Transcript GLOBALIZATION
What’s Globalization?
Globalization (or globalisation) describes an
ongoing process by which regional economies, societies, and cultures have become integrated through a globe-spanning network of communication and exchange
Defination
The United Nations ESCWA has written that globalization "is a widely-used term that can be defined in a number of different ways. When used in an economic context, it refers to the reduction and removal of barriers between national borders in order to facilitate the flow of goods, capital, services and labour... although considerable barriers remain to the flow of labour.... Globalization is not a new phenomenon.
History of Globalization
The history of globalization is probably as old as the history of human civilization. The history of globalization can be traced back to the Harappan civilization era. During that period, farming was the main lively hood and these farmers mainly grew wheat, rice, and cotton. The people in coastal region of India produced salt.
These farmers of India had transnational business relations with West Asian countries and the most prominent of them being Iraq (then Mesopotamia). They traded articles like gold, silver, metals, potteries, gems, cotton, silk, food grains, honey, and spices like cinnamon and pepper.
The history of globalization also suggests that the economy of ancient India had a strong cross border trade and commerce relation with China and they mainly traded food grains, spices, cottons, gold, silver, and metals. Further, a more organized form of trans-world trade has been in force from the mid of 14th century and it started as a means to explore new business destination and opportunities
An early description of globalization was penned by the American entrepreneur-turned-minister Charles Taze Russell who coined the term 'corporate giants' in 1897.
However, it was not until the 1960s that the term began to be widely used by economists and other social scientists. It had achieved widespread use in the mainstream press by the later half of the 1980s.
Since its inception, the concept of globalization has inspired numerous competing definitions and interpretations.
Thought of globalization in Indian economy
Fields of globalization
Made possible by:
Technology Communication networks Internet access Growth of economic cooperation – trading blocs (EU, NAFTA, etc.) Collapse of ‘communism’ Movement to free trade
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