Question

COURSEWORK QUESTION Essay (25%) Question: Globalization has been described in both positive and negative connotations. Some of the positive aspects of globalization include the reduction of global poverty and facilitating the exchange of technology between developed and less-developed countries while the negative opinions on globalization include the loss of jobs in developed countries to cheaper labour markets and failure to protect small and medium size businesses from being dominated by MNCs. I Your task is to discuss how forces impacting globalization impact the fulfilment of human potential worldwide by: a) Discussing how governments, technology, capital, and movement of labour impact the increase of material welfare, achieving political and economic equality, and reaching environmental sustainability. b) Summarizing in terms of whether you believe globalization can be considered as a force of good, bad or is neither bad nor good. (Total: 100 marks) Note: Refer Appendix 1 and 4 for the mark's allocation. The total marks for this assignment are 100% but it carries 25% of overall assessment for this module. * The detailed marking criteria for the allocation of 100 marks is provided in Appendix 1 Rati

Answer 1

Globalization is very important for a country which is developing or under developed but in a level where we won't disturb our necessities like: water, soil, air.

i am in favour of globalization but in a controlled way. All countries want a economical stability for the country and globalisation is giving the wings to the economy.

Globalisation: Globalisation means integrating the national economy with the world economy through removal of barriers on internationnal trade and capital movements. globalisation means different things to different people. It can be defined simply as an expansion of economic activites across political boundries of the nation states. It refers to the process of deeping economic integration icreasinng economic openness and growing economic interdependence between counnteries in the world economy. it is all about to cross the borderts for the better economic development. From an economic point of view globalisation happens through three channels

1)trade in goods and services

2) movement of capital

3) flow of finance.

globalisation is nothing but the liberalisation in trade of goods and services which led to an unprecendent expansion of international trade. multinational coorporations(MNCs)which have their operations spread overa number of counteries,have served as important vehicles of the globalsation as they account for a large part of the foreign direct investmentand of trade in goos and services.

traits of globalisation:

The process of globalisation through liberlisation and privatisation policies, has produced positive as well as negative results.

positive:

Greater excess to the global market, good for MNCs and big firms.

advannced technology which helps for better production.

better future prospects for large industries of developing counntries tobecome important players in the international arena.

negative:

globalisation compromises the welfare

market drivvenn globalsation increases the economic disparities among the nations and people.

employment:

yes globalisation always come with more employment but part the economy in two parts because country like India has manpower but they all are not as skilled as our globalisation time required. Outsourcing takes place when globalisation come with liberty in developing nations. like India has become a favourable destination of outsourcing for most of the MNCs because of low wage rate and avilability of skilled labor.

capital: globalisation increases the investment.

technology: liberalisation comes with globalisation. globalisation introduces the new technology for the better production because when we take a developing country then it is also a good market too.

enviromental asspect: globalisation surely not too much think about the enviroment thats why we are facing the global warming time and also today's senario COVID19.

B) Yes i believe in Globalisation but in a controlled and suttle way. As a Economics person undoubtedly i support this LPG(liberalisation privatisation and globalisation) Model. But when we think in welfare side then we find out that this model is not that better without any rules and regulations. because it causes Unbalanced Growth of any country who is trying to be develped. The Consumerism is promoted by some specific class. Agriculture faces negligence because it takes more effort and time for production so that government invest more on industrial sector. public investment decreasing. growing unemploymnet because in the starting when it comes then it booms but after some time it work with certain population rest get neglected because of the efficiency.

no doubt economy grows with global market but when it takes the our nature's life on stake then we have to be more controlled and easy with it. Welfare holds a special place in economics so we have to tske it seriously. we have to think about our enviroment too.

Globalisation aims to create a borderless world. So Authorities have to make some policies and reforms for the global economies by that it will grow the economies and welfare too..