Essay about Impact Of Globalization On The World
MODULE CODE: BST 516
1) Select a location with which you are familiar. Discuss the impact of globalization on this location, with particular reference to business activity, and highlight positive and negative impacts on the people who live and work in the area.
Globalization is the process through which the world is rapidly becoming interconnected as a result of substantially increased trade activities and cultural exchange. Globalization has increased the production of goods and services all around the world in every sector. The biggest companies are no longer known as the national firms but are now referred to as multinational corporations with subsidiaries in several countries and continents. Globalization is in action for several years, but has speeded up enormously over the last half-century.
In the early stages of globalization, India formed a crucial part of it. The Indian government made major alterations in the economic policy in 1991, which immediately permitted direct foreign investments in the country. As a result, globalization of the Indian industry got major recognition in the global market. In India, economic growth was firstly noted in nineteenth century as a result of a vivid crisis by foreign exchange. The liberalization of the economy and nurtured incorporation of India with the foreign economy, helped in severe magnification of the gross domestic product (GDP or economy) growth rate, which was considered as a…