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Wednesday, February 27, 2013

Globalization

Globalization, in brief, is a process of increasing economic desegregation and growing economic interdependence between countries in the initiation economy. It is a relative softening up of economic and good deal barriers across the countries so as to facilitate a unacquainted(p) interĂ‚­ coalesce of expectant technology, people, goods and services.
Eventually globalization would miserly being sufficient to manufacture in the most efficient way anywhere in the world. It means being able to procure raw materials and labour and drawing management! Re seeds from the cheapest source anywhere in the world.
Globalization intends to integrate the Indian economy with the world economy. Globalization is considered to be an important element in the reforms package. It has four parameters:
1. Reduction of trade barriers to permit bare(a)-flow of goods and services | across national frontiers.
2. Creation of an environment in which extra flow of capital can take place.
3. Creation of an environment permitting free flow of technology among nation-states.
4. Creation of an environment in which free movement of labour can take place in different countries of the world.

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Advantages
? It is argued that globalization of UDCs will improve the allocative efficiency of resources, overturn the capital output ratio and increase labour productivity, avail to develop the export spheres and export culture, increase the inflow of capital and updated technology into the country, increase the degree of competition, and give a advance to the average growth rate of economy.
1. It will help to reconstitute the production and trade pattern in capital- scarce, labour-abundant economy in favour of labour-intensive goods and techniques.
2. Foreign capital will be attracted and with its entry, updated technology will also enter the country.
3. With the entry of contradictory competition and the removal of import tariff barriers, domestic manufacturing will be subject to price reducing and select improving effects in the domestic economy.
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