One often hears, ‘the world has now become a global village' thanks to narrowing down of geographical distances and of barriers in thinking patterns between developed and developing countries.
Globalization marks a paradigm shift in economic thinking on the part of economic philosophers and policy-makers and represents an on-going process of change and adaptation which is in no small measure aided by recent advances in means of transport, telecommunications, computerization and internet.
Globalization essentially means opening up of the economy and its integration with the other economies of the world.
Globalization involves deregulation and adoption of the policies of economic liberalization and economic reforms which are calculated to encourage the growth of private enterprise.Globalization implies change in external economic policy as well and involves abandonment by a country of protectionist stance in commercial policies and dismantling of tariff walls and encouragement of free and fair trade between nations.Globalization also essentially involves pursuit of economic policies which encourage free and fair competition inter se among public enterprises and among private and public enterprises as wellGlobalization involves release of the forces of competition within the economy which promote economic efficiency and result in an optimum allocation of resources.Globalization requires a country to promote consumer welfare and adopt customer-centric polices intended to give him the best deal.The success of a country's globalization programme depends on how it takes suitable steps to improve the investment climate domestically and is also able to attract foreign capital. If globalization has to succeed, the country has of necessity to build suitable financial architecture which involves banking and insurance sector reforms.
In my opinion,globalisation is not only economic but it involves various and different aspects.If we consider it only economic phenomen,it is a project that is consequense of industrialization.I think that it is the process of international interaction and dependency. It include political, cultural,social and environmental process.
Globalization marks a paradigm shift in economic thinking on the part of economic philosophers and policy-makers and represents an on-going process of change and adaptation which is in no small measure aided by recent advances in means of transport, telecommunications, computerization and internet.
Globalization essentially means opening up of the economy and its integration with the other economies of the world.
Globalization involves deregulation and adoption of the policies of economic liberalization and economic reforms which are calculated to encourage the growth of private enterprise.Globalization implies change in external economic policy as well and involves abandonment by a country of protectionist stance in commercial policies and dismantling of tariff walls and encouragement of free and fair trade between nations.Globalization also essentially involves pursuit of economic policies which encourage free and fair competition inter se among public enterprises and among private and public enterprises as wellGlobalization involves release of the forces of competition within the economy which promote economic efficiency and result in an optimum allocation of resources.Globalization requires a country to promote consumer welfare and adopt customer-centric polices intended to give him the best deal.The success of a country's globalization programme depends on how it takes suitable steps to improve the investment climate domestically and is also able to attract foreign capital. If globalization has to succeed, the country has of necessity to build suitable financial architecture which involves banking and insurance sector reforms.
In my opinion,globalisation is not only economic but it involves various and different aspects.If we consider it only economic phenomen,it is a project that is consequense of industrialization.I think that it is the process of international interaction and dependency. It include political, cultural,social and environmental process.
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