What is Globalization?Effects and Benefits of globalization?
The first discussion of the term globalization comes from the book of 'Jan Nesvir'.
'Globalization' (1998) is a book written by sociologist Malcolm Waters.
Globalization is made up of two words: world + integration. In these two words, world means different countries present on earth and integration means mutual cooperation and helping each other by coming under one roof.
To make any goods, services, systems of thought, capital, intellectual property or principle worldwide, that is, unrestricted exchange of every country of the world with other countries.
Properties/Benefits or Significance of Globalization
Globalization is a worldwide concept, from which not only India but the whole world is benefiting. The merits/benefits of globalization are as follows-
1. Arrival of New Technologies
Globalization increases the investment of foreign capital and the advent of new technologies, which improves the productivity of labor and the quality of the product.
2. Increase in standard of living
Globalization leads to an increase in the standard of living, because the consumer gets enough quality goods at the lowest price.
3. Foreign Appropriation
Developed nations of globalization invest their extra capital in underdeveloped and developing nations. These countries have been invested in large quantities due to the influx of foreign capital.
4. Employment Opportunities Abroad
Globalization enables people of one country to get employment in other countries.
5. Growth in Foreign Trade
Unnecessary restrictions on import-export are removed and due to the end of the protection policy, there is a substantial increase in foreign trade.
6. Increase in International Cooperation
When globalization is adopted, not only does economic relations improve, but political relations also improve. Today, due to globalization, India's relations with America, Germany and other European countries are improving.
7. Rapid Economic Growth
With globalization, each nation gets an opportunity to exchange technical knowledge with other nations and the investment of foreign capital increases. This leads to rapid growth of the economy.
8. Healthy Industrial Development
Globalization removes many governmental and international obstacles in the industrial sector and domestic industries try to make themselves capable to face foreign competition. This leads to healthy industrial development in the country. Sick and loss making units also try to improve themselves.
9. Growth in Foreign Exchange Fund
The country whose production is of the best quality, in sufficient quantity, its export trade increases rapidly. As a result, there is an increase in the foreign exchange fund and the problem of balance of payments is resolved.
10. Increase in Productivity
Due to international competition, domestic industries improve their productivity and quality in order to maintain the demand for their goods in the country and to be able to export. Electronic industry, car industry, textile industry in India have made effective reforms in this direction.
effects of globalization
Political Effects of Globalization
Positive
The power of the state has increased as a result of globalization.
Now state-of-the-art technology is present in the hands of the state, due to which the state can collect information about its citizens.
States can work better through information.
Due to this their working capacity has increased.
Negative
The capacity of the state has decreased due to globalization.
The concept of welfare state has now been replaced by the least interventionist state.
Alb state is limited to only a few functions such as maintenance of law and order and security of citizens.
Instead of the public welfare state, the market is now the main determinant of economic and social priorities.
Globalization has reduced the ability of states to take decisions on their own.
Economic effects of globalization
Positive
There has been an increase in the trade of commodities.
Import restrictions have eased.
The flow of capital has increased, now investors can invest their money in any country and earn profit.
Due to increased investment, employment has increased, due to which countries have received economic benefits and unemployment has decreased.
With the increasing rate of trade, every country gets a chance to do better.
Negative
Due to this, the governments are pulling their hands from some responsibilities and are not paying attention to the works of social justice, due to which the condition of the people dependent on the government will worsen.
For these people, social security cover (by providing facilities like education, health, job etc. to economically weaker people by the government) should be prepared so that the ill effects of globalization can be reduced on them.
Some economists have called it re-colonization.
Due to this, developed countries have carefully kept their national borders impenetrable through their visa policy so that citizens of other countries do not come and grab their jobs.
Cultural Effects of Globalization
Positive
There has been an increase in the number of choices in food and drink.
Cultural diversification (in which different cultures incorporate the good things of other cultures into their culture, due to which each culture becomes unique) has been encouraged.
The range of likes and dislikes widens.
Negative
It has a bad effect on the originality of cultures.
Cultures of rich countries are affecting the cultures of less developed countries
Western cultures have been promoted by cultural homogeneity.
Powerful cultures are taking small cultures to the brink of extinction like Valentine's Day is being given more importance than Vasant Panchami in India.
Cultural homogeneity - The spread of Western culture throughout the world so that it can take the form of a global culture.
Mcdonaldization – In this, western culture dominates the cultures of different countries.
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