GLOBALIZATION AND ITS CONSEQUENCES By Syed Mustafa Ahmad
Globalization can be defined as free flow of ideas, goods, services and people. Globalization has existed through out history. However, the speed and the scale of the movements of the goods has been different from period to period. In the past, during to lack of Science and technology, the rate of globalization was slow. But in the contemporary world, its pace is very quick. The main reason, apart from other reasons, is the age of information technology. The quickest services provided by information technology have enabled us to spread ideas, goods, services, people, etc., quickly from one place to another. Globalization is not the result of a single factor. Necessity is the main motive that results in globalization. No country or nation wants to remain aloof from others. A nation or country cannot be self sufficient in every respect. So, the circumstances force a nation or country to opt for globalization. Moreover, in the backdrop of the Covid-19 in December, 2019, it has become quite clear that how closely the world is knitted in the present world. The emergence of the Covid-19 in China, has almost engulfed the whole world. Any toward incident in any part of the world has a direct bearing on all the affairs of the countries. In short, we can say that the world is a global village, where everything is shared from one corner of the world to another in the quickest time. Now, we have some idea of globalization. We are in a position to understand that necessities are the main building blocks of globalization. But what about its impacts? On the paper, it looks like that it is full of advantages. But when we delve deep into it, reality comes to the surface. In the next lines, I will throw some light over the consequences of globalization.
Consequences of GlobalizationPolitical: The first consequence of globalization is that it has reduced the state from a welfare state to a minimalist state. The core functions of a state include the maintainence of law and order and protection from any external aggression. Moreover, a state has to strive for the creation of socially and economically well being state. The entrance of globalization has eroded the capacity of a state to only look out for the maintainence of law and order and forget about the social and economic well being of a state. The entry of MNCs has made the state the toothless tigers. There is a compromise on the name of sovereignty. A powerful country interferes in the internal and external affairs of a state. A state’s own laws and regulations are compromised on the name of development. It is a tight rope and to walk upon it is not a cakewalk at all.Social or Cultural: Apart from the political repercussions or consequences, globalization has affected our culture as well. It has affected our domestic life, food, drink, clothes, ideas, etc. It has also affected the people’s preferences leading to the threat of the common culture that can threaten the other cultures of the world. America, being the most powerful country in the world, rules over the physical life, social life, economic life, ethical life, mental life, etc., of people. America’s hegemony is found in many ways. In case of Soft Power, America dominates in ideological and cultural dimensions. They manipulate the world cultures in their own favour and we call it the Cultural Homogenization. The examples of this culture include the “ jeans culture” and the usage of “ fast foods”. However, it doesn’t mean that other cultures only get subdued. But they also learn new things. It shows that culture is a dynamic concept. It is a give and take method. But here again, it is a path to be treaded upon carefully.Economic: Globalization has economic dimension as well. When it comes to the economic Globalization, our eyes fall on the international institutions like IMF and the World Bank. It is because these institutions play a major role in determining not only the economic policies but also the political and social policies of a country. Economic globalization means to merge a country’s economy with the world economy. But this process is fraught with many dangers. A developing economy can be wiped out if it merges its economy with the developed countries. Recession may or may not harm the developed countries but there are cent percent chances that a developing country will be left in ruins. There will be no recovery from this shock. However, there are chances that a developing country may have access to the world market and try its best to develop itself like the developed countries. But this fact should be kept in mind that any mistake from the side of a developing country can prove fatal. Moreover, economic globalization doesn’t benefit everyone equally. The rich become richer while the poor become poorer. There is a wide gap between the rich and the poor. One percent people control ninety percent population in America. So, it can be easily deduced that economic globalization is a sugar-coated poison in my opinion. The above discussion makes it clear that there are both positive as well negative sides of globalization. It is up to a country now how to tread on this path. It is a risky path. The largest economies of the world can walk up on this path without any hesitation. But for a country like India, that is a developing country with a myriad of problems, it is very dangerous. India is the fifth largest economy of the world. Its economy is about 2.7 trillion dollars. America has about 20 trillion dollars. China has about 14 or 15 trillion dollars. In this case, India lags behind. India cannot afford to merge its economy with these economies because at some time in the future, it may prove disastrous. So, our country should try to become self-reliant and then try to look out for the world market.
Globalization and it’s consequences
GLOBALIZATION AND ITS CONSEQUENCES By Syed Mustafa Ahmad