Globalisation entails the opening up the country to foreign trade and investment. It implies that the world is like a single unit. These days in the time of Internet and open markets it becomes difficult for any country to grow or develop in seclusion from the rest of the world. It is a necessary part of the development process of the countries.
Globalization was a process which the capitalist countries introduced so that they would find a relevant market for their goods. It was a method by which they could earn money. One of the mainstream cause of the cold war between USA and USSR was because of this, where the USA wanted to open up countries for globalization, USSR wanted the countries to develop themselves without opening up their market to other countries.
Globalisation entails the following things- free trade, foreign investment and general liberalization of markets.
India’s tryst with Globalisation
In 1991 our foreign exchange had greatly depleted and our industries were largely incompetent to take care of our domestic demands. As a result of which, we had to take loans from the World Bank to meet our needs. We all know the World Bank is a tool by which the western capitalism is propagated. So in our case, the World Bank in order to give loans to India put up few prerequisites, which involved liberalization, privatization, and globalization of Indian markets.
This is the 25th year of the economic reforms which were initiated by the then prime minister P.V.Narsimha Rao.
Following are the benefits of Globalisation
We have investment opportunities in the form of FDI which creates employment in India.
Call centers are the most obvious example of globalization
We can easily outsource our IT services now.
There is healthy competition for the companies of India which makes better oriented towards the needs of the customers. Which was not the case when they were protected by the statutes of the government
The customers have a wider choice.
Cons of Globalisation
Competition may cause some local companies to shut down.
May cause loss of employment of people.
Cultural hegemony of USA would be established.
It is this point “cultural hegemony” of the USA on India which is a major bone of contention between those who are for and those who are against globalization. Yes, it is true that some changes would happen in consumption practices with opening up of more fast food outlets and the clothing styles of the people from the USA that won't necessarily mean that our culture would be destroyed.
The strength of a culture comes from its ability to accept change and move forward with the changing times. Acceptance of foreign styles of clothing in the form of jeans won't necessarily mean that people would give up Indian clothing or foreign foodstuff won't necessarily mean the destruction of Indian cuisine on totality.
Globalisation just involves trade reforms and opening up to other countries. Our country can still retain our individuality after being positively inspired by the other countries.
At last, all we can say that globalization is a steady spreading risk which may cover the entire country with its extremity. Copying the foreign culture is not wrong but safeguarding our valuable culture should not be discarded. Interference of superpowers in other countries’ internal civil issues, Live in, dating, disregard to our social norms, mindless materialism, destruction of family systems, and indiscipline are the negative aspects of globalization
The greatest weapon of mass destruction is corporate economic globalization- "Kenny Ausubel"