Globalization of Modern Day India
Globalization of Modern Day India
Globalization can be traced back to the ancient world from the beginning of civilizations to today’s modern age. Trade between cultures, migration from one area to another and intercultural contact (shared knowledge of technology, religion, etc.) have existed for thousands of years. These occurrences prove that many areas of the world were and still are involved in a global network. Globalization describes the process by which different parts of the globe become interconnected by economic, social, cultural, and political means (Hutchinson Encyclopaedia). The concept of globalization is especially broad in the sense that it refers to so many aspects of the world including networks of communication, transportation and trade within diverse regional economies, societies and culture. Global recent advancements in these particular areas have accelerated the growth of international capitalism.
As a result, the world is more interdependent now than ever before. Information and money can be transferred with the click of a button. Communication is facilitated with the use of a mobile phone or the Internet. The exchange of data is now occurring at an incredibly rapid pace, almost instantaneously. Fewer trade barriers exist, thus creating a free flow of goods and services. Multinational corporations are producing goods and services in one part of the world and distributing in another. Work can be outsourced to any part of the world.
With the progress of merging global economies, markets throughout the world have benefited from increased investment, employment and income growth (Goyal 2006). Many countries have shown remarkable rapid economic growth with the expansion of business methods and companies across national boundaries. Realizing the potential of the world market, India has emerged as an economic superpower. India can be classified as a developing country, but its economy is one the fastest growing economies in the world. India
Globalization can be traced back to the ancient world from the beginning of civilizations to today’s modern age. Trade between cultures, migration from one area to another and intercultural contact (shared knowledge of technology, religion, etc.) have existed for thousands of years. These occurrences prove that many areas of the world were and still are involved in a global network. Globalization describes the process by which different parts of the globe become interconnected by economic, social, cultural, and political means (Hutchinson Encyclopaedia). The concept of globalization is especially broad in the sense that it refers to so many aspects of the world including networks of communication, transportation and trade within diverse regional economies, societies and culture. Global recent advancements in these particular areas have accelerated the growth of international capitalism.
As a result, the world is more interdependent now than ever before. Information and money can be transferred with the click of a button. Communication is facilitated with the use of a mobile phone or the Internet. The exchange of data is now occurring at an incredibly rapid pace, almost instantaneously. Fewer trade barriers exist, thus creating a free flow of goods and services. Multinational corporations are producing goods and services in one part of the world and distributing in another. Work can be outsourced to any part of the world.
With the progress of merging global economies, markets throughout the world have benefited from increased investment, employment and income growth (Goyal 2006). Many countries have shown remarkable rapid economic growth with the expansion of business methods and companies across national boundaries. Realizing the potential of the world market, India has emerged as an economic superpower. India can be classified as a developing country, but its economy is one the fastest growing economies in the world. India
References: "Globalization." The Hutchinson Unabridged Encyclopedia with Atlas and Weather guide. Abington: Helicon, 2009. Credo Reference. Web. 26 February 2011. Goyal, Krishyn A. "Impact of Globalization on Developing Countries (With Special Reference to India)." Euro Journals 5 (2006). Print. Gugler, Josef. World Cities beyond the West: Globalization, Development, and Inequality. Cambridge: Cambridge UP, 2004. Print. Nayar, Baldev Raj. "India 's Globalization: Evaluating the Economic Consequences." Policy Studies 22 (2006). East-West Center Washington. Web.