Globalization is incredibly efficient but has so far been incredibly unjust. Examine the statement in the context of developing countries like India.

Globalization is the process of international integration of nations, economically and socio-culturally. It has been an efficient tool for GDP growth:

  • Globalization can increase the trade and growth of countries. With the formation of WTO, world trade grew by 64 times in a decade.
  • Globalization leads to the arrival of grants for developing nations by the world bank, NGOs, etc.
  • It can lead to the borrowing of best practices and efficient technology to improve local problems. E.g- the Flood management techniques of the Netherlands helped India mitigate the problems to some extent.

However, the fruits of globalization are not equally distributed among nations. Hence it is sometimes criticized as being unjust:

  • In India, globalization has led to restrictions on subsidies that government gives to the poor and farmers due to WTO rules.
  • It has brought many businesses in loss due to better and more efficient competition from foreign markets.
  • Use of traditional indigenous knowledge without giving patent rights.
  • Insensitive development – Often infrastructure projects come at cost of displacement of local communities and environmental degradation.
  • Loss of traditional culture as people are moving towards western cultures.

Thus the process of globalization must be reoriented to achieve SDG 17 of sustainable productive partnerships.

Comments

Leave a Reply