GLOBALIZATION IS ARGUABLY THE MOST

PERVASIVE ESSENTIALLY CONTESTED CONCEPT

OF RECENT TIMES

Assignment
Submitted to

USHA MARTIN UNIVERSITY

for the internal assessment in the paper
“LAW AND JUSTICE IN A GLOBALIZING WORLD”

Under the Supervision of

Ms. Swati Sawar

Assistant Professor

Faculty of Law,

Usha Martin University, Ranchi

Submitted By

Abhishek Bhardwaj
LL.M. One Year

Semester II (Business Law)

Session (2021-2022)
 TABLE OF CONTENTS

NAME PAGE NO.

 INTRODUCTION……………………………………………………………………..2-3

 WHAT IS GLOBALIZATION?…………………………………………………………4-5

 HISTORY OF GLOBALIZATION....................................................................................6-8

 1ST PHASE…………………………………………………………………...7

 2ND PHASE…………………………………………………………………..8

 ECONOMIC DEVELOPMENT…………………………………………………………9

 STEPS OF ECONOMIC DEVELOPMENT.........................................................................10

 COMPONENT OF ECONOMIC DEVELOPMENT………………………………………..10-11

 EFFECT OF GLOBALIZATION ON WORLD ECONOMY....................................................12

 SOME EFFECTS OF GLOBALIZATION………………………………………………..13-16

 CONCLUSION……………………………………………………………………….17

 REFERENCES ...........................................................................................................18-19

1
INTRODUCTION

Globalization is a term which refers and leads to economic development and the factors
which decide the development of a country. Globalization is simply a process which leads to
development of a nation and world.

The primary purpose of this project work is to find out that how the is arguably the most
pervasive essentially contested concept of recent times. The concept of globalization of a
country refers to the process of improvement and development in certain areas like the
economic opportunities, quality of human lives and reduction in the poverty. Better health
facilities, better education of citizens, clean environment and utilization of resources in better
way are some the important components of Globalization and development. Also, the proper
and justified distribution of goods and services is also the part of economic globalization. A
good distribution network that includes the good transportation system results in not only
better delivery of goods and services but the improvement of labors mobility and cross border
movement.

Globalization is a very complicated process, and not a new phenomena as our world has
experienced its effects on different aspects of lives such as economical, social, environmental
and political from many years ago. Economic globalization refers to the process of increasing
interdependence of world economies on different countries as a result of growing scale of
cross-border trade of commodities and services, free-flow of international capital and wide
and rapid spread of technologies. Economic globalization means a process which includes
flows of goods and services across the borders, international capital flows, reduction in tariffs
and trade barriers, immigration, and the spread of technology, knowledge beyond borders and
most importantly the flow of information across the borders.

Globalization is a process of integration of national economy into world economy, and

economic development is outcome of such process of globalization. The economic
development is the outcome gained because of the increased interconnections among
countries and it usually results in a better standard of living, and an overall improved quality
of life. The successful economic, social, environmental and political development of a nation
also depends upon certain factors and the ability of the state and its labor power. So,
Globalization plays a vital role in determining the future of the world and different nations.
This paper attempts to explain that what role globalization has played and how its overall

2
impact leads to economical, social, environmental and political development of countries and
world.

3
WHAT IS GLOBALIZATION?

Globalization simply means making world a single place or single market. Many scholars
have defined Globalization but the term Globalization is not limited and every definition can
be criticized as all are in their own perspective. Globalization has not a unique, short or
simple definition as it is broader term and in every field it has different definition.

Globalization is not only economic it has different aspect, so, in every aspect the definition
changes. Some aspects of globalization are national and international security, environmental,
social, cultural, communication, ideas, technology, law and governance.

Globalization is the process in which people, ideas and goods spread throughout the world,
spurring more interaction and integration between the world's cultures, governments and
economies.1

Globalization refers to the integration of markets in the global economy, leading to the
increased interconnectedness of national economies. Markets where globalization is
particularly significant include financial markets, such as capital markets, money and credit
markets, and insurance markets, commodity markets, including markets for oil, coffee, tin,
and gold, and product markets, such as markets for motor vehicles and consumer electronics. 2

“Globalization is the free movement of goods, services and people across the world in a
seamless and integrated manner”. Globalization can be thought of to be the result of the
opening up of the global economy and the concomitant increase in trade between nations. In
other words, when countries that were hitherto closed to trade and foreign investment open
up their economies and go global, the result is an increasing interconnectedness and
integration of the economies of the world. 3 Globalization can also mean that countries
liberalize their import protocols and welcome foreign investment into sectors that are the
mainstays of its economy. What this means is that countries become magnets for attracting
global capital by opening up their economies to multinational corporations. Further,
globalization also means that countries liberalize their visa rules and procedures so as to
permit the free flow of people from country to country. Moreover, globalization results in

1
Available at: https://searchcio.techtarget.com/definition/globalization
2
Available at: https://www.economicsonline.co.uk/Global_economics/Globalisation_introduction.html
3
Available at: https://www.managementstudyguide.com/what-is-globalization.htm

4
freeing up the unproductive sectors to investment and the productive sectors to export related
activities resulting in a win-win situation for the economies of the world.” 4

Globalization is a process of interaction and integration among the people, companies, and
governments of different nations, a process driven by international trade and investment and
aided by information technology. 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. 5

Globalization is the spread of products, technology, information, and jobs across national
borders and cultures. In economic terms, it describes an interdependence of nations around
the globe fostered through free trade.6

Globalization is the word used to describe the growing interdependence of the world’s
economies, cultures, and populations, brought about by cross-border trade in goods and
services, technology, and flows of investment, people, and information. 7

The difficulty of what globalization means adds to the definitional confusion. In other words,
what is being globalised? Consensus seems to have formed on the globalization of industry,
financial services, and other concerns of a financial nature However, these are not solely
economic considerations because governments and others develop policy alternatives to
confront the implications of these economic forces. Globalization can be conceptualized as a
process of creating connections through the exchange of information, ideas, capital and
goods. These connections integrate national economies, cultures, technologies and
governance, eventually blurring economic boundaries between nations and producing a
complex system of mutual interdependence. 8 The globalization includes three dimensions
which are as follows:

 Economic globalization can be measured by observing the long-distance flows of

goods, capital, services and information that accompanies market exchanges;
 Political globalization is measured by a diffusion of governmental policies;
 Social globalization means the dispersal of ideas, information, images, and culture.

4
Available at: https://www.managementstudyguide.com/what-is-globalization.htm
5
Available at: https://www.globalization101.org/what-is-globalization/
6
Available at: https://www.investopedia.com/terms/g/globalization.asp
7
Available at: https://www.piie.com/microsites/globalization/what-is-globalization.html
8
Yung-Hsiang Ying, Koyin Chang & Chen-Hsun Lee, ‘’The Impact Of Globalization On Economic Growth’’,
17(2) RJEF (2014)

5
HISTORY OF GLOBALIZATION

The question arises that when the globalization begins? Many scholars have different opinion
on this point. But reality is that globalization was in progress long term before when the term
globalization was coined or was made popular. Globalization simply means movement of
people and history can be traced from there. So, the first instance of globalization can be
traced by movement of goods and peoples by camels and ships. According to some scholar
the globalization comes in different phase and waves. And some suggest about the different
steps of globalization.

According to some scholars globalization started with Columbus’s voyage to the New World
in 1492. People traveled to nearby and faraway places well before Columbus’s voyage,
however, exchanging their ideas, products, and customs along the way. The Silk Road, an
ancient network of trade routes across China, Central Asia, and the Mediterranean is perhaps
the most well-known early examples.9 For thousands of years, people have been buying from
and selling to each other in lands at great distances, such as through the famed Silk Road
across Central Asia that connected China and Europe during the Middle Ages. Likewise, for
centuries, people and corporations have invested in enterprises in other countries. 10 Silk roads
routes are the first instance of globalization and it can be said that it stated from 1st century
BC to 5th century AD and remains till 13th-14th centuries AD. After that the spice routes
which refers to Islamic merchants. As the new religion spread in all directions from its
Arabian heartland in the 7th century, so did trade. The founder of Islam, the prophet
Mohammed, was famously a merchant, as was his wife Khadija. Trade was thus in the DNA
of the new religion and its followers, and that showed. By the early 9th century, Muslim
traders already dominated Mediterranean and Indian Ocean trade; afterwards, they could be
found as far east as Indonesia, which over time became a Muslim-majority country, and as far
west as Moorish Spain. The main focus of Islamic traders in that time were spices but by the
medieval era they had become the true focus of international trade. Chief among them were
the cloves, nutmeg and mace from the fabled Spice islands the Maluku islands in Indonesia.
They were extremely expensive and in high demand, also in Europe. 11

9
Available at: https://www.nationalgeographic.org/encyclopedia/globalization/
10
Available at: https://www.globalization101.org/what-is-globalization/
11
Available at: https://www.weforum.org/agenda/2019/01/how-globalization-4-0-fits-into-the-history-of-
globalization/

6
Truly global trade kicked off in the Age of Discovery. It was in this era, from the end of the
15th century onwards, that European explorers connected East and West – and accidentally
discovered the Americas. Aided by the discoveries of the so-called “Scientific Revolution” in
the fields of astronomy, mechanics, physics and shipping, the Portuguese, Spanish and later
the Dutch and the English first “discovered”, then subjugated, and finally integrated new
lands in their economies. 12

The next phase is known as proto-globalization. It was characterized by the rise of maritime
European empires, in the 16th and 17th centuries, first the Portuguese and Spanish Empires,
and later the Dutch and British Empires. In the 17th century, globalization became also a
private business phenomenon when chartered companies like British East India Company
(founded in 1600), often described as the first multinational corporations, as well as the
Dutch East India Company (founded in 1602) were established. 13

By 1700, also, competing European powers also controlled the Atlantic Economy; and like
cotton from Asia, sugar and tobacco from the Americas arrived in Europe as commodities
within circuits of world capital accumulation. The role of primitive accumulations were much
greater in the Atlantic System, including the capture of native lands in the America, forced
labor in the silver mines of Peru, the purchase of slaves captured in wars along the African
coast, the forced transportation of slaves to the different countries, and the construction of the
slave plantation economy in coastal America. And by, 1800, the Atlantic and Indian Ocean
system was connected to one another via the flow of currencies and commodities and by the
operations of the British, French, and Dutch overseas companies and all being controlled,
owned, or "chartered" by their respective states. The 17-18th centuries were the age of
mercantilism, in which state power depended directly on the sponsoring and control of
merchant capital, and merchant capital flourished under the direct protection and subsidy of
the state treasury. It has been argued that the expansion of "portfolio capitalists" in the Indian
ocean reflected a similar kind of mercantilist trend in Asia during the 18 th century. 14

The first phase of globalization began during the early part of the nineteenth century and
lasted until 1914. The first phase of globalization was facilitated by technological
advancement which made both during and after the Industrial Revolution. Improved ship

12
available at: https://www.weforum.org/agenda/2019/01/how-globalization-4-0-fits-into-the-history-of-
globalization/
13
Available at: https://en.wikipedia.org/wiki/History_of_globalization
14
Available at: https://searchcio.techtarget.com/definition/globalization

7
building techniques as well as advances in navigation and communications were among the
most significant reasons that the first phase of globalization took place during this period. 15

Second and third wave of globalization comes after the world war and the first phase ended
with world war. However, the end of the Second World War marked a new beginning for the
global economy. World aided by the technologies of the Second Industrial Revolution, like
the car and the plane, global trade started to rise once again. At first, this happened in two
separate tracks, as the Iron Curtain divided the world into two different spheres of influence.
But after 1989 when the Iron Curtain fell, globalization became a truly global phenomenon. 16

The 21st century has witnessed the new era of Globalization. Global stock markets
plummeted after the Sept. 11, 2001, terrorist attacks in the United States of America, but
rebounded in subsequent years. Overall, however, the early 21 st century has seen a dramatic
increase in the pace of global integration, driven primarily by rapid advances in information,
technologies and telecommunications. In general, money, technology and materials flow
more swiftly across national boundaries today than they ever have in the past. The flow of
knowledge, ideas, technologies and cultures are flowing with increasing speed as well,
enabled by the near instantaneousness of global internet communications. 17

15
The Role of “Globalization” in Economic Development Brandon Levy Electronic copy available at:
http://ssrn.com/abstract=2233648
16
Available at: https://www.weforum.org/agenda/2019/01/how-globalization-4-0-fits-into-the-history-of-
globalization/
17
Available at: https://searchcio.techtarget.com/definition/globalization

8
RELATION OF GLOBALIZATION AND ECONOMIC DEVELOPMENT

What is economic development? How it is defined? There are certain component of

economic development, some scholars states some steps of economic development. There are
some indicators which provide to measure economic development.
Economic development is the process whereby simple, low-income national economies are
transformed into modern industrial economies. Although the term is sometimes used as a
synonym for economic growth,18 Economic development is usually the focus of federal,
state, and local governments to improve our standard of living through the creation of jobs,
the support of innovation and new ideas, the creation of higher wealth, and the creation of an
overall better quality of life. Economic development is often defined by others based on what
it is trying to accomplish. Many times these objectives include building or improving
infrastructure such as roads, bridges, etc.19. The country’s economic development is usually
indicated by an increase in citizens’ quality of life. ‘Quality of life’ is often measured using
the Human Development Index (HDI), which is an economic model that considers intrinsic
personal factors not considered in economic growth, such as literacy rates, life expectancy
and poverty rates.20

Economic development refers to the improvements in quality of human life. According to a

widely acceptable definition, Economic Development means the changes in local economies’
capacity of wealth creation21 According to traditional view, Economic Development refers to
the Economic System that might be a mean to increase the absolute size of, for instance,
capital or annual production regardless to the size of population but in the modern sense,
economic development is used in relation to the movement in real income per head and to
potential in this respect 22

18
Available at: https://www.britannica.com/topic/economic-development
19
Available at: https://study.com/academy/lesson/what-is-economic-development-definition-examples.html
20
Available at: https://www.intelligenteconomist.com/economic-growth-and-development/
21
Kane, M., & Sand, P.. “Economic Development: what works at the local Level. Washington” D.C.: National
League of Cities. (1988)
22
Robbins, L., “:The Theory of Economic Developement in the History of Economic Thought.” London:
Macmillan. (1968)

9
Steps of Economic Development

According to an American Economist Rostow, Economic Development comes into five steps
that are as follow23:

 Traditional Stage is a time in which mode of trade is in exchange system or barter

system. Agriculture is considered the major sector and resources are regulated through
the different ways of production.
 Transitional Stage means a stage where surplus production is generated which results
in transport infrastructure get advance and trading activates are boost up.
 Take off Stage is the stage where industrialization sector start growing and at the
same time political and social institutions are get strengthen.
 Drive to Maturity Stage means the stage in which investment opportunities are
increased along with technological advancements.
 High Mass Consumption Stage is the stage in which industries are more authoritative
and customer focused.

Component of economic Development

 Improvement in the economic opportunities

 Quality of human lives
 Reduction in the poverty
 Better health facilities
 Better education
 Clean environment
 Better utilization of resources
 Justified distribution of goods and services
 Good distribution network
 Good transportation system results
 Improvement of labors mobility
 Fair competition in market

Rostow, W. ‘’The Stages of Economic Growth: A non-communist manifesto. Cambridge’’, Cambridge

23

University Press (1960).

10
We can utilize number of economic indicators to measure the economic development of a
country or whole world. Some of the major economic indicators or performance indicators
are following24:
 GDP: Gross Domestic Product- total value of goods and services produced in a
country
 GNP: Gross National Product- market value of all products and services produced in a
year by the residents and labour
 Per Capita Income: Aggregate of all sources of income divided by the size of
population

24
Muhammad Akram Ch., Muhammad Asim Faheem & others., ‘’Globalization and its Impacts on the World
Economic Development’’, International Journal of Business and Social Science Vol. 2 No. (2011)

11
EFFECT OF GLOBALIZATION ON WORLD ECONOMY
The globalization has affected the world economy, but the doubt arises that it is beneficial or
harmful. Beside it’s all disadvantage it is accepted fact that everyone in this world is
beneficiary of globalization. Globalization is a process and it is expanding very rapidly
throughout the world. Globalization affects the international trade, foreign direct investment
and economic development of overall world. The cross border trade and volume of goods and
services are transferring very rapidly.
The economic development is regulated by trade and the foreign trade was modest until 19 th
century. The sum of worldwide exports and imports never exceeds ten percentage of the
world output before 1800.

Volume of goods, services and investments is transferring the national borders very rapidly.
Now a day approximately $1.5 billion foreign exchange transactions are taking place daily.
Statistics show that approximately $8.9 trillion of goods are transacted across borders and
$2.10 trillion of services are provided across the borders.25

Statistics indicates that Globalization is expanding very rapidly World Wide. Data gathered
from WTO shows that economy of the world is expanding since 1950. Till 2004, the volume
of merchandise traded has expanded about 7.5 times 26

Since 1970, the financial sector has increasingly turned away from the financing of industry
and commerce and concentrated instead on the business of making money from money the
process of financialization resulting in new ways to extract money without adding value to
the rest of the economy. 27

Growth of average incomes globally has resulted in a stunning decline in abject poverty. Yet
more than a third of the world’s population some 2.2 billion people live on less than $2 a day,
many without access to clean water, electricity, sanitation, and basic protection of the law.
And the gap between rich and poor continues to widen. 28

25
Hill, C. W. “International Business” New York: McGraw-Hill (2009)
26
Farrell, R.R., “The Future of Globalization”, available at: http://www.realtruth.org/articles/070223-001-
globalization.html
27
Doughnut Economics by Kate Raworth; reviewed by George Kasabov, “Ways to Think Like a 21st Century
Economist”
28
Joseph E. Stiglitz, “Creating a Learning Society A New Approach to Growth, Development, and Social
Progress” available at: https://www.humanjourney.us/the-changing-world-economy-section/

12
Some of the effects of globalization include :

 Change in Foreign Direct Investment policy: Foreign direct investment (FDI) tends
to increase at a much greater rate than the growth in world trade, helping boost
technology transfer, industrial restructuring, and the growth of global companies. 29
Investments in form of lands, capital good, inventories and factories are the real
investments. Direct investment is in shape of when one firm is controlling a firm or
establishing a subsidiary. Foreign direct investment must be strong enough to control
parent company and foreign host company. Control means that parent firm must own
at least 10% stock of subsidiary. Lower than this limit of shares are considered as
portfolio investment.30
 Technological Innovation and effect: Increased competition from globalization
helps in growth of new technology development, particularly with the growth in FDI,
which helps improve economic output by making processes more efficient. By the
development of technologies specifically related to Telecom as internet, telephones,
wireless technologies, undersea fibers, a global technological infrastructure has been
developed so information can be moved more smoothly across the borders. Laws
regarding Copyrights, patents and international agreements can be easily applied.
Through information technology, awareness and application of criminal laws have
become easier.31
 Economies of Scale: Globalization enables large companies to realize economies of
scale that reduce costs and prices, which in turn supports further economic growth,
although this can hurt many small businesses attempting to compete domestically. 32
 More efficient markets33: Globalization has resulted into efficient markets and
should be what every economy strives for. Essentially, the sign of an efficient market
is where there is an equilibrium between what buyers are willing to pay for a good or
service and what sellers are willing to sell for a good or service.

29
Available at: https://www.thebalance.com/globalization-and-its-impact-on-economic-growth-1978843
30
Muhammad Akram Ch., “Globalization and its Impacts on the World Economic Development’’, 2
International Journal of Business and Social Science (2011)
31
Ogunsola, L. A, “Information and Communication Technologies and the Effects of Globalization: Twenty
First Century "Digital Slavery" for Developing Countries--Myth or Reality?” Electronic Journal
Of Academic And Special Librarianship (2005).
32
Available at: https://www.thebalance.com/globalization-and-its-impact-on-economic-growth-1978843
33
Available at: https://www.kstatecollegian.com/2013/05/07/4-positive-impacts-of-globalization-on-world-
economy/

13
  Increased competition: When businesses started to venture across international
borders, what they often did was introduce a new standard into the global
marketplace. Consumers then had more options to choose from. With more
competitors to fight over market share, each company has to constantly look to
improve their goods or services or create more value for their customers.

 Effect on Employment 34: After the advent of globalization, it was an apprehension

that the job will shift to developing countries form developed and advanced countries.
But Supporters argue that this shift will result in the long term benefit to the country.
Critics argue that Globalization will result in inequalities and insecurity about the
Jobs. And will ultimately causes the changes in employment structure and labour
demand will fall.

 Global Employment Opportunities 35: Globalization allows people to relocate to

wealthier countries and start their own business or find work and increased labour
mobility. This translates into a higher income and more opportunities in life.
Additionally, migrants can send money home without paying exorbitant fees. The
free movement of information and technology also enables trade unions to fight for
workers' rights worldwide. As new policies and regulations were enforced, labour
rights increased. Some Multinational corporations like Google, IBM and Accenture
are constantly expanding and hiring people in the countries where they operate.
Others implement exchange programs to offer their employees the chance to work
abroad. Boston Consulting Group, Edelman and L.E.K. Consulting are just a few
examples. This further accelerates globalization and promotes economic growth.

 Greater Free Trade36: One of the primary advantages of globalization is the free
trade of goods and resources. For instance, a country that specializes in motor
vehicles will produce cars and accessories in a location that achieves the lowest
costs possible, and sell them on both local and foreign markets. This means that
people living in other countries will be able to purchase these vehicles for less. At
the same time, they will have access to a wider range of brands and models. World

34
Available at: https://ijbssnet.com › Vol_2_No_23_Special_Issue_December_2011
35
Available at: https://bizfluent.com/info-8587960-globalization-affect-world-economy.html
36
Available at: https://bizfluent.com/info-8587960-globalization-affect-world-economy.html

14
 trade has increased by approximately 7 percent since 1945 following the
acceleration of globalization. Countries that export goods pay lower transportation
fees and have a competitive edge. The end result is greater wealth equality
throughout the world, especially for countries whose economies depend on another
country’s economy. China, for example, became a leading manufacturer of goods.
Companies from all around the world outsource their production activities to
Chinese factories. Their customers have access to affordable goods that they might
not be able to purchase otherwise.

 Declining money flows and tight credit 37: Like everything else, globalization has
its drawbacks. The free trade of goods, services and information set the world
economy into a cycle of income and employment growth. The downside is that it
also led to declining money flows and tight credit across local and national
economies. Additionally, some countries, such as the UK, Brazil, Germany, France
and Japan, which account for over 86 percent of the global economy, added more
than 1,200 restrictive trade measures since 2008. This translates into higher taxes
and stricter laws for companies that import and export goods. Another problem is
that many nations manipulate their currency to obtain a price advantage.
Furthermore, employees in developed countries are losing their jobs due to pay cuts.
More and more companies are choosing to outsource work and export jobs as a
means to keep the costs low. Large enterprises are now able to exploit tax havens
worldwide, which affects the local economy. Other major concerns include
ecological damage, unfair working conditions, tax competition, money laundering
and job losses.

 Global Markets38: Global Market refers to the “Merging of Historically Distinct and
separate National Markets into one huge global market place.” With the expansions of
global markets liberalize the economic activities of exchange of goods and funds.
Removal of Cross-Border Trades barriers has made formation of Global Markets
more feasible.
 International Institutions: Some of the forces in the world are in the favour of a
government that governs the entire world. Now the institutions like United Nations

37
Available at: https://bizfluent.com/info-8587960-globalization-affect-world-economy.html
38
Available at: https://ijbssnet.com › Vol_2_No_23_Special_Issue_December_2011

15
 Organization, International Monetary Fund, World Trade Organization and World
Bank are near to the concepts of those groups because they are regulating the
relationship between different countries and governing issues of Justice, Human
relations or political factors. As the primary purpose of WTO is to unionize the world
trading system. Till 2005, 148 countries were the members of WTO. The primary
purpose of IMF is to regulate the world monetary system. United Nation
Organization’s primary purpose to bring the piece in all over the World, about 191
countries is the members of UNO.
 Cultural Changes39: Through the development of Globalization world is getting into
an identical culture that is understood by every nation, we may call it intermixing of
the cultures. People of world especially people of rich countries are getting less
conscious about their nations cultures and they have started emerging in world
culture. Globalization has resulted in increasing the diversity and boosting telecom
and tourism sector of the world. 40
 Environmental Effects41: It is considered that with the growth of Transport has
resulted in destruction of Ozone layer and many species on the earth. For the
economic development every country has to pass from the dirty stage of
industrialization which results in the extraction of poisonous material and harmful
wastes that are dangerous for the human’s health. But it is considered that these things
are necessary to come along with the developments in living standards of humans. But
in spite all these adverse facts, Globalization has become an unavoidable necessity for
Economic Development.

39
Available at: https://ijbssnet.com › Vol_2_No_23_Special_Issue_December_2011.
40
Nigam, ‘’Impact of Globalization’’ (2011) available at: http://monikanigam.articlesbase.com/science-
articles/impact-of-globalization-1095770.html
41
Ibid.

16
CONCLUSION

The question arises whether Globalization is harmful or beneficial. The globalisation has
always been a topic of criticism. It has certain disadvantage but it is accepted reality that
everyone is beneficiary of globalisation. Globalization is expanding very rapidly throughout
the world. The main reason for globalization was international trade which leads to the
economic growth of the world. Many countries change their policy for the beneficiary of
globalization. In 1991, India opens its’ barriers for globalization which was called
liberalisation. Globalization has effected in every sector, it leads to different changes.
Recently India amended FDI policy and allows 100 % FDI in e-commerce retail business to
business sector with the objective to investment by foreign players. So, the changes in laws
and policy are effect of globalization.

17
REFERENCES

 https://searchcio.techtarget.com/definition/globalization
 https://www.thebalance.com/globalization-and-its-impact-on-economic-growth-
1978843
 https://www.kstatecollegian.com/2013/05/07/4-positive-impacts-of-globalization-on-
world-economy/
 https://bizfluent.com/info-8587960-globalization-affect-world-economy.html

 https://www.economicsonline.co.uk/Global_economics/Globalisation_introduction.ht
ml
 https://www.managementstudyguide.com/what-is-globalization.html
 https://www.globalization101.org/what-is-globalization/
 https://www.investopedia.com/terms/g/globalization.asp
 https://www.piie.com/microsites/globalization/what-is-globalization.html
 https://www.nationalgeographic.org/encyclopedia/globalization/
 https://www.weforum.org/agenda/2019/01/how-globalization-4-0-fits-into-the-
history-of-globalization/
 https://en.wikipedia.org/wiki/History_of_globalization
 https://searchcio.techtarget.com/definition/globalization
 https://searchcio.techtarget.com/definition/globalization

 https://www.britannica.com/topic/economic-development
 https://study.com/academy/lesson/what-is-economic-development-definition-
examples.html
 https://www.thebalance.com/globalization-and-its-impact-on-economic-growth-
1978843
 https://www.intelligenteconomist.com/economic-growth-and-development/
 The Role of “Globalization” in Economic Development Brandon Levy Electronic
copy available at: http://ssrn.com/abstract=2233648

 Farrell, R.R., “The Future of Globalization”, available at:

http://www.realtruth.org/articles/070223-001-globalization.html

18
 Joseph E. Stiglitz, “Creating a Learning Society A New Approach to Growth,
Development, and Social Progress”, available at: https://www.humanjourney.us/the-
changing-world-economy-section/

 Nigam, “Impact of Globalization’’ (2011) available at:

http://monikanigam.articlesbase.com/science-articles/impact-of-globalization-
1095770.html
 Yung-Hsiang Ying, Koyin Chang & Chen-Hsun Lee, ‘’The Impact Of Globalization
On Economic Growth’’, 17(2) RJEF (2014)
 Kane, M., & Sand,P, “Economic Development: what works at the local Level.
Washington” D.C.: National League of Cities. (1988)
 Robbins, L., “The Theory of Economic Development in the History of Economic
Thought”. London: Macmillan.(1968)
 Rostow, W. ‘’The Stages of Economic Growth: A non-communist manifesto.
Cambridge’’, Cambridge University Press (1960).
 Muhammad Akram Ch., Muhammad Asim Faheem & others., “Globalization and its
Impacts on the World Economic Development’’, International Journal of Business
and Social Science Vol. 2 No. (2011)
 Hill, C. W. “International Business” New York: McGraw-Hill (2009)
 Doughnut Economics by Kate Raworth; reviewed by George Kasabov, “Ways to
Think Like a 21st Century Economist”
 Ogunsola, L. A, ‘’Information and Communication Technologies and the Effects of
Globalization: Twenty First Century "Digital Slavery" for Developing Countries--
Myth or Reality? Electronic Journal Of Academic And Special Librarianship (2005).

19