Process of

Globalisation - Notes

Political Science

Copyright © 2014-2023 TestBook Edu Solutions Pvt. Ltd.: All rights reserved
 Download Testbook App

The end of the Cold War and the collapse of the Soviet Union in 1991 are credited with
giving rise to the modern era of globalization. Liberalization and privatization policies
have led to globalization. Through a global communication, transportation, and trade
network, globalization links different cultures, societies, and ways of life.

Typically, globalization is used as a simple method of disseminating technologies,

industry, and communication around the world. It also covers how ideas and
technologies flow. Regions are interacting more with one another as a result of
globalization. Globalization has an impact on people's physical comfort as well as the
cultures, environments, political systems, and economic advancements of all countries.

Globalization in India

When Dr Manmohan Singh, the country's then-finance minister, started the economic
liberalization plan in the 1990s, India began to see the effects of globalization. India has
slowly evolved since then into one of the world's economic powerhouses. With an
average growth rate of about 7-8%, it has now established itself as one of the
economies that are expanding the fastest. The average income per person and the
standard of living have both increased significantly.

One of the best examples of globalization is found in India, where even 25 years ago it
was unthinkable to purchase items like Levi's jeans or a colour television within the
borders of the nation. All of our parents have told us tales about how they would
request these items when someone they knew or someone else knew was travelling
abroad. Now that we are a part of globalization, all we have to do to get anything we
could want is leave our homes and go to the market; all we need is the cash to do so.
Dimensions and Implications of Globalization
Depending on the area it affects, globalization can be divided into different categories.

SUBJECT | Political Science 1 of 4

 Download Testbook App

Economic dimension
Economic globalization reduces nation-states' economic sovereignty by making monetary and
fiscal policies more heavily influenced by changes in global financial markets. Because of
globalization, marketing has improved and the world has become one economic entity.
Numerous unrestricted, open markets promote trade with fewer regulatory barriers.
Boundaries are broken down by the economies, which results in market integration on a
global scale.

Social Dimension
The social dimension of globalization refers to how it affects people’s personal and
professional lives, as well as their families and societies. In particular, social globalization
refers to the simultaneous social transformations that are occurring now across a large
portion of the globe. These have to do with things like employment, education, religion,
family, culture, and art. This aspect of globalization is strongly tied to the other two,
economic and political, although being seen as a distinct category. The way that people
behave think and feel as a result of social globalization is changing on a wide scale.
Cultural Dimensions
The two-fold impact that the global network has on national cultures—namely, the good
and negative changes it causes—is often used to frame discussions of the cultural
dimensions of globalization. The adoption of the positive aspects of other cultures to
enhance local ones is linked to the projected benefits of wealth and cultural expansion
for developing nations.
The actuality of cultural globalization—which is fueled by information technology,
accelerated by Americanization, and manifested—brings greater drawbacks to national
cultural identities. While the standardized and homogenized global culture led by the US
invades ethnicities all over the world, traditional values are weakened and neglected, and
inequality and social insecurity increase.
Political Dimensions
Political globalization is the term used to describe the extension and strengthening of
political ties around the world. "The political dimension of globalization" examines how
these processes bring up a significant range of political issues relating to the concept of
state sovereignty, the expanding influence of intergovernmental organizations, the
prospects for future regional and global governance, global migration patterns, and
environmental policies that have an impact on our planet.
Modern globalization has caused nation-states' traditional territorial borders to become
permeable and encouraged the expansion of super territorial social spaces and
institutions, which in turn have shaken up long-standing political structures and cultural
norms. Will the creation of a "cosmopolitan democracy" be the ultimate result of political
globalization? in which it explores the application of norms and values of democracy in

SUBJECT | Political Science 2 of 4

 Download Testbook App

the transnational and global sphere. It argues that global governance of the people, by
the people, for the people is possible and needed.
Technological Dimensions
Technology has the potential to be an important tool for advancing globalization. Global
borders have been widened by technological advancement and application, which has
also accelerated economic, political, and cultural globalization. Additionally, recent
technological advancements have contributed to the pace of world development. The
modern world is becoming more globally interconnected because of ongoing
technological advancements. With technical breakthroughs considerably enabling
globalization, technology is turning the world into a global community. Consequently,
globalization is a way to advance technology.

Major Challenges Caused by Globalization in India

In order to be eligible for a loan or grant from the World Bank, the Indian Government
was left with little choice but to accept the requirement of entering the globalization
stream. It agreed to ease the quantitative constraints put in place by the licensing
system. Furthermore, it promised to gradually lower customs fees to WTO-acceptable
levels.
Thus, we might conclude that globalization does not appear to have benefited the
Indian industry. At best, we can describe globalization as a two-edged sword. Indian
consumers can now enjoy all high-quality international brands thanks to it. Enabling the
Government of India to obtain a loan from the World Bank, did help the country
temporarily overcome its significant foreign exchange issue. However, it has come at the
expense of local industry and a major loss of the Indian government's ability to oversee
its economy.
Environmental issues- The emergence of large-scale manufacturing as a result of
globalization may harm India's environment. Water and air pollution, such as that found
in Delhi, one of the world's most polluted cities, have been brought on by it.​
Local employees are exploited-
Despite the fact that foreign investments would immediately boost the economy,
company profits will eventually be transferred to other nations. The foreigners will
reap the benefits in the long run. Investors often withdraw their money during
recessions, which can have a serious impact on the nation's economy.
Multinational corporations may make use of human resources in India.
Additionally, they have the potential to waste and utilize natural resources
ineffectively. It's possible that foreign investors believe it is not in their best
interests to protect the nation's resources.

SUBJECT | Political Science 3 of 4

 Download Testbook App

Foreign investments could improve the economy right away, but gradually
business earnings will be distributed to other countries. The long-term winners will
be the foreigners. During recessions, investors frequently withdraw their funds,
which can have a significant negative influence on the economy of the country.
Human resources in India may be utilized by multinational organizations.
Additionally, they run the risk of wasting and inefficiently using natural resources.
Foreign investors might think that preserving the nation's natural resources is not
in their best interests.

SUBJECT | Political Science 4 of 4