Globali

-sation
Meaning and importance of
globalisation
The term globalisation refers to the integration of the economy of the
nation with the world economy. It is a multifaceted aspect. It is a
result of the collection of multiple strategies that are directed at
transforming the world towards a greater interdependence and
integration.
What is the importance of Globalisation?
Globalisation is important to expand the markets and enable a
business to make a sensible utilisation of the available resources. It
also solves various issues of an individual and the nation, giving them
many options to choose from and satisfy their needs. Globalisation
boosts exports, discourages import, and uplifts foreign exchange.
Globalisation in
pre modern world
associatedwith
global world is
of the of capital.
The history movement
migration, and the traveled long distances
trade, times, people spiritual
ancient
During knowledge, opportunity, and
to acquire the Indus valley
Fulfillment. connected
coastal trade during the year
"An active modern-day West Asia
civilization to the
3000 BCE. seashells from
thousand years ago
" More than
a
to China and East Africa.
Maldivesfound their way
 Work of Bretton woods
The main feature of the Bretton Woods agreement was there should be a monetary
policy which would maintain its external exchange rate with the l percent that the
values of its currency would be related to the gold that is being deposited and the
ability of International Mutual Funds (IMF to bridge temporary imbalance of
payments. As the World Bank and International Mutual Funds were created at the
end of the Second World War. In this system, all the currencies from around the
world were pegged to the dollar at a fixed exchange rate as this system was
based on a fixed exchange rate. As it was established to power up the economy
and to the realm of trades and economic relations.
 Role of modern means of transport &
Communication in globalisation.
The development of transportation and communication has led
to globalization. These means of transport and communication are often
called the lifelines of a nation because they are the backbone of the economy and a hallmark of
development. They help in the expansion of trade and boost the economy.
Transportation and communication facilitate the movement of goods,
people, and ideas. Transportation helps in the distribution of goods and
services, while communication enables the exchange of information and ideas.
Transportation and communication have contributed to the socio
economic progress of a country in many ways. They have enriched our
lives and added substantially to growing amenities and facilities for the
comforts of life. They have also helped in the movement of labor from
one place to another, which helps in creating employment for the
laborers.
Communication has been a major driving force in the process of
globalization. It has helped in the transfer of information which has led
to technology transfer.
Contribution of globalisation
to Indian economy Pw
INDIN

Indian society is changing drastically after urbanisation and

globalisation. Economic policies established and
administered by the government also performed an essential
role in planning levels of savings, employment, income, and
investments in the society.
ENGAL
Cross country culture is one of the critical impacts of
globalisation on Indian society. It has significantly changed
several aspects of the country, including cultural, social,
political, and economical.

However, economic unification is the main factor that

contributes maximum to a country's economy into an Important sea ports and
international economy. international airports in
India
 Aspects affecting globalisation
Techology
Trade liberalisation Foreign investment
One of the primary factors
that has accelerated the Government-imposed trade policy
restrictions are known as trade Acompany's
globalisation process is barriers. The government can employ considerable
rapid technological trade barriers to control or enhance investments in a foreign
advancement. This has international trade, as well as decide enterprise are known
allowed for considerably what sorts of goods and how much of as foreign direct
speedier and more cost each should be imported. Import investments (FDI). The
effective distribution of investment could be
taxes are an example of a trade
commodities over great barrier.Liberalisation is the process of Used to acquire a
distances. Information is now removing government-imposed trade material source, expand
readily accessible because obstacles or limitations. The
of advancements in government is said to be more liberal company's territory, or
information and when it establish an
communication imposes fewer restrictions than international presence.
technologies. before.
World Trade 0rganisation (WTO) Working of MNCs
The World Trade Organization |MNCs have expanded their investments in India
(WTO) arose from the 1947 General |duringthe last 20 years, indicating that investin
Agreement on Tariffs and Trade in India has shown to be profitable.
(GATT). MNCs have shown an interest in urban industries
The World Trade Organization such as cell phones, autos, electronics, soft
(WTO) is a global organisation with drinks, fast food, and banking.
164 There are a lot of wealthy people who buy
these things. New employment has been
member countries that regulates created in these industries and services. Local
international trade rules. businesses that supply these sectors with raw
The World Trade Organization's materials and other necessities have also
purpose is to keep trade flowing as prospered.
smoothly and predictably as Second, increased competition has benefited:
feasible. number of prominent Indian firms.They have
If a trade dispute arises, the increased their production standards by
investing in modern technologies and
World Trade Organization (WTo) production methods. Successful relationships
tries to
with international enterprises have benefited
resolve it. Some.
Struggle for a fair globalisation Summary
Globalisation is the process of establishing
Fair globalisation provides possibilities for tight interconnections between
everyone while also ensuring that the countries' output and markets. The following
advantages of globalisation are distributed more modifications have occurred as a
evenly. The government has a result of it:
significant role to play in making this happen.
Some of the steps that the government can take 1. Due to globalisation-induced competition,
are: the variety and quality of goods and
1. It has the potential to help small producers services on the market has substantially
boost their output. increased/improved.
2. It can ensure that labour rules are followed and 2. Consumers can now purchase items and
that workers' rights are services that were previously only
protected. available in far-flung international markets.
3. The government can deploy trade and 3. Producers may now sell their goods and
investment obstacles if required. services on a broader global market
4. It can negotiate for "fairer rules" in the WTO. and obtain greater rates.
5. It can also band together with other developing 4. Due to the impacts of trade, the price of
countries with similar interests to combat the the same items on different markets
WTO's hegemony of developed countries. tends to equalise.
D

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