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In this way, the imperialist nations gained much at the cost of the colonial countries who had to suffer from the scar of stagnation and poverty. The concept of Globalisation by integrating nation states within the theme work of World Trade Organisation (WTO) is an alternative version of the ‘Theory of Comparative Cost Advantage’ propagated by the classical economists for assuming unrestricted flow of goods between the countries for mutual benefit, especially from Great Britain to other less developed countries or to their colonies.
Another characteristic of globalisation is the control of economic activities by domestic market and international market.
It also established coordination among the national economy and world economy.
They do not want to include the free flow labour within the parameter of globalisation set by them. Too many have no voice in its design and no influence on its course.” “We wish to make globalisation a means to expand human well being and freedom, and to bring democracy and development to local communities where people live.” But the advocates of the policy of globalisation argue that globalisation would help the underdeveloped, and developing countries to improve their competitive strength and attain higher growth rates.
However, the advocates of globalisation, especially from the developed countries purposely limit the definition of globalisation to only three components, i.e., unrestricted trade flows, capital flows and technology flows.
It results breaking of national barriers and creation of inter-connectedness.
Globalisation is a composite process through which integration of nation-states across the world can be made by common economic, commercial, political, cultural and technological ties.Under globalisation, localities being connected with the world by breaking national boundaries; forging of links between one society and another and between one country and another through international transmission of knowledge, technology, ideas, information, literature and culture.Globalisation makes way for establishing ‘borderless globe’, the ideal of which was articulated by Kemichi Ohmae.It could be something as simple as a run away script or learning how to better use E-utilities, for more efficient work such that your work does not impact the ability of other researchers to also use our site.To restore access and understand how to better interact with our site to avoid this in the future, please have your system administrator contact [email protected] originates from developed countries and MNCs based in those countries.Technologies, capital, products and services are allowed to enter from developed countries to developing countries.(v) Globalisation makes domestic industries of developing countries to become conscious about price reduction and quality improvement to their products so as to face foreign competition.(vi) Globalisation discourages uneconomic import substitution and favour cheaper imports of capital goods which reduces capital-output ratio in manufacturing industries. Thus the globalisation of the economy simply indicates interaction of the country relating to production, trading and financial transactions with the developed industrialized countries of the world. By the term globalisation we mean opening up of the economy for world market by attaining international competitiveness.