...Globalisation refers to the increasing level of economic integration between countries, leading to the emergence of a global market place or a single world market. Globalisation has played an important part in the economic development of countries around the world but has also led to increased damage to the environment. To illustrate this, India and Australia will be used as examples. India's economic development strategies built up a number of problems over the period 1965 to the late 1980s. A key problem was declining investment expenditure from an average growth of 5% to 3.7% over the course of two decades and the fact that the government sector was spending much more than it taxed. In response to this, the Indian government of Narasimha Rao in 1991 introduced significant reforms in the Indian economic system by following globalisation trends across the world and making India a more active participant in the global economy. India began to move away from 'self-reliance' as it liberalised its protection policies e.g. reducing tariffs. India became more involved in global capital markets which brought in funding and capital as well as intellectual knowledge. India's currency was floated in 1991 which resulted in significant depreciation of the rupee (approximately 20%). This made its exports more competitive, provided cheaper labour for foreign companies and encouraged foreign investment. INSERT FLOATING CURRENCY GRAPHS Since 2000 the Indian economy achieved higher rates...
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...Globalisation – A drastic change maker in India Globalisation is the new buzzword that has come to dominate the world since the nineties of the last century with the end of the cold war and the break-up of the former Soviet Union and the global trend towards the rolling ball. The frontiers of the state with increased reliance on the market economy and renewed faith in the private capital and resources, a process of structural adjustment spurred by the studies and influences of the World Bank and other International organisations have started in many of the developing countries. Also Globalisation has brought in new opportunities to developing countries. Greater access to developed country markets and technology transfer hold out promise improved productivity and higher living standard. But globalisation has also thrown up new challenges like growing inequality across and within nations, volatility in financial market and environmental deteriorations. Another negative aspect of globalisation is that a great majority of developing countries remain removed from the process. Till the nineties the process of globalisation of the Indian economy was constrained by the barriers to trade and investment liberalisation of trade, investment and financial flows initiated in the nineties has progressively lowered the barriers to competition and hastened the pace of globalisation. Though the precise definition of globalisation is still unavailable a few definitions worth viewing, Stephen Gill:...
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...Open Access Understanding India, globalisation and health care systems: a mapping of research in the social sciences Ramila Bisht1*, Emma Pitchforth2 and Susan F Murray3 Abstract National and transnational health care systems are rapidly evolving with current processes of globalisation. What is the contribution of the social sciences to an understanding of this field? A structured scoping exercise was conducted to identify relevant literature using the lens of India – a ‘rising power’ with a rapidly expanding healthcare economy. A five step search and analysis method was employed in order to capture as wide a range of material as possible. Documents published in English that met criteria for a social science contribution were included for review. Via electronic bibliographic databases, websites and hand searches conducted in India, 113 relevant articles, books and reports were identified. These were classified according to topic area, publication date, disciplinary perspective, genre, and theoretical and methodological approaches. Topic areas were identified initially through an inductive approach, then rationalised into seven broad themes. Transnational consumption of health services; the transnational healthcare workforce; the production, consumption and trade in specific health-related commodities, and transnational diffusion of ideas and knowledge have all received attention from social scientists in work related to India. Other themes with smaller volumes...
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...Colin Gaughan (x00110326) “Globalisation is a powerful worldwide force that has brought significant benefits to many peoples. Its benefits, however, have not been universally distributed.” This statement was made by John and George Steiner in 2005. They said this when globalisation was beginning to happen at a rapid pace. Globalisation allows countries worldwide to trade with each other on an economic or political front. This has had many benefits for a lot of people around the world. In my essay, I will discuss the many benefits that globalisation has brought to people. My research has enabled me to analyse this statement to great effect. Firstly, I will give a brief description of the history of globalisation. I will then discuss the many benefits globalisation has had on people worldwide. Then, I will discuss the universal distribution of globalisation. Finally, I will give a coherent conclusion to the points that I have made in my essay. Globalisation, although a relatively new term, has been occurring for many years but it has really began to occur on a much greater scale in recent times. As said by (Ross, 2003) , “globalisation began with a technological breakthrough.” This says a lot about the power that technology has. It is commonly known that technology has been a major player in many changes in the world in recent times, and it is no different with globalisation as it came about as a result of the “world's first microprocessor.” This may not sound like it could...
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...the impact of globalisation on domestic business environment of India By Kru Question 5: Critically evaluate the impact of globalisation on domestic business environment of India Abstract This report will discuss the impact that India has had through globalisation, and how it has affected domestic business environment of India. The report will also include theories on globalisation and a PEST analysis showing the factors affecting economic growth on domestic business environments. And how the economy have been structured and adjustments for essential for growth of the economy. To improve India’s economy they would need to improve vastly on health care, because it is one of the main issues that are bring the economy down, as poverty is rising. They can do this by creating more jobs in the healthcare and working alongside with the government, to help with funding more. Another way is by investing money to improve water supplies. This can have a positive impact on India, as it would provide citizen with better living standards and therefore would have a positive effect on business and globally. By letting other nations to help with the water system, can have a long term impact on globalisation on domestic business environment of India, because there would have built a positive relationship with other nation. 1. Introduction In today’s tuff economical crisis, the term “globalisation” has created...
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...Assess sociological explanations of the relationship between globalisation and religion 33 marks The world today is more interconnected than ever this is known as globalisation. Religion may be related to its global context as when societies and religions come into closer contact with one another there is potential for religious conflict and for religious diversity and change. Due to modernisation we now have more technology so there is big opportunity to be interconnected with other countries. Giddens argues this has then lead to globalisation as there is now exposure as we see more beliefs and religions and therefore we become more accepting to them as they are not so unusual. He also argues globalisation has then lead to cosmopolitanism thinking. Cosmopolitanism thinking is a term which describes people or societies which are tolerant to the views of others as a result of constant exposure to new ideas and values. Cosmopolitanism thinking is a way of thinking that embraces modernity. Fundamentalism is the enemy of cosmopolitanism thinking. Within the relationship of globalisation and religion is fundamentalism as this is a response to globalisation. Fundamentalism describes people or groups that defend tradition and believe in the literal truth of sacred texts, they seek to return back to basics and do not like change. Giddens argues that fundamentalism has grown in reaction to globalisation and people are joining fundamentalist movements because in today’s society...
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...globalised trade. Any country can participate to set up, acquire, merge industries, invest in equity and shares, sell their products and services in India. Therefore, globalisation should not be considered in isolation, but should be considered in totality with liberalisation of the industrial policy towards lifting of trade control and restrictions, influence of trade block and simultaneous privatisation. Global market treats the world as a single market. With the advent of information technology and its strategic application, the world is focussed as a global village and all traders are therefore globalised. The Earlier (pre 1990s) concept: Before 1990s India followed a patch of restricted trade. Such restrictions were that certain products would not be allowed to be imported as they were manufactured in India. For example, General Engineering goods, Food items, toiletries, Agricultural products etc. were in the banned list of import. Some other kinds of products which were produced in restricted quantity in the country or are expensive and categorised as luxuries were subjected to heavy import duty to make them costlier in order to dissuade flow of foreign exchange and give protection to local producers. For example, VCR, Music sets, Air-conditioners, Computers etc., these items were subject to 150% import duty. Globalisation in India: In the 1990s due to change in world economic order and...
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...Citation) Question: Research, Analyse and Debate Exists a linkage between the exploitation of children, as a source of labour, and globalisation in both developing and industrialised countries? Table of Content Executive Summary…………………………………………………………………………...3 1. Introduction…………………………………………………………………………... 5 2. Discussion……………………………………………………………………………. 5 2.1 Definition: What is child labour? ..................................................................... 5 2.2 Definition: What is globalisation? ………………………………………….... 6 2.3 Difference between developing and industrialised countries……………........ 6 2.3.1 Facts and background of India and Germany ………………………………... 7 2.3.2 ILO Convention no. 138 …………………………………………………….. 8 2.3.3 Perception of child labour in society ………………………………………… 8 2.3.4 Laws and how they are executed……………………………………………... 9 2.4.1 School attendance rate ……………………………………………………… 10 2.4.1 School drop-out rate ………..………………………………………………. 10 2.5.1 Structural change and the state of economy………………………………… 11 2.5.2 Digression to historical development in Germany………………………….. 11 2.5.3 Deriving historical insight in present India…………………………………… 12 2.6.1 Value of the individuals workforce…………………………………………… 12 2.6.2 Distribution of income………………………………………………………... 12 2.6.3 Poverty and workforce………………………………………………………... 13 2.7 Globalisation and its impact on child labour……………………………………. 13 3. Conclusion…………………………………………………………………………... 14...
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...Economics task: Globalisation STUDENT NUMBER=20257806 WORD COUNT (including footnotes) =1,705 Globalisation is the process integrating economies into an international economy through an increase in trade, investment, technology, finance and labour. Globalisation has impacted greatly on the economy of India which is the 7th largest economy in the world and the 2nd most populus. India recently opened it’s economy in the last decade from a closed market in 1991.Globalisation has certain impacts on the economy which include economic convergence, economic growth & development, quality of life, distribution of income and wealth. There have been strategies put in place to promote economic growth and development which include. International Convergence International convergence is the tendency of economies becoming more similar in the ways they operate, their consumption patterns, structure of output, economic performance and government systems. The impact of this is an increase in trade dependency with economies formed open and deregulated markets as well as an increase in trade. A positive impact from increased trade is greater efficiency in resource allocation for NIE such as India. Indian exports have grown more than 25% per year to over $100 billion in 2006. (1)It has also led to an increase in level of output as GDP growth for India in 2007 was 9%. (2). As Indian companies began trading on the world market they were forced to become more efficient...
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...Assess sociological explanations of the relationship between globalisation and religion 33 marks The world today is more interconnected than ever this is known as globalisation. Religion may be related to its global context as when societies and religions come into closer contact with one another there is potential for religious conflict and for religious diversity and change. Due to modernisation we now have more technology so there is big opportunity to be interconnected with other countries. Giddens argues this has then lead to globalisation as there is now exposure as we see more beliefs and religions and therefore we become more accepting to them as they are not so unusual. He also argues globalisation has then lead to cosmopolitanism thinking. Cosmopolitanism thinking is a term which describes people or societies which are tolerant to the views of others as a result of constant exposure to new ideas and values. Cosmopolitanism thinking is a way of thinking that embraces modernity. Fundamentalism is the enemy of cosmopolitanism thinking. Within the relationship of globalisation and religion is fundamentalism as this is a response to globalisation. Fundamentalism describes people or groups that defend tradition and believe in the literal truth of sacred texts, they seek to return back to basics and do not like change. Giddens argues that fundamentalism has grown in reaction to globalisation and people are joining fundamentalist movements because in today’s society...
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...advancements in technology and communication systems. According to the IMF work by Masson (2001), globalisation can be defined as the increased integration of economies, reflected by increases in trade, capital, investment and migration flows. This phenomenon has brought about high economic growth (Dreher, 2003) and improved standard of living. It is thus deduced that globalisation will be able to serve as an effective tool to reduce poverty (Nissanke, Thorbecke, 2005). However, heated debate has arise concerning the unequal outcomes in economic gains created by globalization. Despite a decreasing amount of people living in poverty in China, poverty in areas outside China has increased (Stiglitz, 2006). Along with economic effects, it is also suggested that globalisation has resulted in a global identity where local cultures are homogenized and no longer unique (Friedman, 2007). This essay thus compares and contrasts both favourable and pernicious views on the effects of globalisation from two aspects: economic outcomes and cultures, and concludes that globalisation is more favourable than pernicious. Economists generally have a positive outlook on the effects of globalisation on economy since deregulation and openness to trade will create more jobs for the people. Friedman’s article on the globalized world (2007) supported this perspective as it showed how developing countries such as India have benefited from outsourcing, which is made possible by the interconnectedness of the world...
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...The argument is agreeable that Trade liberalization happening in many countries in context of globalization especially in Asian countries like INDIA, Indonesia, China and other countries in Asia, has been helped by the economic reform measures taken. While talking about globalization and trade liberalization of INDIA, it’s important to know the major steps taken by India in last few years to be a part of the world market with foreign direct investment, free trade and levied tariffs on taxes, and other duties on like export and import duties etc. “Globalization is the process of world shrinkage, of distances getting shorter, things moving closer. It pertains to the increasing ease with which somebody on one side of the world can interact, to mutual benefit, with somebody on the other side of the world.” (Larsson, 2001) Guy Brainbant: says that the process of globalisation not only includes opening up of world trade, development of advanced means of communication, internationalisation of financial markets, growing importance of MNC's, population migrations and more generally increased mobility of persons, goods, capital, data and ideas but also infections, diseases and pollution. (Brainbant, 2006) Globalisation is a new mantra which has come to rule the world since late 20th century especially after important historical events such as Soviet Union breaking into pieces and end of world cold war since then the global picture has come into existence. The trend of relying market...
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...Question: How does Globalisation affect you as an International Business Student? 1.0 Introduction I’d like to begin this discussion by first asking a few questions. What is globalisation? What does a global world mean? Is it the fast movement of people which means greater interaction? Does it simply mean that due to internet revolution and other technological advances the world is now a village? Does globalisation represent the consumer and open up markets worldwide to their choice and preference? Does it mean countries are free to trade with each other without red tape and other barriers and tariffs? Though the precise definition of globalisation is still unavailable a few definitions worth viewing, Stephen Gill: defines globalisation as the reduction of transaction cost of transborder movements of capital and goods thus of factors of production and goods. Guy Brainbant: says that the process of globalisation not only includes opening up of world trade, development of advanced means of communication, internationalisation of financial markets, growing importance of MNC's, population migrations and more generally increased mobility of persons, goods, capital, data and ideas but also infections, diseases and pollution. As an international business student globalisation has opened up the world to me. The world is now on my fingertips, I am able to use the world’s resources, learn from fortune 500 companies. I am able to interact with international leaders who would otherwise be...
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...back to basics and do not like change. Giddens argues that fundamentalism has grown in reaction to globalisation and people are joining fundamentalist movements because in today’s society individuals are constantly faced with choice, uncertainty and risk. Fundamentalism offers individuals security and avoids any rational answers and solely turns to faith based ones. Although fundamentalists hate modernity they contradict themselves as they use modern methods to try get across their point to large audiences. For example they have television programmes this is known as televangelism and shows that they are crafty! Televangelism is a result of globalisation as new technology and and interconnectivity has made it possible for different beliefs from all cultures to get across to wide audiences. This could be a possible factor for church attendance figures dropping as believers do not need to go to chruch to follow their religon; they are now able to do it at home. Haynes however argues that fundamentalism is not caused by globalisation; He uses the Iran revolution as an example. Due to the country becoming Westernised, conflict in Iran increased, as did violence and oppression. The revolution began and Islamic fundamentalists gained power through the use of religion; this is known as "Cultural Defence". This example shows Fundamentalism in a positive way when opposing globalisation. The community unites through religion (traditional values) in order to protect the country from an...
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...and India now are widely acknowledged as the planet’s next economic superpowers | The Context China and India are two neighbouring countries in Asia who share the two largest population of the world and in fact added together they represent nearly one third of humanity. Globalisation has imposed internal pressure and external pressure to bear on both India and China. For most Chinese and Indians alike, economic life is hard despite the fact that reforms and globalisation have created various new opportunities and as such both countries have witnessed an emerging middle class with Americanised tastes and preferences, irrespective of this however, both countries remain very poor. Although the two countries went to war in 1962 due to some border dispute, they have since tried to normalise relations and in 1995 for the first time trade had exceeded US$1 billion between them. They have lately received a lot of international attention being viewed as emerging giant economies as they both play key roles at the international level. For example China has been a permanent member of the Security Council at the UN, while India who has lead the Non-Aligned Movement for years and is still vying for a similar position. Furthermore, India has been one of the founding members of the WTO and has played a prominent role as one of the developing nations whereas China has had to fight for decades to obtain its admission into this international organisation. While both China and India have...
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