Yes Globalisation is necessary, for an economy to grow. Globalisation refers to the integration of economic, technological, socio-political factors with the world. And with globalisation, with the mutual co-operation and assistance -particularly with reference to the law of comparative advantage- it is going to be beneficial. Globalisation also helps reducing the poverty level in the country-there are plenty of evidences and record to support it.Developing countries specially require globalization. Because Indians are very rich in resources of skilled manpower.So Other countries are interested to invest in India.We don’t have that much funds/money to make very huge industries or ...view middle of the document...
Is Globalization Really Necessary?
Liberalised economic policies lead to globalisation, which is a combination of integrity in technological, socio-cultural, political and economical components. It facilitated the flow of human capital, financial capital along with cultural blend by erasing the cultural and geographical barriers through channelized transportation and improvised communication facilities.
Arguments towards Globalisation
The globalisation trends have shown wiping out of most of the barriers, which countries have to trade their surplus. It helped many countries to flourish economically through mutual cooperation in the agreed sectors. Technologically upgraded system of functioning is witnessed along with introduction of socio-cultural changes, which has added new spice to the global economic growth. In India, globalisation lead to building of MNC’s which shaped the economy and futures of young talents. Effects of globalisation changed the every facet of life through its advanced communicating technology. The uptrend in growth of many third world nations was due to availing the global opportunities rose from globalisation. Job market was cheered up by more opportunities and financial markets seen foreign currency flowing into the country as foreign investments. With the human capital entering into the country changed the socio-cultural interactions establishing a new arena of working culture with ethics. Deterministic feature of globalisation paved path to establish political connections in setting up cooperative societies and regional cooperative organizations to enhance the internal trade between a group of countries sharing common features either in area or economic conditions.
Arguments against Globalisation
Globalisation poses threat to domestic growth of the Small Scale Industries by counteracting on the production which strives a lot to combat with the high quality products that are globally manufactured. Shut down of such industries withdraw the employment opportunities which puts the banks loans in a insolvent condition. For the question, Is globalisation really necessary? The answer should definitely be “No”, because of its vicious culture that induces into our country with the name of “growth.” Globalisation leads to uncontrollable domination of MNC’s over local governments which tend to break the rules and manipulating them for their profit oriented needs. Domestic industries suffer a lot along with the people who directly and indirectly depends on it for employment and growth opportunity often distressing them. The industries which withstands with the global competition in addition suffer to grab the market space lagging behind creating leads and sales. Culture also poses a vital role in its diminishing point which enters with the name of “change”, which changes the behaviour and attitudes of the working class which is a strong con for the Indian tradition and culture.
As every other aspect in the life,...