We will write a custom essay sample on Advantages and Disadvantages of Globalization on South Africa or any similar topic only for you. Globalization is perhaps the central concept of our age Bhagwati, Developing country refers to the countries which are economicaly and technologically undeveloped. South Africa stands as a semi-sephere nation making it differ from the rest of the developing world although it has party some charectateristics of a deceloping world. For South Africa to be the strongest African economy and attenting positions such as being a member of the g8 as been a clearl work of globalization making it at the center of the Africa.
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Globalization has managed to have an impact on the economy ,politics and social nature bringing about positive results for South Africa. In this essay;The situation during economicec sunctions and its leberisation is clear evidance to economic libirazation I am going to illustrate how this process has had a positive impact in South Africa as a whole. Through the broad and economic lebarization with other counties. The phenomeanall of globalization states that The integration of South Africa into an increasingly integrated world economy has encouraged closer economic, political, and social interaction.
In South Africa it has given companies access to wider markets and consumers access to a greater variety of goods and services. It has manifests itself in various forms such as an increase in international trade, financial flows, and foreign direct investment Smith, This has resulted in South African economy managing to emerge its market status. Its economy has been the centre of Africa and one of the strongest in the world and its economic realisation has been due to its effective and successfully eco integration with other parts of the world.
The economic growth has been due to the global economy Smith, Politically, globalization has resulted in the affluent and efficient government system adapted through integration of political systems party which holds fair economies making the government of South Africa, accountable and durable to stable economies.
Advantages And Disadvantages Of Globalisation Essay
For instance, ANC leaders chucked decades of rhetoric and opened the South African economy to the rest of the world Smith, Globalisation of Indian Economy 6. By the term globalisation we mean opening up of the economy for world market by attaining international competitiveness. Thus the globalisation of the economy simply indicates interaction of the country relating to production, trading and financial transactions with the developed industrialized countries of the world.
Thus taking the entire world as global village, all the four components are equally important for attaining a smooth path for globalisation. In this way, the imperialist nations gained much at the cost of the colonial countries who had to suffer from the scar of stagnation and poverty. However, the advocates of globalisation, especially from the developed countries purposely limit the definition of globalisation to only three components, i.
They do not want to include the free flow labour within the parameter of globalisation set by them. Stieglitz is a powerful critique of globalisation and thus clearly pointed out the non-inclusion of fourth parameter of globalisation, i. The Commission observed. Too few share in its benefits.
Too many have no voice in its design and no influence on its course. Now it is to be seen how far the developing countries would gain by adopting the path of globalisation in future. In the mean time, various countries of the world have adopted the policy of globalisation. Following the same path India had also adopted the same policy since and started the process of dismantling trade barriers along with abolishing quantitative restrictions QRs phase-wise.
Accordingly, the Government of India has been reducing the peak rate of customs duty in its subsequent budgets and removed QRs on the remaining items in the EXIM Policy All these have resulted in open access to new markets and new technology for the country. Another characteristic of globalisation is the control of economic activities by domestic market and international market. It also established coordination among the national economy and world economy.
One of the important characteristics of globalisation is free trade between counties. It also means absence of excessive governmental control over trade. Under globalisation, localities being connected with the world by breaking national boundaries; forging of links between one society and another and between one country and another through international transmission of knowledge, technology, ideas, information, literature and culture.
Essay on Globalisation: 8 Selected Essays on Globalisation
It results breaking of national barriers and creation of inter-connectedness. Globalisation is a composite process through which integration of nation-states across the world can be made by common economic, commercial, political, cultural and technological ties. It also leads to creation of a new world order with no national boundaries. Globalisation is a multi-dimensional process.
Economically, it simply means opening up of national market, free trade and commerce among nations, free flow of labour, capital and technology, and integration of national economies with the world economy. Politically, it means limited powers and functions of state, more rights and freedoms granted to the individual and empowerment of the private sector culturally it means exchange of cultural values between societies and between nations; and ideologically, it means the promotion and spread of liberalism and capitalism.
Globalisation originates from developed countries and MNCs based in those countries. Technologies, capital, products and services are allowed to enter from developed countries to developing countries.
It is the developing countries which needs to be adapted with the changing situations and to accept those new ideas for attaining higher level of socio-economic development. The above characteristics of globalisation simply suggests that there is a great need for global integration under the present global economic scenario. In view of the current global recession and financial crisis, there is a paramount importance of global integration. Following are some of the important advantages of globalisation for a developing country like India:.
Prolonged protective scenario in the absence of globalisation makes the production system careless about cost effectiveness which can be attained by following the policy of globalisation.
Globalization Advantages and Disadvantages
Cost effectiveness and price reduction of manufactured commodities will improve the terms of trade in favour of agriculture. This would result trickle-down effect to reduce the proportion of population living below the poverty line.
go site Globalisation also has many disadvantages also. Following are some of these disadvantages:. As with the WTO trading provisions, agricultural commodities market of poor and developing countries will be flooded farm goods from countries at a rate much lower than that indigenous farm products leading to a death-blow to many farmers.
Thus, the human and social costs of globalisation usually multiply to such an extent that may tests the social fabric of the democracies in an unprecedented manner. While introducing economic reforms, Indian economy has been proceeding in the path of globalisation in a serious manner. Following are some of the measures taken by the Government of India towards globalisation:. Automatic approval will also given for all other royalty payments to those projects which can generate internally the foreign exchange so required. Moreover, quantitative restrictions were replaced by price-based system.
Other measures introduced in this direction include setting up of special economic zones SEZs , full filling WTO norms and aligning EXIM procedures, removal of disincentives, export promotion through import entitlement. Following the strategy of export-led growth during the last 20 years, Indian economy experiences lot of changes in its condition. As a result, Indian exports as a percentage of GDP have increased from 5. Simultaneously, Indian imports have also increased considerably from 8. It is also important to look at another major benefit of globalisation, i. The volume of software and ITES exports from India grew from Rs 28, crore in to Rs 58, crore in and then to Rs 1,03, crore in showing a growth of 32 per cent over the previous year.
The software export sector has also been able to recruit 3. Thus as a result of globalisation India has taken a strategy to reach international standards in productivity and thereby competing in the global market effectively with reputation. Moreover, the structure of Indian economy has also undergone considerable change in the last decade.
These include increasing importance of external trade and of external capital flows.
The services sector has become a major part of the economy with GDP share of over 50 per cent and the country becoming an important hub for exporting IT services. The share of merchandise trade to GDP increased considerable to over 35 per cent in from If the trade in services is included the trade ratio is 47 per cent of GDP for Again, the rapid, growth of Indian economy during the period to also made India an attractive destination for foreign capital inflows and net capital inflows that were 1. Foreign portfolio investment also added buoyancy to the Indian capital markets and Indian corporate began aggressive acquisition spree overseas, which was reflected in high volume of outbound direct investment flows.
Another important dimension of globalisation has been the high degree of external dependence on imported energy sources, especially crude oil with the share of imported crude in domestic consumption exceeding 75 per cent. Therefore, a major change in international crude prices is bound to impact the Indian economy extensively as happened in early and in early Thus the present trend in globalization in Indian economy has to he analysed seriously from all angles for determining its future policy directions in a most rational manner. The adoption of the policy of globalisation in India has resulted initially the following mixed impacts on its economy:.
As a result of globalisation, Indian companies started to face growing competition from free flow of products produced by multi-national companies MNCs. Unequal competition between the domestic companies and mighty MNCs has resulted closure of weak industrial units both under large, medium and small scale categories. This would, however, require the exports to grow at the rate of 18 per cent per annum.
As a result of globalisation India has been able to gain in respect of trade in services, especially in respect of Information Technology industry. Indian software professionals have created a brand image in the global market. As on December , Indian Software Companies have acquired international quality certification.
Majority of the Multi-national companies operating in the area of information technology have either Software Development Centres or Research and Development Centres located in India.
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Around portals are being launched in India every month. In export as well as domestic sector, Computer Software is a thrust area and its fastest growing sector. Software exports from India jumped from Rs 10, crore in to Rs 36, crore in , showing a growth rate of about The domestic software industry has also increased its business from Rs 4, crore in to Rs 11, crore in Globalisation has been creating an improved condition of trade for agricultural commodities and textiles, especially cotton textiles produced in India.
Table It is observed that during the year period, i. Although India could realise some increase in its export growth rate from globalisation but the share of India in world merchandise exports could increase only marginally from 0. However, the performance of India in respect of service sector exports was comparatively better during the same period. However, major position of the increase in services exports was realised from software exports. Thus the share of software exports out of total services exports of India increased from But if we compare the export performance of India with that of China, South Korea and even Mexico, the achievement attained by India cannot be considered significant.
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