Impact of Globilization on Pakistan Economy

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Ghulam Ali Khan *

Globalization is a multifaceted phenomenon. The term Globalization is a controversial term and has been defined in several different ways. The word globalization can imply different meaning for different people across the glob. Some focus on the economic aspect and hence emphasize the global economy outlook, whereas some focus on the cultural aspects of this phenomenon and how globalization has effected different aspects of their culture, still others focus on the political aspects of the structure of globalization, yet others equate globalization with advanced technology, particularly in the area of communication and transportation. Globalization is all that. According to Majidi (1 ) There is not yet any single definition about globalization and there no consensus about it among the scholars. According to Walsham (2) ”The term globalization has achieved the unusual status, in a relatively short time, of becoming fashionable in academic debates in the social sciences, in the business world, and to some extent in the popular media. . However, even a cursory examination of these sources would demonstrate that the term is highly ambiguous, and that it masks a wide variety of opinions on what is happening in the world.’’ Anthony Mcgrew (3) confirming that globalization is a multidimensional phenomena, pays due attention to the issue of communication, defining globalization as the increasing mutual communication. He introduces the following items as the components of his definition: 1 – Under the conditions of globalization, social, political and economic activities Influence and are influenced by the trans-national events. 2 – Globalization intensifies mutual interactions, creating a new global system. ____________________________________________________________


Asst. Prof., Department of Islamic Studies, University of the Punjab, Lahore.


3 – The growth of intensity and extent of communications leads to the elimination of the distance between domestic and international issues. In fact communications become so deep that the people on the side of their local lives feel a global aspect of their lives as well. 4 – Growing communications create some issues at transnational level which can be settled and handled only through global cooperation (proliferation of weapons and the problem of drug trafficking are among such issues). Globalization has also been defined from other aspects. Many thinkers have defined globalization only from economic point of view. For instance, on the basis of a definition, globalization means economy, development and domination of an economic production system on the societies of the world. Although this system does not rely on a single country, or a single source of economic-political power, it is mainly under the influence of the most powerful and effective economic-political units in the world (4). On the basis of another definition, globalization in simple language means unity of market, labor and production market, money and capital. (5). Cultural globalization has been defined as a process that facilitates the transformation of cultural features to a part of the global cultural order and consequently the local cultures will be either eliminated or renovated.(6) Majidi says many thinkers maintain that globalization in its cultural aspect is unification of various cultures and formation of a single global culture. This definition has drawn lots of criticisms and many consider the formation of such a culture neither possible nor likely (7).

Globalization is not being easily swallowed by the political Scientists and by common man in the world. We should admit that, at least academically, globalization has been a debatable issue. The proponents of globalization emphasize on the argument that globalization is a kind of accelerator of social...
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