POVERTY reduction has limited success and in agricultural nations poverty has infect increased.
- Unsustainable development practices such as:- excessive use of Fertilizers, Irrigation, fish trawling by mnc’s(Protein flight ),Exploitation of natural Resources by MNC’s.
- Migration and Urbanization have lead to problem of slums
- Commercialization of indigenous knowledge:- patenting
- Rising inequality in wealth concentration
[su_heading size=”21″]Cultural:-[/su_heading]
- Increased pace of cultural penetration
- Globalization of culture
- Development of hybrid culture
- Resurgence of cultural nationalism ie shivsena opposing valentine day
[su_heading size=”21″]Political:-[/su_heading]
- Globalization of National Policies- Influenced by International agencies
- Reducing economic role of govt
- Political lobbying
[su_heading size=”21″]Positive effects of Globalization[/su_heading]
- Increased competition
- Employment generation
- Investment and capital flow
- Foreign Trade
- Spread of technical know how
- Spread of Education
- Legal and ethical effects
- Improved status of women in the Society
- Urbanization
- agriculture:- greater efficiency,productivity, use of HYV seeds, Future contracts and Cooperative Farming
- Higher standard of living
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Globalization is the process of interaction and integration among people, companies, and governments worldwide. As a complex and multifaceted phenomenon, globalization is considered by some as a form of capitalist expansion which entails the integration of local and national economies into a global, unregulated market economy.
Globalization has had a profound impact on the world, both positive and negative. On the positive side, globalization has led to increased trade and investment, which has helped to boost economic Growth and development. Globalization has also led to increased innovation and efficiency, as companies have been forced to compete in a global marketplace. Additionally, globalization has made it easier for people to communicate and share ideas, which has helped to promote cultural understanding and Tolerance.
However, globalization has also had some negative consequences. One of the most significant negative consequences of globalization is increased inequality. As companies have moved their operations to countries with lower labor costs, many workers in developed countries have lost their jobs. Additionally, globalization has led to increased Environmental Degradation, as companies have sought to exploit Natural Resources without regard for the environmental consequences.
Despite the negative consequences, globalization is a complex phenomenon with both positive and negative aspects. It is important to weigh the costs and benefits of globalization carefully in order to make informed decisions about how to best manage it.
The challenges of globalization are complex and there is no easy solution. However, there are some things that can be done to address these challenges. These include:
- Promoting economic growth: Economic growth is essential for reducing poverty and inequality. Governments need to invest in education, healthcare, and Infrastructure-2/”>INFRASTRUCTURE to create jobs and stimulate economic growth.
- Investing in social safety nets: Social safety nets are essential for protecting the poor and vulnerable. Governments need to provide healthcare, education, and other social services to those who need them.
- Addressing environmental degradation: Governments need to take action to address Climate change and other environmental problems. This includes investing in RENEWABLE ENERGY, reducing pollution, and protecting forests.
- Promoting social Justice: Governments need to promote social justice and Equality. This includes ensuring that everyone has access to education, healthcare, and other basic necessities.
- Strengthening international cooperation: International cooperation is essential for addressing global problems, such as Climate Change and terrorism. Governments need to work together to find solutions to these problems.
The way forward is to find a balance between the positive and negative aspects of globalization. This will require careful thought and planning, as well as cooperation between governments, businesses, and civil society.
1. What is globalisation?
Globalisation is the process of increasing interconnectedness between countries and people. It is driven by the spread of technology, trade, and investment.
2. What are the benefits of globalisation?
Globalisation can lead to increased economic growth, trade, and investment. It can also lead to the spread of technology and ideas.
3. What are the costs of globalisation?
Globalisation can lead to job losses in some countries, as companies move their operations to countries with lower wages. It can also lead to the loss of cultural identity, as people are exposed to more foreign cultures.
4. How can the benefits of globalisation be maximised and the costs minimised?
Governments can help to maximise the benefits of globalisation by investing in education and training, so that workers are prepared for the changing job market. They can also help to minimise the costs of globalisation by providing support to workers who lose their jobs due to globalisation.
5. What are the challenges of globalisation?
One of the biggest challenges of globalisation is the rise of inequality. As globalisation has progressed, the gap between the rich and the poor has widened in many countries. This is because globalisation has benefited the wealthy, who have been able to take advantage of new opportunities, while the poor have often been left behind.
Another challenge of globalisation is the environmental impact. Globalisation has led to increased consumption of resources and pollution. This is because globalisation has made it easier for people to buy goods and services from all over the world, even if those goods and services are produced in a way that is harmful to the Environment.
6. What are the future trends of globalisation?
It is difficult to predict the future of globalisation, but some trends that are likely to continue include the rise of emerging markets, the growth of the digital economy, and the increasing importance of sustainability.
The rise of emerging markets is one of the most significant trends in globalisation. Emerging markets are countries that are experiencing rapid economic growth. These countries are becoming increasingly important players in the global economy.
The growth of the digital economy is another significant trend in globalisation. The digital economy is the part of the economy that is based on digital technologies. The digital economy is growing rapidly and is having a major impact on the global economy.
The increasing importance of sustainability is another significant trend in globalisation. Sustainability is the ability to meet the needs of the present without compromising the ability of future generations to meet their own needs. Sustainability is becoming increasingly important as the world faces challenges such as climate change and resource depletion.
7. What are the implications of globalisation for India?
Globalisation has had a significant impact on India. It has led to increased economic growth, trade, and investment. It has also led to the spread of technology and ideas.
Globalisation has also had some negative impacts on India. It has led to job losses in some sectors, as companies have moved their operations to countries with lower wages. It has also led to the loss of cultural identity, as people are exposed to more foreign cultures.
Overall, globalisation has had a positive impact on India. It has led to increased economic growth and development. However, it is important to manage the negative Impacts of Globalisation, such as job losses and the loss of cultural identity.
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Globalisation has led to:
(a) Increased trade and investment
(b) Increased cultural exchange
(c) Increased competition
(d) All of the above -
The main benefits of globalisation are:
(a) Increased economic growth
(b) Increased efficiency
(c) Increased innovation
(d) All of the above -
The main challenges of globalisation are:
(a) Increased inequality
(b) Increased environmental degradation
(c) Increased social unrest
(d) All of the above -
The main drivers of globalisation are:
(a) Technological Progress
(b) Trade liberalisation
(c) Foreign Direct Investment
(d) All of the above -
The main opponents of globalisation are:
(a) Trade Unions
(b) Environmental groups
(c) Non-governmental organisations
(d) All of the above -
The main supporters of globalisation are:
(a) Multinational corporations
(b) Governments
(c) International Organisations
(d) All of the above -
The main impact of globalisation on the environment is:
(a) Increased pollution
(b) Increased resource depletion
(c) Increased climate change
(d) All of the above -
The main impact of globalisation on society is:
(a) Increased inequality
(b) Increased social unrest
(c) Increased cultural change
(d) All of the above -
The main impact of globalisation on the economy is:
(a) Increased economic growth
(b) Increased efficiency
(c) Increased innovation
(d) All of the above -
The main impact of globalisation on culture is:
(a) Increased cultural exchange
(b) Increased cultural diversity
(c) Increased cultural conflict
(d) All of the above