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Essay on “Effects of Globalization” Complete Essay for Class 10, Class 12 and Graduation and other classes.

Effects of Globalization

The term ‘globalization’, evokes several concerns in the minds of many. People are afraid that it could lead to political and economic hegemony, if not in physical but in ideological terms. But globalization in one sense not a new phenomenon. It is being examined now as if it is a new plant or tree. In fact, its roots extend farther and deeper than the visible part of the plant. It is as old as history, starting with the great migrations of people across the great land masses.

Recent developments in computer and communication technologies have made the process of integration quick. It is making geographic distance less. It is a boon and part of Geography. The knowledge of the whole world would be computerized. It would make easy to contact any part of world. In other words globalization of the world would bring cooperation and feeling of unity.

With modern technologies we would come in contact with political and economic or with the cultural spheres. This openness will help in several cases to bring down political suppression. In economic sphere, the ebb and tide of capital flowing across borders would be a source of future growth. But we have to be careful in handling such sources and issues.

The Asian Crisis is not in argument against capital account liberalization. The lesson to draw from the crisis is that capital  account liberalization and reform of the financial system should move in tandem. The process of internationalization is thus not without its threats.  A crisis anywhere can become a crisis everywhere. Each country must prepare itself to meet the new challenges so that it is not bypassed by this huge wave of technological and institutional changes.

Globalization as a phenomenon has to be distinguished from globalization as a process. Globalization leading to breaking down  of distances as measured by time is a hard fact. This is a phenomenon which will only gather further momentum as the technological changes will push the world even harder in this direction in the coming centuries. Globalization as a process will need to absorb these changes. But it need not necessarily lead to uniformity. Even in the industrially advanced counties, the pattern of economic structure is not identical. The state market mix varies and can vary from country to country. All ideologies would start out with the claim of having a universal appeal. This would be true of capitalism as well as communism.

Every economic system in the new millennium must be capable of meeting the challenges posed by globalization as a process. No country would be able to insulate itself from the rest of the world. This would lend some common colour to all the economic systems. Thus we will continue to live and enjoy a multi- civilized world in terms of both economic and cultural. But the task of copying with global changes will remain there. All the attendant benefits and risks will also remain. No country would stand in isolation.

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