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Essay Of Globalization

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1. INTRODUCTION
The rise of India in the term of economic growth since 1990s has attracted significant scholarly attention over causes as well as consequences that ranges from political to economic consideration (Kohali, 2009, Bhagwati, 2002 among many others). For instance, in the debate ‘opening of economy’ is focal consideration and scholars like (Bhagwati, 2002) is to take this success as result of trade and globalization with having resonance of easing cross-border barriers like tariffs and so on. As matter of fact the term ‘globalization’ is used to describe the increasing interconnectedness that exists between countries as “states and societies become increasingly enmeshed in worldwide systems and networks of interaction” (Held & McGrew, 2003). Globalization encompasses the fields of economics, politics, technology and culture (Haynes, 2008) and although all fields are significant to industrialization, the focus of this essay is on economic globalization. Harris (cited in Loots, 2001) defines economic globalization as ‘the increasing internationalization of manufacture, circulation and promotion of goods and services’ . Economic globalization is driven by the reduction of transport and communication costs, fewer policy barriers to trade and investment and increased access to transmission speed of information and technology (Loots, 2001). As a result, firms increasingly plan ‘their production on a worldwide basis’ (Roberts & …show more content…

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