In this Globalization Essay, we had discussed types of globalization, its advantages, disadvantages & much more.
Globalization is the process by which businessmen take their business to the international level.
With this, business increases from one country to many countries, so that that business will get the benefit of international technology.
Globalization Essay 100 words:
Globalization generally means expanding the service sector of your business to other countries.
If a business takes its work internationally and establishes it in another nation, it requires huge international investment, however, this has the advantage of the excursion.
This greatly increases the customers of a business and also helps the business to reduce expenses if it moves to a country where production costs are low.
In the last decade, globalization has strengthened and India has come to thousands of foreign companies.
This has led to increased competition in Indian businesses and with this, the number of choices of customers in India has increased.
While on the one hand, it has given customers options, on the other hand, it has increased the competitiveness of businesses.
Essay on Globalization 150 words:
In today’s era, businesses are growing rapidly and they are not limited to one country and they are reaching many countries.
Making a presence in more than one country of business is called globalization, it means expanding the service sector of your business to other countries.
If a business takes its work internationally and establishes it in another nation, it requires huge international investment; globalization impacts a business or company in many ways.
The most important thing it makes more customers of a business because it can deliver products to other countries as well as to their country.
With this, if one sets up a business in countries like China, then there is an advantage of the cheap labour rate and it reduces the cost of production. Hence globalization is beneficial for business.
Globalization Essay 200 words:
When we take an object to the whole world, it is called the globalization of that object.
We can also call it an independent and interconnected market, free from time zone and national territory.
For example, Domino’s Pizza in most countries of the world today is a living example of globalization.
It started with one country and now it is in many countries; a business desperately needs a better strategy to grow on such a large scale.
Although it is difficult to determine whether globalization is beneficial or harmful for a decade.
If we see the benefits, then this gives new opportunities to the business and with this, the customers of a country have more options.
Along with this, if one of its countries has losses, then we see that due to the arrival of international business into a country.
The competition of the businesses of that country increases, which affects their revenue; thus, globalization is thus beneficial and harmful to the country.
Essay on Globalization 250 words:
Globalization has occurred very rapidly in the last few decades resulting in economic, social, political and cultural integration around the world through advancement in technologies, telecommunications, transportation, etc.
Although it has affected human life in both positive and negative ways; its negative effects need to be addressed accordingly.
Globalization has contributed greatly to economies around the world in many positive ways.
An incredible advancement in science and technologies has given businesses an amazing opportunity to spread easily even outside the territorial boundaries.
Due to globalization itself, there has been a huge economic growth of companies.
They have been more efficient and thus have given birth to a more competitive world, competition in quality of products, services etc. has resulted in growth.
Successful companies in developed countries are setting up their overseas branches to gain locally through lower-cost labour than their home countries.
Such business activities are employing the people of developing or poor countries and thus paving the way forward.
Along with the positive aspects of globalization, the negative aspects are also not forgettable.
There has been a risk of epidemiological diseases through transport from one country to another; however, the government of all countries has had proper control over globalization to minimize its negative effects on human life.
Globalization Essay 300 words:
Globalization is a process of spreading science, technology, business etc. through transport, communication and trade.
Globalization has also affected almost all countries worldwide socially, economically, politically and psychologically.
Globalization is a term that refers to the continued integration and interdependence of countries in the field of rapid trade and technologies.
The impact of globalization has been seen on tradition, environment, culture, security, lifestyle and ideas.
There are many factors influencing globalization trends worldwide.
The reason for the boom in globalization is the demand of people, free-trade activities, acceptance of markets worldwide, emerging new technologies, new research in science, etc., because globalization has a huge negative impact on the environment and has given rise to various environment.
All the growing environmental issues like water pollution, deforestation, air pollution, soil pollution, pollution of water resources, climate change, biodiversity loss, etc. need to be resolved by international efforts on an urgent basis otherwise they will one day in the future but can end the existence of life.
The Apple Company has also aimed to manufacture environmentally friendly products to reduce the negative effects of globalization and increase the positive effects.
Problems like deforestation are increasing due to the increasing demands of the ever-increasing population and the environmental level is falling.
In the last years, about half of the useful forests have been cut. Therefore globalization needs to be brought under control to reduce its negative effects.
Essay on Globalization 1000 Words:
Globalization is mainly concerned with world marketization which signifies the expansion of business opportunities.
In globalization, the mutual dependence between world markets arises because trade leads to exploitation of the conditions of profit rather than bounding the borders of the country.
For this purpose, the globalization of the world through information and transport means is globalization.
In such systems, open economies are born, which are free from restrictions and in which free trade takes place. Thus the place of multinational companies or rules becomes important in globalization.
Globalization refers to linking the economy of a country with the economies of other countries of the world so that business activities can expand globally and develop the competitiveness of countries.
Thus, globalization is also seen as internationalization. In other words, globalization means integrating the country’s economy with the world’s economy.
Definitions of Globalization:
Globalization has been defined by various economists as follows:
According to Oscar Lange, “The future of economic development of Least Developed Countries in modern times depends mainly on international cooperation.”
Pro. According to Deepak Nayyar, “Globalization is the expansion of economic activity beyond the political boundaries of a country.”
Pro. N. In the words of Vaghul, “The term globalization refers to the rapid expansion of the market sector, which has worldwide reach.”
According to John Naswitt and Portacia Aberdeen, “It should be seen as a world in which all countries’ trade is moving towards one country.” In this, the whole world is an economy and a market. “
The above definitions lead to the conclusion that “Globalization is the process in which the economy of a country is integrated with the economy of the whole world.
So that the whole world can act as a single economy and a single market and in which borderless internationalization Mutual exchange of individuals, capital, technical goods, information and knowledge can be facilitated for practices.
Globalization is also called universalization, globalization and international names. Also, read Globalization Essay FAQ.
Needs of Globalization:
Globalization is needed for the following reasons:
Globalization is a process of homogeneity and symmetry, in which the whole world folds together.
For the rapid development of the economy, a policy of globalization was adopted.
Globalization is the association of a nation’s industries with international regulations or multinational corporations that deal with goods and services outside other countries.
The various nations of the world satisfy their needs by purchasing and selling goods and services through the relative powers of demand and supply of market mechanism with cooperation and goodwill.
34 industries were covered under this policy. Under the industrial policy, foreign capital investment up to 51% was allowed in high priority industries.
The policy of globalization was confined to the basic sectors like electricity, coal, petroleum required for the manufacture of foreign advanced technology and industrial structure of the nation.
In cases where foreign capital will be available for machines, they will be allowed to set up industries automatically.
The Foreign Exchange Regulation Act was also revised. Also, read Globalization Essay Conclusion.
At present, other private companies are also moving towards industrial worldwide by setting up units abroad.
Videocon, Onida, Godrej and B.C. P.L. Companies like Japan, Germany, Germany and Italy, with the help of multinational companies, are making huge profits by producing advanced items.
Under this policy, machines producing less than 12 crores or 25% of the total capital can be imported without prior permission.
Many incentives and facilities were given to the overseas Indians for capital investment. Indian companies have been allowed to issue euro issues.
In the direction of globalization, state-owned fertilizer company Krishak Bharatiya Cooperative Ltd. The government has granted permission to acquire and operate a phosphate fertilizer factory in Florida, USA.
Features or Characteristics of Globalization:
In this, efforts are made to minimize trade barriers globally so that goods and services can move freely and smoothly between the two nations.
Globalization gives rise to the evolving nature of industrial organizations.
Developed nations prefer to invest their huge funds in developing nations for interest rate benefits so that they can get the benefit of advanced rates.
In national and international markets, an effort is made to create such an environment that all countries can take advantage of advanced technology by the free flow of information and technology between different nations.
Capital is the soul of business organizations. Under globalization, there is a free flow of capital between the various contracting nations, so that the creation of capital is possible.
Globalization also promotes intellectual labour and wealth, that is, it is possible to freely move the working class and personnel from one nation to another.
As a result of globalization, the relaxation on the restrictions on international economic practices increases gradually, leading to a gradual increase in international trade.
The globalization results in allocation and utilization of resources all over the world based on market need and priority, which makes the underdeveloped and developing nations quick to achieve material and human resources which were not so easy in the past.
Effects of globalization:
The impact of the world economy is being experienced in economies of different countries.
The industry and trade of each country are affected by the changes taking place in other parts of the world.
Modern economies are open economies and business is gaining global status. Thus we see that many multinational companies are operating in different countries.
International ventures are also seen, Doordarshan’s network is used for global marketing.
International organizations like the International Monetary Fund, International Bank for Reconstruction and Development, the World Trade Organization have been established.
All this shows that the effect of globalization or globalization is showing in every place.
In short, the effects of globalization can be explained as follows:
Development of Social Consciousness:
The spread of education has influenced people’s thinking. Liberal ideas are being replaced by conservative ideas.
The standard of living has improved and the lifestyle changes are visible. The world has been reduced in size through advanced means of communication.
The thinking and way of life of the developed countries are being followed by the people of other countries.
Expectations from the business are increasing. Earlier, they were satisfied with what the industry provided to the people, but now they want good quality goods at reasonable prices.
Global competition has created a situation where only those commercial ventures will survive, which can produce goods and services according to the satisfaction of consumers.
People also want to see the business become socially responsive. Control of pollution by industrial units is also an area in which business has to play an important role. Thus, the globalization of business has given rise to a new type of social consciousness in the society.
Technology changes are taking place in the world at a very fast pace. Industrial units are manufacturing new and better products every day.
Advanced methods of telecommunications and transport have revolutionized world marketing. The consumer has now become so conscious that he wants to get the best products every day.
Companies are spending a lot of money on research and development, thus rapid technology changes have created a global market for products.
Global Form of Business:
Modern business has become global by nature. Speciality is found in factory items, these goods are produced where there is competition for production costs.
Such items are exported to other countries, Items that cannot be produced frugally are imported from outside.
A large number of multinational companies have entered India, which also uses the production facilities available in India to export goods from different countries.
Thus, Indian business is influenced by global economic trends. Also, read Globalization Essay FAQ.
Difficulties associated with globalization:
Some of the difficulties in the path of globalization can be mentioned as follows:
Globalization has given rise to unequal competition. It is a competition between ‘powerful multinational corporations’ and ‘weak (and relatively small) Indian enterprises’.
India’s large industrial units are also much smaller and dwarf than foreign multinationals, and some of them have been digested by multinationals and some are holding their breath waiting for the end of their existence.
As a Member of Parliament of West Bengal has stated, “Universalization of India means the entry of a mouse into the herd of elephants” (Integrating a Mouse into a Herd of Elephants).
According to Baldev Raj Nayyar, the main reasons for the unequal competition are:
(a) Indian enterprises are much smaller in size than multinational corporations.
(b) The cost of capital for Indian enterprises is much higher than that of multinational corporations.
(c) For four decades before 1991, the Indian corporate sector functioned in a very protectionist environment.
(d) Many goods produced in the country are taxed at very high and indirect levels.
(e) Indian enterprises still cling to earlier regulations.
(f) In some areas, the policies of the Government of India have openly sided with multinational corporations.
They are given exemptions in taxes which are not available to Indian entrepreneurs;
Counter Guarantee has been provided for their projects in the power sector, whereas Indian entrepreneurs have not been given this facility.
Growing Protectionism Abroad:
Recent years have seen significant, qualitative changes in the international economic environment.
When industrialized countries were developing at a rapid pace, these countries were admirers of free trade, but in the last few years.
Since the phase of development has slowed down here, these countries have started taking the cover of the policy of conservation.
Globalization Essay example:
(a) When Indian skirts (lingerie) started to become very popular in the United States, the misconception was spread that these pens were made from flammable material.
(b) Recently, the European Union countries have imposed anti-dumping duty on Indian textile exports.
(c) Developed countries, especially the United States, have raised the issue of Labor Standards to reduce the export of carpets originating from India.
Formation of Regional Trading Blocs:
The basic assumption of globalization is that there will be no restriction on the flow of goods, services and capital in all countries.
On the contrary, all countries are tying themselves into regional trade groups and trade groups to increase the capacity of export and international competition.
Let’s assume the key: Currently, there are more than 15 trading groups. The establishment of these groups stops the process of free competition.
Need to Stimulate Technical Progress:
It is necessary for globalization that developed countries with full determination and loyalty bring revolutionary changes in the production technologies used in developing countries.
So that the benefits of globalization can be given to the developing countries and the policy of globalization can be sustainable.
Limited Financial Resources:
To be able to compete in the international market, a large amount of capital will be needed to improve the quality of goods and increase production, but there is a lack of capital in developing countries.
As a result, these countries have to go to international institutions such as the World Bank and Monetary Fund to provide financial resources, which provide financial resources on inappropriate terms.
Entry in Unwanted Area:
Under the globalization policy, multinational companies are entering more and more consumer sector and service sector which is not fair.
The assurance of a guaranteed rate of 16 to 18% on the appropriation of economic infrastructure is also unfair.
Similarly, the natural consequence of opening the insurance sector to foreign companies will be that Indian savings will be even lower.
(a) Proper environment requirement:
Structural reforms in the country’s economy have not been done completely because the countries that have adopted globalization have created an environment for them in the past, as well as the pace of our country’s free-market, has been slow.
(b) Adverse status:
America is pressuring India to accept the concept of ‘Special 301’ and ‘Intellectual Property’ rights.
In such a situation, if we accept globalization, then our economy will go to the hands of multinational companies and if we reject, India will face many problems in globalization.
(c) The fear among workers:
Indian workers believe that the installation of modern machines in the country will require fewer workers, as well as layoffs in factories and they, will be directly affected.
Suggestions regarding globalization:
In the context of the Indian economy, the following are some major suggestions to speed up the process of globalization:
Improvement in Competitiveness of Indian Producers:
To achieve success in the world market, the most important thing is that we should improve our competitiveness.
To improve competitiveness it is necessary to:
(a) The rapid increase in productivity
(b) Improvement in quality of goods
(c) Development of developed production techniques
(d) Organizational restructuring of Indian companies.
It is worth mentioning that the criterion of the efficiency of the company should be to consider the efficiency and productivity of the companies working at the international level and make all efforts to achieve that level.
MNC s from Alliance:
A large number of MNC s are entering India. MNC s have a relatively high financial capacity, business experience and skills.
Therefore, it is in the mutual interest of MNC s and domestic companies to tie up in mutual alliances.
Self-Sufficiency in Technology:
Developing countries like India will get the benefit of globalization only when they use the latest technology.
Facing International Protectionism:
To deal with international protectionism, on the one hand, we have to increase the participation of foreigners in home appliances.
Foreign subcontractors pressurize their governments against the adoption of protection policy and on the other hand, we have to develop domestic brands in foreign markets. So that foreign buyers are eager to buy our products.
Modernization of Agriculture at Small Sector:
Since India is an agrarian country, participation in the globalization process of the Indian economy will be futile unless agriculture and small sector contribute to this effort.
Therefore, to improve the agriculture sector it is necessary to:
(a) All production activities related to agriculture, which include everything from sowing seeds to the sale of agricultural produce, will have to be worn with a professional dress.
(b) The overheads related to agriculture have to be developed.
(c) There is an urgent need for expansion of research and development in the agricultural sector so that such products can be manufactured which can meet the level of international quality.
Frequently Asked Questions:
Although our economy has moved in the direction of globalization, there is doubt in the success of the efforts made in this direction.
At this time neither the international environment is suitable nor are our internal economic and social conditions ready.
The country is becoming agreed that the policy of selective globalization should be adopted instead of blind globalization.
There have been some difficulties in India with the processes of domestic liberalization and external liberalization going on simultaneously.
We can make the economy more competitive and more efficient by harmonizing modernization, human development and social justice.
Other countries first strengthened domestic liberalization and strengthened and enabled their economy and later adopted the path of external liberalization.
Due to time constraints, we have to work on both fronts simultaneously to advance in the world competition.