Globalisation: what does it mean for development?
- New Delhi Rajiv Gandhi Institute for Contemporary Studies 1997
- 28 p.
The process of globalisation which began in the early 1970s has been one of the dominant economic themes of the last two decades of this century. It has been a move toward widening international flows of trade, finance and information in a single integrated global market Global negotiations have been moving rapidly towards a free world market in foreign investment and services, Some of the changes in international trade and finance have resulted in advances in technology The quick flow of information resulting in the lightning speed of commercial transactions have meant that countries and companies now must respond rapidly if they are not to be left behind. As a result of new technologies in the field of communications, contacts between people and cross cultural currents across the globe are widening and deepening very rapidly. Apart from globalisation in terms of economic processes, a global culture is emerging through a far reaching mass media, and a diverse mix of ideas and values are being superimposed on national identities.
The underlying rationale for globalisation is that free flows of trade. finance and information will produce best outcomes for growth and human welfare. However, in an unequal world, initially globalisation would have gainers and losers. The income gaps across countries may widen if proper checks are not in place. The dilemma here is to ensure that the benefits of global integration are more equally shared.