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What is Globalization ? Characteristics of Globalization | Effects of Globalization


Meaning of Globalization ( What is Globalization ? )


Globalization is a global phenomenon of the present scenario and at the same time it is also a global issue for debate. 

The concept has been introduced since the 80s and has attracted the attention of the entire world. 

Broadly speaking, globalization is the uninterrupted communication of capital, goods, technology and knowledge across national boundaries. 

It is a process of integration and interaction among the countries and peoples of the world for the purpose of economic growth. 

Globalization refers to the joining of a nation's economy with the world economy.


According to Anthony Giddens "Globalization is the growing interconnectedness or reciprocity between many people and different regions of the world. This reciprocity takes place in social and economic relations, in which the importance of time and space is lost."

Globalisation is a process in which geographical distance becomes less of a factor in the establishment of economic, social, cultural and political relations between different countries.


Globalization is a joint process involving a process of intensification of cultural interaction between diverse groups.

Globalization in the Indian context means inviting foreign investment by allowing foreign companies to invest in various economic activities of the country, facilitating multinational investments by gradually harmonizing laws such as the Foreign Exchange Control Act, allowing Indian companies to collaborate with foreign companies. 

To encourage, motivate the implementation of joint projects in other countries, etc. to be given importance.


Characteristics of Globalization ( Features of Globalization )

The main features/characteristics of globalization are as follows:

1. Globalization is basically a process related to economic, social, cultural and political interaction and coordination with other countries of the world.


2. Globalization gives importance to the capitalist system of economic relations.

3. It is a process related to economic promotion.

4. In the process of globalization the economy is controlled by the market.

5. Globalization creates economic inequality.


6. It is a process related to the realization of individual autonomy and democratization. 

7. Civil society participates more actively in the democratic process of ensuring human dignity and rights.

8. The process of globalization has contributed to the promotion of international longitude.

9. Though globalization has eroded the primary importance of the individual welfare of the state, yet the responsibility of the state towards the security of the citizens cannot be completely forgotten.


10. Globalization has increased the cultural knowledge of the people.

11. Globalization raises the standard of living of the people. 

12. Globalization has made itself conscious of the presence of individuals, nations and cultural regions.

13. Middle class is most affected due to globalization.

14. Tourism gets importance due to globalization.

Effects of Globalization 

The effects of globalization in India can be mentioned in this way :

1. Increase in the process of liberalization and privatization resulting in a decrease in the incidence of losses in the public sector

2. There has been an increase in foreign exchange reserves and exports 

3. Foreign capital investment has increased and dependence on foreign debt has decreased.

4. There has been a gradual change in the technological level. 

5. The growth rate of GDP has improved.

6. Globalization has encouraged the emergence of consumer revolution in Indian society. 

7. Festivals have started becoming commercialized, it is another matter that foreign companies have benefited more from this.

8. Event Management (birthday, marriage, shaving, etc.) The presence of people in the market has been born for programs and decorations.

9. The trend of gift fair, apparel fair, sale etc. has come fast.

10. The practice of making offers on goods on the basis of advertisement etc. has also become common.