15 Nov 2014

An Insight on Globalization : How much Beneficial and Actually for Whom, its Pros and Cons !

Globalization-its-pros-and-cons-good-bad
Globalization is the openness of the economic order irrespective of frontiers, which made Indian economy much more competent and the protective measures for native entrepreneurs were thrown out and it coupled with various vigor’s regarding cultural as well as social implications. Though  debt crisis  made India forced to open such economic stances,  it enabled  wide impacts that it was a decisive shift with  the 'Protective  Nehruvian Socialism' and even  after his death  India followed  such an edge  with Indira Gandhi  because she also  followed  the same and adopted  various  measures with various  interferences of state as a' necessary  edge'. The main  impact of globalization is metamorphosis  of the role  of the state that the classical  notion of Indian economy  eroded  and it pinned  that  the state is not a business  entity and adopted  a triumphing  notion  that it is a' facilitator'. The laissez faire notion of state mechanism prevailed with such liberal stances made the traditional concepts eroded.

Globalization-its-pros-and-cons-good-bad
Pic courtesy : nephist.wordpress.com
Globalization  can be viewed  as an economic  edge with the triumphing  of liberal perspective  and the government  made the market opened  and various players  started deals and such competitions made the availability  of goods in plenty  and it coupled the  reduction  of prices . It enabled a situation  in which, the customer  can choose  from an exhaustive  list and it enabled  a competition  with native and foreign  players,  it ultimately  made  the market with better  products  and improvements  in  their technology  is a necessary  one because,  if they fail to implement  it fairly,  they  will lose the  battle  in the world of tough competitions. Thus enabling  the flow of foreign investment with eroding the traditional concept  'swadesi' planked a situation , in which,  the Indian players  started competing with the world brands, it made the quality  measurement of such firms very high,  it trended the customers  to purchase quality  assured products.
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Pic courtesy : buzzle.com

Apart from economic implications, it embarked cultural infusions, made liberal notion of human rights more triumphed. With liberalism, it planked a situation in which, people started to travel to various parts of the world and it made cultural fusion in much increased pace. With enabling  and adhering western  notion of cultural  implications  and their liberal views made Indians much more  available regarding the evils prevailing in our society  more and more.
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Pic courtesy : slideshare.net
Though  the debt  crisis made to open economic  frontiers, it was inevitable  because  the collapse of USSR made India more isolated  because  India adopted  the policy of 'bending non alignment  with USSR'  which made some experts  from  the West to call it as ' immoral',  it coupled a notion  that national  security can get  another  edge with the USA and it can be said as a fundamental necessary  edge regarding  the problems  of India with  Pakistan and China. With the collapse  of 'communist block'  it pertained  a situation  in which  the  assistance  of the United States of America is necessary to make the 'balance of power' in the south Asia due to the  increasing problems  with her neighbors.

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Pic courtesy : mikenormaneconomics.blogspot.com
Globalization has its own unique determinants with world order that it enabled wide openness with the world arena; it made the disappearance of frontiers. The sagas of north south dialogue got a special edge with the globalization that they possessed the view that the development of the north is due to the drain from the south. With reference to the north south dialogue that, the developed nations are considered as north and third world   nations are considered south. Though the globalization made the economic frontiers almost disappeared from the sagas of economic order, the technological advanced products of developed nations will triumph on the products of native countries and it will ultimately put them in the losses. There aroused certain  situations  in which,  the products of comparatively low quality are sold  at high prices  and while  the sayings  for opened economy was prominent,  the advanced countries  always  playing behind  the curtain  like without removing  the trade barriers  etc. made a view prominent  that with the notion of  globalization,  the drain is still prevailing.

While it coupled free flow of money made all products are available at every corner of the market, its drawbacks are many.

  1. The product of native countries cannot fight with the high quality products of advanced countries and it will ultimately put them in loss.
  2. Through emanating the principles of openness, it enabled a situation in which it coupled the re-emergence of colonialism in a new form, neocolonialism.
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Pic source: Reserve Bank of India
There emerged a lot of arenas regarding the concept that the unjust economic order always made unfair results with them and there emerged   a new situation in which they are asking for more economic transactions with South from the north. It can be implied by two means.
  1. Through the openness, the flow of money will be prominent and it will ultimately lead to the development of third world order.
  2. The improvement of third world order is possible with the direct transfer of money like aids, loans etc.
Thus the globalization made far reaching  effects with both pros and cons that while  it pinned free flow  of money,  it made a lot of disadvantages  to the third world  nations.

What are your views on globalization and its impacts on economies of the world and especially on Indian economy?

What are the pros and cons of globalization?

(Written by Vineeth V, an IPS aspirant pursuing graduation in Political Science at Trivandrum,Kerala)

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