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GLOBALIZATION
By: - VIVEK GUPTA
Globalization
, it is a most over-used and least-understood word in theworld. But according to me, Globalization is a process of interaction andintegration among the people, companies, and governments of differentnations,
through
the flow of information, ideas, activities,technologies, goods, and services and capital etc.
This process has effects on the environment, on culture, on political systems,on economic development and prosperity, and on human physical well- being in societies around the world.
Globalization
is not new. Form thousands of years, people andcorporations have been buying and selling to each other at greatdistances, such as though the famed Silk Road across Central Asia thatconnected China and Europe during the Middle Ages. Likewise, for centuries, people and corporations have invested in enterprises in other countries. In fact, many of the features of the modern globalization aresimilar to those prevailing before the First World War in 1914.But policy and technological developments of the past few decades havevery high increases in cross-border trade, investment, and migration.Many observers believe that the world has entered a qualitatively new phase in its economic development. For example, since 1950, the volumeof world trade has increased by 20 times, and from just 1997 to 1999flows of foreign investment nearly doubled, from $468 billion to $827 billion. Distinguishing this modern form of globalization from earlier ones,analyzers have said that the modern form of globalization is very faster,easier, farther cheaper and developing.This modern form of globalization has been driven by new policies thathave made drastic change in economies at domestic level andinternational level. As we can see, during the past two decades, manygovernments have adopted free-market economic systems, increasingtheir own productive potential and creating new opportunities for international trade and investment.Governments also have made very major reductions in export duties andhave done international agreements to promote trade in goods, services,and investment. Corporations are taking advantage of new opportunitiesin foreign markets and building foreign factories, production plants andmarketing arrangements with foreign partners.
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| Upload Date: | 01/28/2009 |
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