An Essay written on the issue of Globalization.

                                        Source. Pixabay

Globalization is a term which has been recently coined and it signifies the whole world. It implies the phenomenon or the development that has woven and knitted the whole world in a close chain; it affects and cover the whole world. It is Globalization that any event or happening in any part of the world vitally effect all the countries of the world. Due to its effectiveness and hard hitting, it has been able to cause social , economic, political and cultural phenomenon. Due to globalization, information technology has brought revolution in the shapes of the business and culture across the entire planet. Naturally all the countries across the planet have to be careful about the rapid growth and change happening in the world. Because the globalization has brought rapid changes in all aspects of human life from social to political. A number of countries are now impelled to attune to sound policies in the world. Moreover the internet services provide quick information throughout the world, it may be relating to business, educational, social, political, religious and many other subjects under the sun. It has provided the easiest access to the great libraries of the world.

                                         Source. Pixabay   

Globalization has played a most powerful and consistent role in the economic sphere. The forces of free market triumphed in the preceding century over the forces of State control and has left an indelible mark in the world. It had been a great struggle across the global landscape. The success of free trade manifested itself in the world trade organization. However, the emergence of WTO has not been without criticism.

Global trading pays no heed and gives any importance other than the cheapest form of production. In it, as captive markets fall, so do business, incomes and jobs that cannot compete in a free atmosphere. Conceptually, the process of globalization is predicted in exceptional ideals that should have foundations of a just international economic order. Its operation so far has favored resources and technology to take full advantage of the provisions of its charter. It is often claimed that current globalization is euphemism for U.S. European Union Control. Though the WTO purports to provide a level playing field for its members, it cannot but favor the strongest players – the developed countries. They demand the implementation of provisions that favor them, such as free movement of capital, retention of intellectual property rights, lower tariffs, but fits of erecting barriers to concomitant provision regarding access to markets and free movement of labor that provide countries which contains over 80% of the population of the world.

The effectiveness, penetration and impact of globalization is explained that it has encouraged an explosion of wealth and technology and has assisted in generating enormous growth. Conversely it has produced a dislocation for the global economy, in which the bulk of the world population has been placed at a disadvantage. The developed countries to adopt projectionist measures to safeguard the living standards of their workers. Europe and Japan are reluctant to open up their markets. Even capital movements are not attracted to developing countries whose economies remain vulnerable in the short run, especially on account of their developed are free to protect their interests, and to take advantage of their economic strength and technology, while the rest of the world, supplies them the raw materials and provides market for their goods.

The concept of globalization is being challenged all across the globe because it is patently unfair and does not take into account the problems and aspiration of five billion people inhabiting the developing countries. At Seattle, U.S President defied the efforts made by the developing countries and dictated to apply the concept of “trickle down” to international economies that it will allow some of the prosperity to trickle down to those down below.

However globalization has been studied and examined as an inexorable process being pushed along by the technological revolution as seen in the impact of the internet and other forces of communication. The benefit of the process are already visible though they are making the rich richer, while the poor are further being marginalized. The challenge before mankind is to make globalization work for benign ends, those of combating poverty and advancing the welfare of all the people of our planet. Unfortunately liberalization and globalization did not help to change the fate of the poor nations. This went to the utter disadvantage of these countries, adversely affecting their economies. As the number of least developed countries (LDCs) has risen to 48 from 25 in 1971 due to this liberalization and globalization of economy. In the past 15 years, the per capita income has declined in more than 100 countries. All the advanced and developed as well as under-developed countries should have to come together for deliberations to make improvisations for better plans. In other cases, the designs and motives will bounce back into complete failure. Liberalization and globalization need attuning to the basic issues and problems of mankind rather than to stick to their motives and desire in persistent way.