Globalization: The Pros And Cons Of Globalization

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As per the Black’s law Dictionary “globalization” has been defined as Economic, financial, trade, and communications integration moving worldwide. It is the worldwide movement toward economic, financial, trade and communications integration.
Globalization implies the opening of local and nationalistic perspectives to a broader outlook of an interconnected and interdependent world with free transfer of capital, goods, and services across national frontiers.
Over many centuries, human societies across the globe have established progressively closer contacts. Recently, the pace of global integration has dramatically increased. Unprecedented changes in communications, transportation, and computer technology have given the process new impetus and
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Industrialization allowed standardized production of household items using economies of scale while rapid population growth created sustained demand for commodities. The Internet has become influential in connecting people across the world. Globalization sped up dramatically in the twentieth century with the proliferation of air travel, the expansion of free trade, and the dawn of the Information Age.
Globalization Pros and Cons
Globalized society offers a complex web of forces and factors that bring people, cultures, markets, beliefs and practices into increasingly greater proximity to one another
Also, globalization is deeply controversial. Advocates of globalization argue that it allows under-developed countries and their citizens to develop economically and raise their standards of living, while opponents of globalization claim that the creation of an unfettered international free market has benefited multinational corporations in the Western world at the expense of local enterprises, local cultures, and common people.
Effects Of Globalization
Economic integration and free trade conditions have produced an unstoppable movement towards economic globalization. But many countries have been forgotten or have even been harmed by globalization. So what have been the positive and negative effects of this globalization
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• Public participation: From selection of the plot of land to the compensatory packages all the agents in the economy like representatives of the government, administration and general public at large should be brought under the purview of discussion.
• Need based industry: the selection of the type of industry is another criterion which should be done always with an eye to futuristic development. The economic impact of the industry should be calculated and the benefits and costs carefully balanced before giving green signal to the plan.
• Transparency: the entire mechanism should be transparent so that the deal between the government, the firms or the public can be accessed if needed.
Therefore, peasants, agricultural labourers and a range of service providers in rural areas must be made partners in India's development. It is imperative to stop the government from handing over jan dhan in the form of agricultural land to corporate houses on the false pretext of public purpose. Genuine fairness and transparency demand nothing
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