...Impact of globalization on non-western cultures China Globalization has reached to practically every corner of the globe. It brings to the world an exchange of information, goods, services, economy, and awareness of other cultures. Two cultures that have benefited from globalization economically are China and India. China is an excellent example of how globalization has transformed a once stagnant economy into an economic super power. Change occurred as a result of international influence from the United States. The United States had hopes in the Chinese economy and realized the capabilities China possessed in the export of goods to the United States and other countries. The United States helped China become aware of how shut off it had become from a growing global economy and helped to make them aware of the positive impact an open economic system could have on its nation. In 1986, China began to work towards joining the World Trade Organization. In 2001, China finally joined (China and the, 2014). The United States had a major role in China’s decision to open their economy, and they supported the effort fully. The influence on China from globalized nations was both direct and indirect. It was direct because countries such as the United States, worked closely with China during their admission to the World Trade Organization even requiring changes to the Chinese economy before they would be allowed to proceed. The influence was also indirect as the Chinese government...
Words: 1388 - Pages: 6
...Globalization and its impact on Indian Economy: Developments and Challenges Globalization (or globalization) describes a process by which regional economies, societies, and cultures have become integrated through a global network of communication, transportation, and trade. The term is sometimes used to refer specifically to economic globalization: the integration of national economies into the international economy through trade, foreign direct investment, capital flows, migration, and the spread of technology. Globalization as a spatial integration in the sphere of social relations when he said “Globalization can be defined as the intensification of worldwide social relations which link distant locations in such a way that local happenings are shaped by events occurring many miles away and vice – versa.” Globalization generally means integrating economy of our nation with the world economy. The economic changes initiated have had a dramatic effect on the overall growth of the economy. It also heralded the integration of the Indian economy into the global economy. The Indian economy was in major crisis in 1991 when foreign currency reserves went down to $1 billion. Globalization had its impact on various sectors including Agricultural, Industrial, Financial, Health sector and many others. It was only after the LPG policy i.e. Liberalization, Privatization and Globalization launched by the then Finance Minister Man Mohan Singh that India saw its development in various sectors...
Words: 1929 - Pages: 8
...Introduction Globalization can be defined in many ways. Globalization is when people come together to find a solution for better financial and business activities. The rapid changes happening in a country due to trade foreign or non- foreign can also be referred to as globalization. This word has been there since the 19th century. Globalization has enabled creation of new opportunities for the developing countries. It has also brought about problems like the unequal growing rate all over the world in the market and environmental development. Most developing countries are out of the globalization process. If we look at India as a country, the globalization process was prevented due to many factors. India was known to have the world’s largest economy. This means that globalization was not new to them and Indian products were being exported to other countries outside India. Impact of globalization in India In the 19th century India had already opened up to economy. But it experienced a downfall in their economy so badly almost turning to loans to save them. New policies were created to enable a more open market economy. Certain things in the early nineties were introduced due to globalization. They included introduction of privatization program, number of public sectors that were reserved reduced, practice of restrictive trades was altered and exchange rates were determined by falling in the rate of tariffs. Regular liberation has been experienced over the years. Many new sectors...
Words: 1405 - Pages: 6
...Abstract Globalization is the buzzword of today. Globalization means bringing the world together, making the world interactive and effective. The economies of the world are being increasingly integrated. It is very debatable issue since it affects every single human being in this earth and plays a major role in every second and in every issue of the entire universe. Mobile phones and Internet have brought people closer. The world is becoming a smaller place. It brings the local market and the global market in a bond which creates new ideas and thoughts to both the market. Goods, which were once confined to western countries, are available across the globe. Work can be outsourced to any part of the world that has an Internet connection. Because of improvements in traffic infrastructure one is able to reach one’s destination in a relatively short span of time. This paper clearly speaks about the impact of globalization and the challenges faced by it in the world. It speaks about the impact in developed and developing countries of the world. Table of Contents CHAPTER 1 5 Definition of Globalization 5 Globalization trend in the past golden years 5 CHAPTER 2 8 Positive impact of Globalization 8 Challenges faced due to Globalization 9 Comparison between Benefits and Challenges 11 CHAPTER 3 13 Impact on developed countries 13 Impact on developing countries 14 Conclusion 15 Case Study 15 References 16 CHAPTER 1 Definition of Globalization As a term globalization...
Words: 3430 - Pages: 14
...IMPACTS OF GLOBALIZATION ON INDIAN ECONOMY INTRODUCTION TO GLOBALIZATION: Globalization has many meanings depending on the context and on the person who is talking about. It refers to the increasing global relationships of culture, people and economic activity. 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. The term globalization refers to the integration of economies of the world through uninhibited trade and financial flows, as also through mutual exchange of technology and knowledge. Ideally, it also contains free inter-country movement of labour. The United Nations Economic and Social Commission for Western Asia defines globalization as: "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. It began towards the end of the nineteenth century, but it slowed down during the period from the start of the first World War until the third quarter of the twentieth...
Words: 1807 - Pages: 8
...and India. Introduction Indian economy had experienced major policy changes in early 1990s. The new economic reform, popularly known as, Liberalization, Privatization and Globalization (LPG model) aimed at making the Indian economy as fastest growing economy and globally competitive. The series of reforms undertaken with respect to industrial sector, trade as well as financial sector aimed at making the economy more efficient. With the onset of reforms to liberalize the Indian economy in July of 1991, a new chapter has dawned for India and her billion plus population. This period of economic transition has had a tremendous impact on the overall economic development of almost all major sectors of the economy, and its effects over the last decade can hardly be overlooked. Besides, it also marks the advent of the real integration of the Indian economy into the global economy. Now that India is in the process of restructuring her economy, with aspirations of elevating herself from her present desolate position in the world, the need to speed up her economic development is even more imperative. And having witnessed the positive role that Foreign Direct Investment (FDI) has played in the rapid economic growth of most of the Southeast Asian countries and most notably China, India has embarked on an ambitious plan to emulate the successes of her neighbours to the east and is trying to sell herself as a safe and profitable destination for FDI. Globalization has many meanings depending...
Words: 3169 - Pages: 13
...GLT1 Task 1 Analyze the effects of globalization on native-no Western cultural practices Issues in Behavioral Science Jamie B BSN 06/18/2014 Western Governor’s University In this essay, I will discuss the matter of Globalization of two nations, South Korea and India. Globalization can be defined as, in simple terms, as the process of making something, anything available worldwide. It is a collaboration between countries, exchanging goods, services, workers, ideas, and even culture, which allow a multitude of opportunities to anyone to enjoy, from anywhere in the world (dictionary.com, n.d.). Globalization can been seen different depending on where you are from. It can cause issues for more traditional societies such as losing ancient customs and values. Although there are many, South Korea and India are examples of two non-western cultures that have been impacted by globalization in which I will look at each country before globalization and the effects of globalization it has now. A1. Circumstances before and after event Before globalization, South Korea was considered a very isolated society (Ruediger, 2006), with deep cultural ideas, and one of the poorest countries in the world with most of its culture being based on farming rice. It was said that rice farming was more than just farming in was a way of life for the South Korean people. The majority of the population of South Korea was committed to growing rice, with rice being to major farming product. ...
Words: 1534 - Pages: 7
...PERVAIZ KHAN L1S08BBAM0137 GLOBALIZATION “Globalization in an increased unification of world’s economics through reduction of such barriers to international trade as tariffs, export fees, and import quotas. The goal is to increase material wealth, goods, and services through an international division of labor by efficiencies catalyzed by international relations, specialization and competition.”(Friedman 1999). Globalization is an unrelenting integration of nation states, consumer markets, and technologies to an extent that has never witnessed before. Now globalization has enabled the companies and individuals to reach out world faster, farther, deeper and cheaper than ever. Globalization has leaded us to increasing integration of markets, products or services, culture, ideas, and communication. There were two drivers of globalization. First is, by end of World War II, there was a downslope in barriers to flow of capital, goods and services on world wide scale. Second is technological shift in past 3 or 4 decades have resulted in dramatic development in information processing, transportation technologies and communication. Globalization is not a new phenomenon - for thousands of years, people and firms —have been buying from and selling to each other in lands separated by distances. But government and technological changes have promoted globalization to a much greater extent as it did in past. Currently, the greater impact of globalization is much more accounted to technological...
Words: 3093 - Pages: 13
...Impact of globalization on Indian economy- An overview By: Tanveer Malik Introduction Indian economy had experienced major policy changes in early 1990s. The new economic reform, popularly known as, Liberalization, Privatization and Globalization (LPG model) aimed at making the Indian economy as fastest growing economy and globally competitive. The series of reforms undertaken with respect to industrial sector, trade as well as financial sector aimed at making the economy more efficient. With the onset of reforms to liberalize the Indian economy in July of 1991, a new chapter has dawned for India and her billion plus population. This period of economic transition has had a tremendous impact on the overall economic development of almost all major sectors of the economy, and its effects over the last decade can hardly be overlooked. Besides, it also marks the advent of the real integration of the Indian economy into the global economy. This era of reforms has also ushered in a remarkable change in the Indian mindset, as it deviates from the traditional values held since Independence in 1947, such as „self reliance” and socialistic policies of economic development, which mainly due to the inward looking restrictive form of governance, resulted in the isolation, overall backwardness and inefficiency of the economy, amongst a host of other problems. This, despite the fact that India has always had the potential to be on the fast track to prosperity. Now that India is in the process...
Words: 4444 - Pages: 18
...ISSN 1450-2887 Issue 5 (2006) © EuroJournals Publishing, Inc. 2006 http://www.eurojournals.com/finance.htm Impact of Globalization on Developing Countries (With Special Reference To India) Krishn A Goyal Department of Management Birla Institute of Technology, International Center Waljat Colleges of Applied Sciences, Muscat P. Box-197, PC-124, Rusayl, Muscat, Oman E-mail: kagoyala@gmail.com Phone 00968 92373238 Abstract The growing integration of economies and societies around the world – has been one of the most hotly-debated topics in international economics over the past few years. Rapid growth and poverty reduction in China, India, and other countries that were poor 20 years ago, has been a positive aspect of Liberalization Privatization and Globalization (LPG). But Globalization has also generated significant international opposition over concerns that it has increased inequality and environmental degradation. There is a need to study the impact of globalization on developing countries from the viewpoint of inward foreign direct investment. Attention should also be focused on the role which some developing countries, particularly from parts of Asia and Latin America, are playing as initiators of globalization through their own MNCs. India opened up the economy in the early nineties following a major crisis that led by a foreign exchange crunch that dragged the economy close to defaulting on loans. The response was a slew of Domestic and external sector policy measures partly...
Words: 3027 - Pages: 13
...GLOBALISATION AND ITS IMPACT ON CULTURE Globalization can be defined as the removing of borders and barriers to facilitate easy exchange of ideas, resources and knowledge between countries. Communication is the essence of Globalization. Without communication, globalization is not possible. Globalization was introduced to India in 1991,when Manmohan Singh signed the New Economic Policy , when the Indian government introduced a set of reforms for the ailing Indian economy to prevent it from going to further crisis. These reforms were the Liberalization, Privatization and Globalization reforms. Since 1991, we have seen major changes in India. Globalization has opened India to the world and has brought in the much needed exposure. Globalization has had impacts in the economic, social, cultural and political ways of India. The most significant remains the impact of globalization on the economic sector. India has seen tremendous growth since 1991. India is one of the fastest growing countries in the world and that is all due to the reforms undertaken in 1991. The role of Multi -National Corporations (MNC’s) is very significant in the Indian scenario. The MNC’s were brought in by Globalization. Indian shores were attacked by the Chinese ships , and their products dominated the markets at first. But now , after Globalization , it’s a flat world , where in raw material , labour is picked up where it is cheap and all functions like marketing , manufacturing...
Words: 931 - Pages: 4
...Globalization Tonya Waters Issues in Behavioral Science David Ouellette May 18, 2014 Globalization is the process of erasing national boundaries for economic purposes in order to create one global economy. This process is driven by free trade and the mobility of capital in order to trade goods, human labor, natural resources and investments. Globalization increases competition, creates jobs and increases economic growth. There is much debate however regarding the implications of globalization. While some welcome the integration as an opportunity to grow economically, others view globalization as the disintegration of their culture and values. India and Cambodia are examples of cultures affected both positively and negatively by globalization. Cambodia has been experiencing rapid economic growth, largely supported by increased tourism and the exportation of farm products. Globalization has brought improved healthcare, education, nutrition and raised the standard of living for the Cambodian people. Life expectancy has increased and infant mortality has declined substantially. However, Cambodia’s strong economic growth is not without cost. The jungles of Cambodia are being destroyed for the purposes of planting industrial size agriculture crops. "The government of Cambodia has full control over what companies are permitted access to various land and fishing concessions in Cambodia. Many of the concessions are given without regard to how they will impact people's...
Words: 982 - Pages: 4
...As arshad already explainied how the RTA impacted job and wasges of the meixco ppl during dat era it shows that globalization does effect the agricultuy and manufacturing workers 1) Subisidies of corn sector In 2000, U.S. government subsidies to the corn sector totaled $10.1 billion. These subsidies have led to charges of dumping, which jeopardizes Mexican farms and the country's food self-sufficiency. 2) Globalization and employment Nafta did deliver as expected: Exports and foreign direct investment tripled from the early 1990s as Mexico became a leading supplier of cars, electronics and a broad variety of industrial parts to the United States. Productivity in Mexican manufacturing rose 80 percent. But annual economic growth averaged only 1.6 percent per capita between 1992 and 2007 — low even by Mexican standards until the 1980s. American jobs did move south, particularly into the export sector. The growth in services — new supermarkets, banks, tourism — also created jobs. But overall, Mexico was unable to create enough jobs to make up for all the jobs lost because of competition from imports, particularly purchases of subsidized grains from the United States. The oversupply of labor, along with government policies that succeeded in keeping wages low, have led to a slight increase in the gap between average wages in the United States and Mexico — precisely the opposite of what Nafta was expected to do. * Unfair competition among import and domestic market ...
Words: 999 - Pages: 4
...MNC's Effect on Local Businesses in Retailing Sector (India) Contents Abstract 1 Introduction 2 Literature Review 2 Effect of MNC’s into Indian Retail Market 5 Advantages 5 Disadvantages 7 Hypothesis 8 Conceptual Model 8 Conclusion 10 References 10 Abstract Globalization paved the way for entrepreneurs to expand their wings beyond their respective counties. MNCs exploit the business opportunities in other countries based on the FDI policies in those countries. This has both advantages and disadvantages to the target country. The MNCs have their impact on the economy and people of countries in which they operate business. This paper focuses on the impact of MNCs on local businesses in retail sector in India. The report review existing literature which provides insights into FDI policies in India, the level of FDI allowed by Indian government with respect to single –brand and multi-brand foreign companies, the advantages, opportunities, risks, threats and disadvantages of allowing MNCs into retailing sector in India. Introduction Retailing is the business taking up by individuals or families in India. Generally mom and pop kind of businesses operate in retail sector. The retail sector has tremendous growth in India. Moreover retailing is a profitable business in India. Since India is the country with huge population, naturally it is the correct destination to foreign investors to get profits from the market. India has been traditionally depending...
Words: 2743 - Pages: 11
...the industrial revolution. During that time, huge foreign investment flowed from Western Europe in Asia, Africa etc. Companies started searching for countries where the labor as well as the resources was cheap and still today, when the no. of MNC’s have reached around 889450, the companies are still searching for countries where they can find much more cheap labor and other resources. A very important factor regarding the topic of MNC’s is globalization. Friedman defined globalization as: “Globalization is the inexorable integration of markets, transportation systems, and communication systems to a degree never witnessed before -- in a way that is enabling corporations, countries, and individuals to reach around the world farther, faster, deeper, and cheaper than ever before...” The relationship of Globalization and Multinationals is complementary. As the world is moving towards globalization, the businesses around the world are now establishing themselves in many other countries other than the mother country. That’s because globalization...
Words: 2859 - Pages: 12
