Globalization and Other Related Topics

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What is the meaning of globalization? Categorize manufacturing & service sectors of India having global competitive advantages. 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. The concept of globalization was first introduced by Adam Smith, the father of modern economics in the year 1776 through the book titled, “Wealth of the Nations”, and since then the globalization has been like a yo-yo. In the days of yore, British, Chinese, Indians and Mughals were involved in global business. The Chinese used to sell silk to the world and buy dynamites. The British used to come to India to buy condiments and in return India used to buy ammunition. So, the point is that - globalization is not a new concept. In the good old days, globalization even more prevalent because Indian spices, silk handicrafts, gold, silver jewellery, etc., were ubiquitous everywhere in Europe. In the past globalization meant quid pro quo i.e., one thing for another. But in the early 20thcentury, everything changed when France introduced the system of protectionism and every nation began to create boundaries. Protectionism destroyed globalization in total. But again in the late 20th century the winds of globalization began to blow. Dr. Allen Green Span as well as Dr. Paul Walker began to egg the nation in favour of globalization and it was July 1, 1991, when India became the part and parcel of globalization and today every nation, which happens to be a pursuer of globalization, derives plenty of basketfuls of fruits. The word
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