The document discusses the process of globalization, which began in the 1970s due to advances in science and technology. Globalization refers to integrating the world as a single unit. Developing countries felt pressure to adjust their traditional policies due to new developments in the global order. India began liberalizing and globalizing its economy in the 1980s through reforms like reducing trade barriers, eliminating government controls, and diminishing the role of the state in economic management. While proponents argue globalization has increased access to technology and markets, critics say it has increased inequalities and redistributed wealth from poor to rich. Developing countries feel forced to adopt structural adjustment programs pushed by international organizations, which may breed greater poverty and inequality over the long run

1. FRANCIS V
SS OPTION
BNVCTE

3. The process of Globalization began from
1970`s due to the developments in the field
of science and technology. Since 1990`s it
gained wide attention.

4. In general, globalization refers to a process by
which the world is considered to be a single
unit or a global village.

5. New development in the field of global order
made pressure in developing countries to
adjust their traditional policies.

6.  India started the process of liberalization and
globalization in the middle of 1980`s. It
involved following changes in our policies.
 Trade policy reform
 Industrial policy reform
 Exchange rate reform
 Capital market reform
 Financial reform

7.  Reduction of trade barriers between political
system freedom of trade and investment free
flow capital
 Elimination of government control
 Loans and aid
 Structural adjustments
 Reduction in progressive taxation
 Diminished role of state in economic
management welfare and social security
scheme etc

8. There are differences of opinion with regard
to the impact of globalization. Those who
advocate it argue that, it has released huge
unutilized recovery. It has also helped
nations to upgrade their technology and get
an access to global markets.

9. Critics of globalization consider it as a process of
domination by advanced capitalist countries
especially ,the USA. To them it has further
increased existing inequalities. It caused
redistribution of income and wealth from the
poor to the rich.

10. Since globalization is a reality, the
developing countries are forced to adopt
structural adjustment programmers pushed
by donor agencies like IMF world Bank, ADB
and the like. This will in the long run breed
poverty, social inequality, marginalization of
weaker sections and lead these countries
into the clutches of debt trap.