Impact of Globalization Essay

11055 Words Sep 3rd, 2015 45 Pages
GLOBALIZATION AND ITS IMPACT ON BANGLADESH ECONOMY
“Globalization was supposed to bring unprecedented benefits to all. Yet, curiously, it has come to vilified both in the developed and developing world”—Joseph E Stiglitz, Making Globalization
Work, 2006.
- PROF. DR. M A JALIL
State University of Bangladesh
ABSTRACT
Today all the modern and developed and developing countries are more or less within the fold of globalization. Bangladesh with its expanding sway of exports and imports is no exception to that.
Globalization is increasingly becoming more and more popular, because most of the countries see their better fortune in this arrangement. Globalization covers a wide range of issues, economic, political, cultural, etc.
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Introduction
Globalization refers to the tendency of firms to extend their sales, ownership, and /or manufacturing to new markets abroad. In the past decades the rate of globalization has been striking. For example, the total value of US imports and exports almost tripled, from $907 billion in 1991 to $2.5 trillion in
2000.
The term Globalization has already become quite popular; it denotes an increase in economic integration among nations. Broadly speaking, the term “globalization” means integration of economics and societies through cross-country flows of information, ideas, technologies, goods, services, capital, finance and people. Today we see dramatic growth in the flow of goods, services and capital across national borders. Of course, cross border integration can have several dimensionscultural, social, political and economics. Globalization is a process by which an activity or undertaking becomes world-wide in scope. One major component of globalization is the steady increase in the share of national output devoted to imports and exports. One crude measure of the degree of the integration of the economy with the rest of the world is the ratio of its trade with the
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outside world to GDP. For example, in India Export plus Import/GDP was13.5 percent in 1980-81, increased to 36.0 percent in 2007-08. Globalization via the development the spread of MNE (MultiNational

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