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