Globalization

Globalization
The term globalization means international integration
Globalization has been variously used in both the popular press and academic
literature to describe a process, a condition, a system, a force and an age
The term globalization applies to a set of social process that appear to transform
our present social condition of conventional nationality into one of globality
The term globalization refers to the integration of economies of the world through
unlimited trade and financial flows, as also through mutual exchange of
technology and knowledge
Ideally it is also contains free inter country movement of labor
It is a social process through which the diverse world is unified into a single
society

Globalization
According to Anthony Giddens, globalization can thus be defined as the
intensification of worldwide social relations which link distinct localities in such a
way that local happenings are shaped by events occurring many miles away and
vice versa
Globalization is often portrayed as an economic phenomenon, but this is too
simple
It is driven forward by advances in information and communication technologies
that have intensified the speed and scope of interaction between people around the
world
It is argued that globalization is a real and powerful phenomenon that threatens to
erode the role of national governments altogether
Globalization refers to the expansion and intensification of social relations and
consciousness across world-time and space

Globalization
Globalization implies the opening of local and nationalist perspectives
to a broader outlook of an interconnected and interdependent world
with free transfer of capital, goods, and services across national
frontiers
The globalization phenomena is also associated with Thatcherism and
Reaganism or Reaganomics
Margaret Thatcher was the Prime minister of UK. from 1975-1990 and
she vehemently reject the state ownership of business
The political policy followed by Margaret Thatcher in favor of free
market and business is generally referred as Thatcherism

Globalization
Ronald Reagan was the U.S President and the economic policies promoted by
Reagan during 1980s is referred as Reagonism or Reagonomics
Thatcherism and Reagonism contributed very much for the Liberalization,
Privatization and Globalization (LPG) model of development
Indian economy had experienced major policy changes in early 1990s under the
leadership of Narasimha Rao and Manmohan Singh
Manmohan Singh was instrumental for introducing the structural change in
favor of privatization and liberalization in India in 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