ECONOMIC GLOBALISATION GROWING FAST:-
This article is about a survey on the degree of growth of economic globalization conducted for the BBC World Service by an international polling firm, Globe Scan, together with the Programme on International Policy Attitude (PIPA) at the University of Maryland.
According to the results of the BBC/PIPA world survey it is recorded that the world has been increasingly swept away by a rising tide of economic globalization that is radically transforming it. Even in a finance minister meeting report of G-7 states, we can assert with some degree of confidence that economic globalization has made tremendous strides since the advent of the last quarter of the twentieth century. The evidence of this can be seen in such examples as the huge expansion in world exports, the dominant position of manufactures in trade, the vast FDI flows, the transnationalisation of production and the phenomenal growth in foreign exchange trading.
Globalization is no doubt increasing at an alarming rate and at a macro level surprisingly globalization is related to rising prosperity, even when there are widening income and wealth gaps between social groups. But there is a fact that the benefits and burdens of economic developments have not been shared fairly. Thus globalization is associated with both rising prosperity and inequality at the same time. For instance it has been calculated that nearly half of the world’s population lives on les than $ 2 a day and 16% gets by on less than $ 1 per day. Nations participating in globalization are uniformly experiencing rise in inequalities; perhaps the most dramatic manifestation of this phenomenon is widened gap between the average total compensation enjoyed by CEO and that of the average worker in a corporation.
Furthermore there is a fact that the developed states are becoming more and more prosperous through globalization as they need cheap resources to boost their industries and third world and...